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Title rate organizations may come to Washington state
Posted Date: Wednesday, January 25, 2017
The Washington State Legislature has introduced a bill that, if passed, would create and establish the rights and duties of title insurance rating and advisory organizations.
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Fraud scheme leads to CPL dispute
Posted Date: Monday, January 9, 2017
After the Federal Deposit Insurance Corp., as receiver of a bank, discovered that 24 of the received bank’s mortgage loans were obtained as part of a mortgage fraud scheme and that the closing agent could have been part of the process, the FDIC filed suit against the title insurer under the closing protection letter. Read on for more details.
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Does arbitration clause cover real estate purchase?
Posted Date: Monday, January 2, 2017
A couple who bought real-estate owned property sued the lender after finding that another bank had a superior lien on the property. The lender compelled arbitration on the dispute, following a clause in the purchase contract, and the couple disputed the order. The case came before the Supreme Court of Nebraska, which was tasked with deciding whether the arbitration contract fell within the scope of the Federal Arbitration Act, rather than the state’s Uniform Arbitration Act, and whether arbitration should be compelled on residential real estate transactions. Read on for the details.
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Owner appeals decision in breach of duty case
Posted Date: Thursday, January 5, 2017
The owner of property in Oregon appealed a decision in favor of a title insurer in a suit it brought for breach of duty as an escrow agent and breach of the title insurance contract. The owner alleged that the title insurer breached its duty by failing to discover and disclose that the city of Warrenton had the right to maintain a waterline on the property. Read on for more details.
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Court keeps case alive despite failure to state cause
Posted Date: Monday, January 2, 2017
In a case involving homeowners challenging foreclosure of their home, a California court ruled that the plaintiffs failed to state “even a single cognizable cause of action.” However, the court left the door open for an amended complaint, finding reasons that the pro se plaintiffs could challenge the action. Read on for details of how the case could survive.
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Regulators extend cyber comment period
Posted Date: Monday, January 16, 2017
Federal banking regulators announced they extended the comment period for the advanced notice of proposed rulemaking on enhanced cyberrisk management standards for large and interconnected entities. Read on for more details.
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NIST issues updated Cybersecurity Framework
Posted Date: Monday, January 16, 2017
The National Institute of Standards and Technology (NIST) has issued a draft update to the Framework for Improving Critical Infrastructure Cybersecurity — also known as the Cybersecurity Framework. Providing new details on managing cyber supply chain risks, clarifying key terms, and introducing measurement methods for cybersecurity, the updated framework aims to further develop NIST’s voluntary guidance to organizations on reducing cybersecurity risks.
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Mississippi to consider mortgage release affidavits
Posted Date: Monday, January 9, 2017
The Mississippi Legislature is considering a bill that would authorize title insurance companies to execute and record affidavits to release residential mortgages that have been paid off. Read on for more details.
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NY bill addresses title insurance assessments
Posted Date: Wednesday, January 11, 2017
The New York State Assembly has introduced a bill that would amend the statute surrounding title insurance assessments so that all New York-domiciled licensed title underwriters are assessed on the net premiums retained on policies issued for property located in the state. Read on for more details.
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Illinois considers bill on issuing title policies
Posted Date: Wednesday, January 18, 2017
The Illinois General Assembly is considering a bill that would amend the Title Insurance Act by addressing who issues title policies when multiple policies are issued. Read on for more details.
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New York introduces mortgage bill of rights legislation
Posted Date: Wednesday, January 11, 2017
The New York State Assembly has introduced a bill that would require licensed mortgage bankers and authorized loan originators to provide mortgage applicants with a mortgage bill of rights pamphlet when applying for a mortgage. Read on for more details.
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State issues consent order for kickback scheme
Posted Date: Monday, January 9, 2017
Minnesota Commissioner of Commerce Mike Rothman has issued a consent cease-and-desist order to a local title agency it alleged provided numerous things of value to a real estate salesperson in exchange for referrals of business. Read on for more details.
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Cuomo unveils broader cybersecurity package
Posted Date: Monday, January 9, 2017
As the state’s Department of Financial Services revises its regulations on cybersecurity for financial institutions, New York Gov. Andrew M. Cuomo unveiled a comprehensive package to better protect New Yorkers, as well as government entities, from the ever-growing threat of cyberattacks. The package includes the strengthening and modernization of cybercrime and identity theft laws, as well as the creation of a new Cyber Incident Response Team to provide cybersecurity support to state entities, local governments, critical infrastructure and schools.
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Newspaper publisher, title agent, charged
Posted Date: Monday, January 9, 2017
A former newspaper publisher, mortgage broker, title agent and other individuals are charged federally for their participation in a $10 million mortgage fraud scheme. Read on for more details.
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Former Florida title agent pleads guilty to conspiracy
Posted Date: Wednesday, January 18, 2017
A former Panama City Beach, Fla., title agent pled guilty to six felony counts, including one count of conspiracy to commit bank fraud and/or mail fraud affecting a financial institution and five counts of bank fraud. Read on for more details.
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Pennsylvania county warns of deed scam
Posted Date: Wednesday, January 18, 2017
Montgomery County Recorder of Deeds Jeanne Sorg is warning Pennsylvania homeowners to be aware of a misleading solicitation mailer being sent by various companies. Read on for more details.
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Mortgage relief scammer banned from business
Posted Date: Wednesday, January 18, 2017
One of the operators of a mortgage relief scheme that bilked millions of dollars from financially distressed homeowners, has agreed to a court order banning him from the debt relief business. Read on for more details.
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Title insurer seeks denial of discharge
Posted Date: Monday, January 16, 2017
The U.S. District Court for the Eastern District of New York heard an appeal from the federal bankruptcy court, which dismissed an adversary case against a debtor and discharged his debt. The appellant title insurer argued that the debtor had fraudulently concealed his interest in property he lived in with his family in Rockville Centre, N.Y. Read on for more details.
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Real estate attorney pleads guilty
Posted Date: Monday, January 16, 2017
Nassau County District Attorney Madeline Singas announced that a West Hempstead, N.Y., attorney who stole more than $5.7 million from clients between September 2012 and February 2014 pleaded guilty to grand larceny charges. Read on for more details.
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Fed looks into blockchain technology
Posted Date: Wednesday, January 11, 2017
For at least the past year, the financial industry has talked about things such as Bitcoin and blockchain technology. The Federal Reserve has taken notice and issued its own report on the technology entitled “Distributed leger technology in payments, clearing and settlement.”
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New Mexico Insurance Fraud Bureau gets accreditation
Posted Date: Wednesday, January 11, 2017
The New Mexico Office of Superintendent of Insurance announced that its Insurance Fraud Bureau has earned accreditation from the New Mexico Law Enforcement Professional Standards Council, joining 14 of New Mexico’s finest law enforcement agencies.
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Florida man sentenced for forged military records to protect from foreclosure
Posted Date: Wednesday, January 11, 2017
A Fort Lauderdale, Fla., man was sentenced to time in prison on a federal charge stemming from a scheme in which he forged military records and made false statements in an attempt to collect more than $700,000 under a federal law meant to protect active duty military members from suffering losses through mortgage foreclosures. Read on for more details.
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