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Virginia Bureau of Insurance responds to comments to settlement agent regulation amendments
Posted Date: Wednesday, May 18, 2016
The Virginia Bureau of Insurance, part of the State Corporation Commission (SCC), has responded to comments regarding its proposed amendments to its Rules Governing Settlement Agents. It introduced the proposed changes late last year to clarify the scope of the regulations, add definitions to align with the Code of Virginia and enhance consumer protections.
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With TRID reopened, industry sees chance for change
Posted Date: Monday, May 9, 2016
On April 27, Consumer Financial Protection Bureau Director Richard Cordray wrote a letter to industry trade associations that the CFPB plans to issue a notice of proposed rulemaking on the TILA-RESPA Integrated Disclosure/Know Before You Owe rule. Since the announcement, industry members voiced their support of a proposed rulemaking and shared the concerns they most hope the CFPB addresses. Read on for more details.
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Title insurer sues fraudsters to recover claim payouts
Posted Date: Wednesday, April 27, 2016
After paying out claims to insured mortgagees, a title insurer filed suit against fraudsters who conducted multiple schemes involving four properties in Lexington, Ky. It obtained a default judgment against the leader of the conspiracy, but sought to recover from his co-defendants. Read on for more details.
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Title insurer seeks funds from agent’s successor
Posted Date: Monday, May 9, 2016
After receiving a default judgment against a title agent in Michigan, a title insurer found that the agent had formed a successor. It filed suit against both agencies, arguing that the successor was formed for the purpose of transferring assets and avoiding collection. Read on to find out what the Court of Appeals of Michigan had to say.
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Man seeks enforcement of trust, LLC title policies
Posted Date: Wednesday, April 27, 2016
The managing member of two limited liability companies and trustor of a trust that owned a restaurant filed suit against the LLC and trust’s title companies for breach of contract for not recording easements on the restaurant property. Read on for more details on the case.
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U.S. House passes flood insurance reform bill
Posted Date: Wednesday, May 11, 2016
The U.S. House of Representatives unanimously passed the Flood Insurance Market Parity and Moderinzation Act, which would allow competition in the flood insurance marketplace to meet homeowners’ needs and drive down costs. Read on for more details.
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Legislature amends title licensing law
Posted Date: Wednesday, May 11, 2016
The Alabama Legislature has amended the state’s title licensing law. The bill exempts licensed attorneys from licensure. Read on for more details.
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Nebraska adopts data breach revisions
Posted Date: Wednesday, May 4, 2016
The Nebraska Legislature adopted revisions to the state’s Financial Data Protection and Consumer Notification of Data Security Breach Act of 2006. Read on for more details.
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Colorado lien release amendments pass legislature
Posted Date: Monday, May 9, 2016
A bill to amend Colorado’s lien release law regarding lines of credit has passed through the legislature and awaits the governor’s signature. Read on for more details.
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Disbarred attorney sentenced for mortgage fraud
Posted Date: Wednesday, May 4, 2016
A disbarred Illinois lawyer has been sentenced to more than four years in federal prison for her role in a mortgage fraud scheme that bilked lenders and vulnerable homeowners out of more than $725,000. Read on for more details.
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PRIA approves certified copies whitepaper
Posted Date: Wednesday, May 4, 2016
On April 13, the Board of Directors of the Property Records Industry Association gave final approval to the paper on “Best Practices for Certifying Copies for Land Records” published by the Certified Copies Work Group, under the auspices of the Real Property Law and Legal Issues Committee.
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Loan defect, fraud risk emerge in Southern states
Posted Date: Wednesday, May 4, 2016
The First American Loan Application Defect Index increased 1.3 percent in March from February, but was 2.6 percent lower than a year earlier. The monthly increase was the first for the index since July 2015, ending seven consecutive months of declining defect and misrepresentation risk. Read on for details of what led to the rise.
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South Carolina loan officer sentenced for $45 million mortgage fraud
Posted Date: Wednesday, May 11, 2016
A South Carolina loan officer was sentenced to time in prison and ordered to pay more than $24 million in restitution for his role in a $45 million mortgage fraud scheme. He was charged with conspiracy to commit mail fraud, wire fraud and bank fraud. Read on for more details.
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New York AG receives record data breach notifications
Posted Date: Wednesday, May 11, 2016
New York Attorney General Eric T. Schneiderman announced that his office has received an over 40 percent increase in data breach notifications involving New Yorkers so far this year as compared with the same time last year.
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NS3 Preview: How to build a better relationship with your partners
Posted Date: Wednesday, May 11, 2016
This year at the National Settlement Services Summit (NS3) New Homes Solutions Consulting founder Kimberly Mackey will be speaking at the “Title Agents, Realtors and Builders: Why Can’t We Just Get Along?” session 2:10 p.m. Tuesday, June 7. She will be talking about the importance of the maintaining the long-term relationship with Realtors and builders to drive sales and grow your business.
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NS3 Preview: Escrow developments across the states
Posted Date: Monday, May 9, 2016
Escrow practices across the country vary dramatically already, but state and federal regulatory changes, market developments and fraud considerations promise to further complicate matters. During the National Settlement Services Summit, attendees will learn about the latest trends impacting escrow functions as well as how to keep their operations safe and successful.
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Ohio seeks presumption of real property instrument validity
Posted Date: Monday, May 9, 2016
The Ohio General Assembly is considering a bill that would create a presumption of validity for recorded real property instruments, reduce the time period for curing certain defects related to those instruments and provide constructive notice for those instruments. Read on for more details.
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