News By Edition

The Illinois secretary of state filed a first notice of proposed regulations to implement the remote notarization legislation that was signed into law in the summer of 2021. Comments will be received through May 31, 2022.

At the 2022 National Settlement Services Summit (NS3), taking place June 1-3 in Orlando, Fla., several sessions will examine the cutting edge of innovations in the title space, including with cryptocurrency, remote online notarization (RON) and cybersecurity. Other sessions cover the latest in cash-offer programs, sales techniques and how to future-proof your business.

The 11th U.S. Circuit Court of Appeals recently determined the validity of a deed that had been attested by one witness and acknowledged by a closing attorney. The validity of the deed was in dispute when the borrower filed for Chapter 7 bankruptcy and the trustee sued the lender to keep the property with the bankruptcy estate.

The Maryland General Assembly passed legislation to authorize title insurance producers to pay compensation for the provision of real estate brokerage services to associate real estate brokers, real estate salespersons, or certain business entities on behalf of a real estate broker under certain circumstances. The bill awaits the governor’s signature.

Arizona Gov. Doug Ducey signed legislation to prohibit county recorders from charging a fee to record or release a restitution lien.

Freddie Mac issued Bulletin 2022-8, providing temporary guidance on foreclosure actions and its homeowner assistance fund.

After purchasing property in Cumberland County, Pa., the new owners learned the property did not consist of the entire property it believed it had purchased. Instead, the property was subject to a declaration of condominium. It purchased title insurance protecting the property as stated on the special warranty deed and filed a claim with the title insurer. The title insurer denied coverage and the property owner filed suit for breach of contract. The title insurer then moved to dismiss the claim.

MISMO announced the availability of the MISMO e-Eligibility Exchange, powered by Snapdocs, created to further accelerate industry-wide adoption of digital closings.

The Louisiana Legislature is considering a bill that provides for qualifications for title insurance producers.

The Connecticut General Assembly is considering legislation that would create a process by which a person who has title interest in real property subject to liens for unpaid probate fees can petition the probate court to have the liens released.

The National Association of Corporate Directors, SecurityScorecard and Cyber Threat Alliance conclude the U.S. Securities and Exchange Commission’s proposed rules would strengthen the ability of public companies, funds and advisors to combat cybersecurity threats and implement risk mitigation processes.

Montana Commissioner of Securities and Insurance Troy Downing appointed a familiar face as the new government affairs director.

In one of several cases addressing whether a title insurer is required to insure a claim brought by the holder of first lien holder after a homeowners’ association foreclosed on property and sold it free and clear of the first lien, the U.S. District Court for the District of Nevada remanded the case to state court. The title insurer had filed for snap removal of the case to federal court before the parties had been served.

Virginia Gov. Glenn Youngkin signed legislation to clarify that a seller is not prohibited from retaining a licensed attorney to represent his interests and provide legal advice pertaining to escrow, closing or settlement services. The bill went into effect upon the governor’s signature on April 11.

The American Land Title Association will be the sole provider of title and settlement data for MISMO’s e-Eligibility Exchange. It will provide the data through a contributor agreement with the ALTA Registry.

The Colorado General Assembly is considering legislation concerning protections for election officials. Among other things, the bill would prohibit anyone from making the personal information of an election official or their immediate family publicly available on the internet and allow election workers to file a request to remove their personal information from the records made available on the internet.

The Illinois General Assembly has passed legislation that would amend the Counties Code to provide that a physical or electronic image of a recorder’s stamp satisfies the signature requirement for recorded instruments prior to, on and after the effective date of the amendatory act. The bill awaits the governor’s signature.

The Alabama Insurance Department announced the appointment of a new chief examiner, replacing retired Chief Examiner Richard Ford. The appointment is effective immediately.

Fannie Mae has updated its Selling Guide to allow for the use of an attorney title opinion letter in lieu of a title insurance policy for certain transactions.

The American Land Title Association submitted a comment letter in response to the Consumer Financial Protection Bureau’s request for information regarding fees imposed by providers of consumer financial products or services.

A couple filed suit seeking to enforce the terms of restrictive covenants that would have allowed them to purchase the lot next to theirs. They eventually appealed to the Supreme Court of Virginia.

The New York Assembly is considering legislation that would require notaries and commissioners of deeds to complete and retain certain documents relating to the transfer of residential real property.

A Bergen County, N.J., man was sentenced to 97 months in prison for orchestrating a long-running bank and securities fraud scheme, which led to large-scale losses for financial institutions and investors.

A federal grand jury returned an indictment charging two brothers for allegedly falsifying bank statements, misrepresenting ownership intentions and allegedly making false statements on a loan application. They are charged with bank fraud and conspiracy to commit bank fraud.