|
Court rules CFPB to be unconstitutional
Posted Date: Tuesday, October 11, 2016
In its much anticipated decision, the Washington, D.C. Circuit Court of Appeals had much to say about the Consumer Financial Protection Bureau’s structure, its interpretation of RESPA Section 8 and captive reinsurance. Read on for more about the court’s reasoning and some initial reaction.
|
|
|
Attorney general announces CyberOhio initiatives
Posted Date: Monday, October 3, 2016
Ohio Attorney General Mike DeWine announced the launch of CyberOhio, a collection of cybersecurity initiatives aimed at helping Ohio businesses fight back against data security threats. These initiatives are designed to foster a legal, technical and collaborative cybersecurity environment in the state. Read on for more details.
|
|
|
Idaho Supreme Court weighs appeal of fee
Posted Date: Wednesday, September 21, 2016
An Idaho title insurance company appealed damages it was assessed after the ruling against the company was overturned on appeal. The real estate purchaser who won the original case before appeal sought to appeal the overturning of damages. Read on to see how the Idaho Supreme Court ruled.
|
|
|
Seller sues title insurer over short sale proceeds
Posted Date: Wednesday, September 21, 2016
After short sale proceeds weren’t paid timely to a bank or its servicer, the sellers sued the title insurer for wrongfully retaining short sale proceeds and failing to properly advise them that it had come into possession of those proceeds. Read on for more details.
|
|
|
Court determines personal guarantee liability
Posted Date: Monday, September 19, 2016
In a case that spans seven years and involves action taken by a successor-in-interest for a failed bank that was put into receivership by the Federal Deposit Insurance Corp. (FDIC), a lender sued to hold two individuals responsible for their personal guarantees of a construction loan that went into default. Read on to see how a 2011 assignment from the FDIC that was retroactive to 2009 affected the case.
|
|
|
Insured sues title insurer for damages
Posted Date: Monday, September 12, 2016
After its title insurer defended and indemnified it against a previous owner who claimed to hold the declarant rights to property in Las Vegas, an insured developer filed suit against the insurer, seeking declaratory relief, damages, attorney’s fees, interests and costs. Both parties eventually moved for summary judgment. Read on for details.
|
|
|
Governor signs notary public statute
Posted Date: Thursday, October 13, 2016
Massachusetts Gov. Charlie Baker has signed legislation that regulates notaries public to protect consumers and the validity and effectiveness of recorded instruments. Read on for more details.
|
|
|
Court addresses TILA claims in change of mortgage terms
Posted Date: Monday, September 19, 2016
A district court was asked to review a mortgage for an investment/rental property which originally was a primarly loan with a secondary mortgage, but which was changed to a single fixed-rate mortgage on the borrowers’ request. As the terms of the loan changed, however, the borrowers complained after they defaulted on the loan that they were tricked into signing a different mortgage than they expected. Read on to see how the court ruled.
|
|
|
California adopts Survivor Bill of Rights
Posted Date: Monday, October 3, 2016
California Gov. Jerry Brown signed a bill that amend mortgage servicers’ responsibilities to successors in interest after being notified that a borrower has died. Read on for more details.
|
|
|
New York DFS re-adopts AfBA regs
Posted Date: Tuesday, October 11, 2016
New York Superintendent of Financial Services Maria Vullo re-adopted several regulations on an emergency basis, including one governing affiliated business arrangements and other disclosures title insurance industry members are required to provide to consumers. Read on for more details.
|
|
|
|
Title agency sues Indiana insurance commissioner
Posted Date: Thursday, October 13, 2016
After entering a settlement agreement with the Indiana Department of Insurance, an Ohio title agency sued Indiana Insurance Commissioner Stephen Robertson, alleging violations of the Equal Protection and Commerce Clauses. The company argued that the commissioner was harder on out-of-state insurance agencies than in-state insurance companies. Robertson moved to dismiss the complaint.
|
|
|
Massachusetts woman sentenced for fraudulent mortgage
Posted Date: Thursday, October 13, 2016
A Hingham, Mass., woman was sentenced to time in prison for defrauding mortgage companies in connection with multiple mortgages she obtained on her home. Read on for more details.
|
|
|
Borrower sues over foreclosure related issues
Posted Date: Thursday, October 13, 2016
After being notified by two successive assignees of his mortgage that he was in default and foreclosure proceedings were to begin, a Maine man filed suit against both parties for, among other things fraud by concealment, unjust enrichment and slander of title. Read on to find out what happened when the case went before the U.S. District Court for the District of Maine on the defendants’ motion to dismiss.
|
|
|
Industry survivor shares her story
Posted Date: Tuesday, October 11, 2016
For the fifth consecutive year, October Research, LLC is raising money for the Stefanie Spielman Fund for Breast Cancer Research at The Ohio State University Comprehensive Cancer Center –Arthur G. James Cancer Hospital and Richard J. Solove Research Institute. 10 percent of revenue from new subscriptions to all of our publications will be donated to the fund through Oct. 17. To help us with this worthy cause, industry friend Leslie Wyatt, a breast cancer survivor, shared her story.
|
|
|
Florida man sentenced for embezzling
Posted Date: Tuesday, October 11, 2016
An Odessa, Fla., man was sentenced to time in prison and had a money judgment handed down against him for embezzling funds provided from the sales of bank-owned property. Read on for more details.
|
|
|
Woman indicted for bank, wire fraud
Posted Date: Tuesday, October 11, 2016
A Miami woman was charged with conspiracy to commit wire fraud and bank fraud in connection with the sales of condominiums. She would entice buyers by providing incentives and failing to disclose them on the settlement statement. Read on for more details.
|
|
|
Title insurer seeks injunction against former employees
Posted Date: Monday, October 3, 2016
After several employees left to start their own title agency, a title insurer sued them and their new agency, seeking a preliminary injunction. The title insurer argued the individual former employees had violated the non-compete provisions of their employment contract, as well as the company’s confidentiality agreement. Read on for more details.
|
|
|
Three indicted in condo conversion conspiracy
Posted Date: Monday, October 3, 2016
Three men were indicted with bank fraud and conspiracy to commit bank fraud, alleging they defrauded lenders in a straw buyer scheme involving the conversion of a former hotel into a condominium complex. Read on for more details.
|
|