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Inside New York’s proposed anti-inducement regulations Part 1
Posted Date: Wednesday, May 3, 2017
On May 1, New York Gov. Andrew Cuomo announced proposed regulations regarding title insurance rates and expenses, as well as affiliated business arrangements. Read on for an in-depth look at the new regulations.
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New N.Y. recording requirements seek to help curb inducements
Posted Date: Monday, May 8, 2017
Proposed New York regulations designed to curb illegal inducements not only touched on who could refer title insurance business, but they would also change rate and expense reporting requirements so that prohibited expenditures could not be included in underwriter and agent reports. Read on for part two of The Legal Description’s inside look at the proposed regulations.
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Is title insurer responsible for improper property description?
Posted Date: Wednesday, April 19, 2017
After the failed sale of her property in Bucks County, Pa., because she did not hold title to both parcels being sold as she thought she did, the owner was sued by the buyer seeking compensation for money he spent in reliance on the sales contract. The owner then filed a third-party complaint against her title insurer. Read on for more details.
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FDIC sues Nevada agency over fraudulent transaction
Posted Date: Wednesday, April 26, 2017
As receiver for Washington Mutual Bank, the Federal Deposit Insurance Corp. filed suit against a Nevada title agency, which conducted a closing that was later found to be part of a mortgage fraud conspiracy. It alleged that the agency breached the closing instructions by failing to inform the bank of changes to where the seller’s proceeds were to be sent. Read on for more details.
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Bank seeks indemnification after receiver suit
Posted Date: Monday, April 24, 2017
After the receiver of its mortgagor filed suit arguing that a bank’s deed of trust should be avoided because the transfer was made to hinder, delay or defraud its mortgagor’s creditors, the bank filed a claim with its title insurer. When the title insurer denied coverage, the bank sued the title insurer. Read on for more details.
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Land title associations, others voice support for PACE legislation
Posted Date: Wednesday, May 3, 2017
Industry trade associations, including several land title associations, wrote letters in support of S. 838, the Protecting Americans from Credit Entanglements Act of 2017. The bill would provide Property Assessed Clean Energy (PACE) program loans the same Truth in Lending Act consumer protections required of other mortgage products. Read on for more details.
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Maryland adopts bill eliminating duplicative disclosures
Posted Date: Monday, May 8, 2017
Maryland Gov. Larry Hogan recently signed into law a bill that provides that “a certain disclosure provided by a lender to a borrower in compliance with a certain federal law shall satisfy certain disclosure requirements” under state law governing loans secured by first mortgages and deeds of trust on residential real property. Read on for more details.
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Oklahoma governor signs new abstract law
Posted Date: Monday, May 8, 2017
Oklahoma Gov. Mary Fallin signed a bill which requires the release of abstracts upon written request. Read on for more details.
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New Maryland law addresses prerequisites to recording
Posted Date: Wednesday, May 10, 2017
Maryland Gov. Larry Hogan signed legislation that will require mortgages and deeds of trust to include certification that the document was prepared by a licensed attorney or one of the parties to the transaction. Read on for more details.
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Arizona adopts transfer fee legislation
Posted Date: Wednesday, May 10, 2017
Arizona Gov. Doug Ducey, signed legislation that amends the state’s law on the prohibition on real estate transfer fees. Read on for more details.
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PropLogix wins judgment in HOA estoppel dispute
Posted Date: Wednesday, May 10, 2017
In a victory that may boost the entire title industry in Florida when disputes arise with homeowners associations regarding estoppel certificate fees, the County Court of the 12th Judicial Circuit in Manatee County, Fla., granted a judgment in favor of PropLogix against Villas of Emerald Lake Condominium Association Inc. Read on for more details.
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NS3 Preview: Blockchain brings security, efficiency, speed
Posted Date: Wednesday, May 10, 2017
Businesspeople not only want things done quickly, but efficiently and securely. At the 2017 National Settlement Services Summit in San Antonio, Texas, June 7-9, one industry leader will introduce and explain new technology that may revolutionize the real estate industry. Read on for a brief summary of what you’ll hear in San Antonio.
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Long Island attorney sentenced for fraud
Posted Date: Wednesday, May 10, 2017
Queens District Attorney Richard A. Brown announced that a Long Island attorney who admitted to defrauding Queens homeowners, financial institutions and real estate buyers out of more than $2.3 million in mortgage loan proceeds through a “short sale” mortgage fraud scheme has been sentenced to time in prison. Read on for more details.
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Minnesota Commerce Department warns of wire transfer scam
Posted Date: Wednesday, May 10, 2017
Minnesota Commerce Commissioner Mike Rothman sent out a recent release warning consumers and industry professionals about a wire transfer scam targeting real estate closings. Read on for more details.
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NS3 Preview: Underwriters, state regulators bring expert insight
Posted Date: Monday, May 8, 2017
The National Settlement Services Summit (NS3) has been a regular home for representatives of the top underwriters in the country to share their knowledge and insight with attendees, and this year will be no different. For the first time in seven years, though, NS3 also will host state insurance regulators, sharing with attendees the latest information on cybersecurity, unlawful inducements, data calls, and more. Read on for details of who will provide expert insight attendees need to succeed.
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Connecticut man sentenced for fraud
Posted Date: Monday, May 8, 2017
A Connecticut man was sentenced to time in prison for defrauding distressed homeowners and tax evasion. Read on for more details.
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NS3 Preview: Effective marketing strategies, and more
Posted Date: Wednesday, May 3, 2017
Every business needs a good marketing strategy to survive. Attendees at the National Settlement Services Summit (NS3) in San Antonio, Texas, will learn from two title experts about ways to stay on top of the trends, including at least 10 marketing ideas. The session is one of a number of business-building educational seminars slated for NS3 this year. Read on for more.
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Kentucky DOI appoints new leadership
Posted Date: Wednesday, May 3, 2017
The Kentucky Public Protection Cabinet appointed a new commissioner of insurance and deputy commissioner of policy for the state’s Department of Insurance. Read on for more details.
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Nine indicted in $1 million scam in New York
Posted Date: Wednesday, May 3, 2017
New York State Attorney General Eric Schneiderman, together with Acting Brooklyn District Attorney Eric Gonzalez, announced that nine individuals have been variously charged with money laundering, mortgage fraud, grand larceny, conspiracy and other charges related to their participation in a scheme to defraud mortgage lenders that spanned two New York City boroughs and resulted in over $1 million in ill-gotten mortgage loans. Read on for more details.
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New York proposes regs on title inducements
Posted Date: Monday, May 1, 2017
New York Gov. Andrew Cuomo announced two new proposed regulations based on the state Department of Financial Services investigation findings that title insurance companies and agents have spent millions of dollars on inducements, which the industry has charged back to consumers as “marketing costs.” Read on for more details.
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