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CFPB questioned on title fee disclosure, liability
Posted Date: Tuesday, March 22, 2016
Saying it does not appear that the TILA-RESPA Integrated Disclosure (TRID) rule is improving consumer confusion, Sen. Bob Corker, R-Tenn., wrote to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, asking several questions about the disclosure of title fees and reporting that lenders are attempting to transfer liability to the settlement agents they work with. Read on for more details.
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Agency sues insurer breach and denial of contract
Posted Date: Tuesday, March 29, 2016
When a Utah title agency was sued by its underwriter because $600,000 was garnished from the company’s escrow account, the agency made a claim with its errors and omissions insurer. After the insurer denied coverage, the agency filed suit. Read on for more details.
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Agency sued for cooperation with audit, damages
Posted Date: Wednesday, March 30, 2016
After terminating an agency agreement, a title insurer was unable to conduct a full audit of the title agency’s files. It filed suit, seeking specific performance of the agency’s obligations to cooperate with the audit process. Eventually, it sought to amend the complaint to add a cause of action to recover damages for breach of the agency agreement. Read on for more details.
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Owner sues for coverage of liens, unmarketability
Posted Date: Tuesday, March 22, 2016
An investment company that acquired the promissory note and deed of trust for a condominium development sought coverage from its title insurer after discovering numerous mechanic’s liens on the property from work done before it acquired rights to the property. The title insurer denied coverage and the investment company filed suit. After a jury found in favor of the investment company, the insurer filed a renewed motion for judgment as a matter of law. Read on for more details.
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Land purchaser sues for negligence
Posted Date: Tuesday, March 29, 2016
A land purchaser and investors filed suit against a title company for professional negligence, negligent misrepresentation and breach of contract in preparing a title examination and abstract. The company moved to dismiss, which the trial court granted. The purchaser and investors then appealed to the Court of Appeals of Georgia.
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FTC warns consumers about closing cost scheme
Posted Date: Tuesday, March 22, 2016
Working with the National Association of Realtors, the FTC put out a scam alert, warning home buyers about a scheme to steal their closing funds by hacking into the title company or real estate company’s email accounts and sending email instructions posing as the agent. Read on for more details.
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Amendments await governor's signature
Posted Date: Tuesday, March 22, 2016
A bill amending Utah law governing closing protection letters awaits the signature of Gov. Gary Herbert. Read on for more details.
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Connecticut considers foreclosure alternatives
Posted Date: Wednesday, March 30, 2016
The Connecticut General Assembly is considering a bill that would facilitate alternatives to foreclosure that are mutually agreeable to mortgagors and mortgagees with senior encumbrances. Read on for more details.
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Florida governor signs title risk limitations
Posted Date: Tuesday, March 29, 2016
Florida Gov. Rick Scott signed a bill that revises limitations on assumption of risk by title insurers and authorizes title insurers to obtain reinsurance from eligible reinsurers. Read on for more details.
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Delaware paralegal sentenced for escrow theft
Posted Date: Tuesday, March 29, 2016
A Delaware paralegal was sentenced to time in prison and ordered to pay restitution after pleading guilty to violations of wire fraud and tax evasion for stealing escrow funds from the real estate law firm where she worked. Read on for more details.
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Three appointed to Texas Title Insurance board
Posted Date: Thursday, March 24, 2016
Texas Insurance Commissioner David Mattax has appointed three members to serve on the board of directors of the Texas Title Insurance Guaranty Association. The board oversees the association, which helps protect Texans if a title insurance company fails.
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Brothers sentenced for title washing scheme
Posted Date: Tuesday, March 29, 2016
Brothers and former San Diego real estate brokers Adel Afkarian and Atef Afkarian were sentenced to prison for their role in a fraudulent “debt elimination” scheme that purported to eliminate the mortgages on several million-dollar homes in San Diego. Read on for more details.
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As the legislative season ends
Posted Date: Thursday, April 7, 2016
Though I can hardly believe it, April has arrived, and with it the start of baseball season, the PROMISE of warmer weather and, of course, the wrap up of the legislative season in most states. We will continue to track bills important to the industry until the very end of each state legislative session, catching you up on all the last-minute details. This issue’s State Bill Track section is already chock full of interesting bills, but I wanted to fill you in on a couple more working their way through the system.
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Issues remain, but moving forward six months after TRID
Posted Date: Thursday, April 7, 2016
Even before the switch was turned on Oct. 3, the industry knew that the TILA-RESPA Integrated Disclosure (TRID) Rule was going to come with some issues to work through. Members of both the settlement and mortgage industries did their best to prepare for them, though still had to navigate these issues once implementation began. Then there were some issues that came up that weren’t expected. The industry continues to navigate its way through and continues to close loans and adapt to changes on the ground.
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Virginia amends property disclosure act
Posted Date: Wednesday, March 30, 2016
The General Assembly of Virginia has amended the state’s Residential Property Disclosure Act regarding representations related to covenants and restrictions affecting the property.
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Connecticut man sentenced for multiple conspiracies
Posted Date: Thursday, March 24, 2016
A Connecticut man was sentenced to prison for participating in multiple conspiracies involving a series of real estate transactions intended to shield assets from creditors.
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Title company commences adversary suit seeking judgment debt from state court dispute
Posted Date: Thursday, March 24, 2016
A national title company commenced an adversary proceeding in the U.S. Bankruptcy Court for the Eastern District of New York, seeking determination that a judgment debt it obtained from the debtor in a New Jersey state court action should not be discharged in the debtor’s bankruptcy case because it was caused by the debtor’s defalcation and the result of a willful and malicious injury. The claims regard the debtor’s, an attorney, errors in preparing a will and two deeds. Read on for more details.
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New Jersey men indicted for mortgage fraud
Posted Date: Tuesday, March 22, 2016
Two New Jersey men were indicted for their roles in a scheme to defraud distressed homeowners seeking help out of more than $400,000. The men are charged with wire fraud conspiracy and eight counts of wire fraud. Read on for more details.
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