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Simultaneous issue calculations still a concern entering 2016
Posted Date: Monday, January 11, 2016
The goal of the new disclosures is to help consumers
understand exactly what they are paying for, in a timely manner, so they can
make the best decision on how to finance their home purchase. Overall, agents
are saying this goal is being achieved regarding many of the fees the buyer is
responsible for, except the title insurance premium. As we move further into 2016, this issue may need to
be addressed by the Consumer Financial Protection Bureau.
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NAIC adopts Roadmap for Cybersecurity
Posted Date: Monday, December 21, 2015
During a call of the Executive Committee/Plenary on Dec. 17, the National Association of Insurance Commissioners adopted the NAIC Roadmap for Cybersecurity Consumer Protections.
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President signs Omnibus legislation
Posted Date: Wednesday, December 23, 2015
President Barack Obama signed Congress’ omnibus bill to fund the government until September 2016. This means the Cybersecurity Information Sharing Act of 2015, which was included in the legislation, also became law. Read on for more details.
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E&O provider sues title agency, seeks rescission
Posted Date: Monday, December 28, 2015
A liability insurer sued its insured, a title agency, seeking rescission of the policy because the agency didn’t inform the insurer that one of its attorneys was being investigated by the grievance committee of a state court system. Read on for more details.
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Homebuyers sue over landmark designation
Posted Date: Wednesday, December 23, 2015
After discovering their home was part of the Longwood Drive historical district in Chicago, and designated a landmark, the purchasers filed a claim with their title insurer. When the title insurer denied the claim, they sued the underwriter as well as the sellers. Read on for more details.
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Association, title company challenge assessment
Posted Date: Monday, December 21, 2015
After receiving the tax assessments of parcels in a residential subdivision for 2011, a homeowners association and title company sought a correction for what they felt was improper classification of the property. The dispute between Maricopa County and the others eventually went before the Court of Appeals of Arizona. Read on for more details.
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NCUA Board approves expanded escrow
Posted Date: Monday, December 21, 2015
The National Credit Union Administration Board approved a final rule to provide enhanced pass-through share insurance coverage for real estate agents’ escrow accounts, prepaid funeral accounts and other escrow accounts similar to lawyers’ trust accounts.
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Manhattan real estate attorney indicted
Posted Date: Monday, December 21, 2015
Manhattan District Attorney Cyrus Vance Jr. announced the indictment of a former real estate attorney who allegedly stole more than $500,000 from clients’ escrow accounts. Read on for more details.
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Connecticut man sentenced in mortgage fraud
Posted Date: Monday, January 4, 2016
The U.S. Attorney for the District of Connecticut announced that a Trumbull, Conn., man was sentenced to time in prison and ordered to pay more than $5 million in restitution for participating in a mortgage fraud scheme that involved dozens of properties Fairfield County. Read on for more details.
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Lien software company sues bar association
Posted Date: Wednesday, January 6, 2016
A software company that provides lien management services for members of the construction industry sued a state and local bar association for its investigation into alleged unauthorized practice of law claims against it and attorneys who works with the company. Read on for more details.
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Vermont adopts new privacy regulation
Posted Date: Monday, January 4, 2016
The Vermont Department of Financial Regulation adopted a new regulation, titled the Privacy of Consumer Financial and Health Information Regulation, governing the treatment of nonpublic personal information about consumers by financial institutions. Read on for more details.
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Nassau County lawmakers postpone fees
Posted Date: Monday, December 28, 2015
In part because of advocacy efforts by the New York State Land Title Association, the Nassau County Legislature decided to push back the effective date of dramatic increases in real estate fees imposed on local consumers until 2016. The new fees total nearly $1,000 per transaction for the real estate consumer. Read on for more details.
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Did Cordray alleviate fears?
Posted Date: Monday, January 18, 2016
As we got back to the grind after the holidays, a letter from the Mortgage Bankers Association to Consumer Financial Protection Bureau Director Richard Cordray came to light, sharing the industry’s concerns about regulatory enforcement of the TILA-RESPA Integrated Disclosure Rule, as well as de facto enforcement from the secondary market.
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OCC fines bank over MERS assignment fees
Posted Date: Wednesday, January 6, 2016
The Office of the Comptroller of the Currency fined EverBank for violations of a mortgage-servicing consent order, including improperly charging fees related to mortgage electronic registration system assignments and property inspections. Read on for more details.
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Florida insurance commissioner announces resignation
Posted Date: Wednesday, January 6, 2016
On Jan. 5, Florida Insurance Commissioner Kevin McCarty announced that he is retiring in May. He has served as the only appointed insurance commissioner for the Florida Office of Insurance Regulation since it was created in 2003. Read on for more details.
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Maryland developer pleads guilty to $5.7 bank fraud conspiracy
Posted Date: Wednesday, January 6, 2016
A developer from Accident, Md., pleaded guilty to conspiring to commit bank fraud arising from three fraudulent bank loans in which he received proceeds from the sale of real property in Maryland and West Virginia, totaling more than $5.7 million. Read on for more details.
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PRIA finalizes paper on eNotarization assurances
Posted Date: Wednesday, January 6, 2016
The Board of Directors of the Property Records Industry Association has given final approval to the paper on “Traditional Assurances for Electronically Recorded Documents” published by the eNotary Work Group. The intent of this paper is to provide all recording jurisdictions with confidence that the concept of electronic notarization is valid and acceptable in the process of recording documents in the public record.
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Maryland accountant pleads guilty to $1.7 million mortgage fraud
Posted Date: Monday, January 4, 2016
A Maryland accountant pleaded guilty to charges arising from the fraudulent purchase of seven properties in Baltimore, using fraudulent loan documentation and straw purchasers, resulting in losses of more than $1.7 million. Read on for more details.
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Cordray alleviates TRID enforcement, secondary market concerns
Posted Date: Monday, January 4, 2016
Responding to concerns raised by the Mortgage Bankers of America, Consumer Financial Protection Bureau Director Richard Cordray attempted to alleviate concerns industry members have about regulatory enforcement of the TILA-RESPA Integrated Disclosure Rule, as well as de facto enforcement from the secondary market. Read on for more details.
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Can homeowners amend complaint after title insurer files motion to dismiss?
Posted Date: Monday, December 28, 2015
A couple in Indiana sued their underwriter, arguing that the insurer breached the title policy by failing to defend the couple in a pending state lawsuit. The insurer filed a motion to dismiss, arguing that the couple had sued the wrong party. When the couple moved to amend their complaint to add another defendant, the insurer countered that doing so would prejudice its motion to dismiss. Read on for more details.
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Real estate rescue schemer sentenced
Posted Date: Monday, December 28, 2015
A Seal Beach, Calif., man who operated a bogus mortgage rescue scheme was sentenced to eight years in federal prison. The 75-year-old man also was ordered to pay $1.5 million in restitution to his victims.
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California woman sentenced for fraudulent loan documents
Posted Date: Monday, December 28, 2015
A Martinez, Calif., woman was sentenced to 12 month in prison and ordered to pay a $20,000 fine and $208,186.78 in restitution for her involvement in a bank fraud scheme related to a fraudulent mortgage loan application and a fraudulent mortgage loan modification application. She admitted to causing a client to submit a fraudulent mortgage application to a bank to purchase the defendant’s own home. Read on for more details.
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Georgia ring leader sentenced for mortgage fraud
Posted Date: Wednesday, December 23, 2015
The leader of a mortgage fraud ring that spanned five years and caused millions in losses was sentenced for his role. He and his co-conspirators engaged in a massive property-flipping scheme resulting in more than $5.8 million in actual losses to financial institutions between 2006 and 2011. Read on for more details.
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Maryland bulletin reminds insurers to file Certificate of Compliance
Posted Date: Wednesday, December 23, 2015
Victoria August, associate commissioner of compliance and enforcement at the Maryland Insurance Administration issued a bulletin to remind all insurance carriers that, together with its annual statement, it also must file a Certificate of Compliance.
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Monitor releases latest compliance reports on National Mortgage Settlement
Posted Date: Monday, December 21, 2015
The monitor of the National Mortgage Settlement filed his latest set of compliance reports with the U.S. District Court for the District of Columbia. The reports review seven servicers’ performance on the settlement’s servicing reforms. Read on for more details.
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Wells asks settlement agents to correct errors
Posted Date: Monday, December 21, 2015
In its latest quarterly newsletter to settlement agents, Wells Fargo discussed implementation of the TILA-RESPA Integrated Disclosure rule, including the different way Wells discloses seller-paid premiums for owner’s title insurance, and why agents should be following the lender’s instructions on it. Read on for all of the details.
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