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The Legal Description Edition
December 5, 2011
This year has been full of legal, regulatory and legislative changes. In this edition of The Legal Description, we look back on the year and discuss some of the biggest legal hurdles the industry had to overcome this year and how these hurdles have changed the industry. In addition, we give you the inside scoop on what happened when the U.S. Supreme Court heard oral arguments in First American Title Insurance Co. v. Denise Edwards. |
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 Where we've come
Posted Date: Monday, December 05, 2011
What a year it’s been! As I was talking to people about 2011 and what the biggest issues were, I realized how fast things, such as the legal and regulatory environment can change.
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Tumultuous year begins season of change for the title industry
Posted Date: Monday, December 05, 2011
For the title insurance industry, it has been a tumultuous year, forcing underwriters and agency owners to adapt to some big changes in the legal and regulatory landscape and prepare for even more rigorous regulations that are set to be finalized in 2012. In the first of a two-part series addressing these transformative changes, experts share their thoughts on the issues the industry has worked through in 2011.
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Mortgage fraud orchestrator gets 10 years in prison
Posted Date: Thursday, December 01, 2011
The orchestrator of a fraud scheme involving 30 properties and resulted in losses of $4.75 million has been sentenced to 10 years in prison. Read on for more details.
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First Am, Edwards take case to Supreme Court
Posted Date: Thursday, December 01, 2011
In a much-watched case regarding the necessity of showing damages when bringing a class action, First American and Denise Edwards took their arguments to the Supreme Court on Nov. 28. The court’s decision, which is expected to be handed down by the end of June, will have a significant impact on the title insurance industry.
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Democrats demand vote on Cordray nomination
Posted Date: Thursday, December 01, 2011
Democrats from the House Financial Services Committee are anxious to put Richard Cordray in place as the first director of the Consumer Financial Protection Bureau, recently sending a letter to Minority Leader Sen. Mitch McConnel urging Republicans to agree to a full Senate vote on Cordray’s nomination. Read on for more details.
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Escrow holder sued for negligence
Posted Date: Thursday, December 01, 2011
The beneficiaries of a deed of trust sued an escrow holder for negligence after failing to receive a payoff when the grantor refinanced. This prevented the beneficiaries from receiving the money they were owed when the grantor filed for bankruptcy. The case eventually made its way to the Court of Appeal of California, Second Appellate District. Read on for more details.
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Acting director of Ill. dept. of insurance named
Posted Date: Monday, November 28, 2011
In a series of recent appointments, the governor of Illinois appointed a new acting director for the state’s insurance department. Read on to find out more about the new appointment.
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OCC gives status report on foreclosure consent orders
Posted Date: Monday, November 28, 2011
The Office of the Comptroller of the Currency issued a report on the actions by 12 national bank and federal savings association mortgage servicers to comply with consent orders issued in April 2011 to correct deficient and unsafe foreclosure practices. Read on for more details.
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Freddie Mac amends short sale addendum, gives agents less liability
Posted Date: Monday, November 21, 2011
In its Nov. 18, Single-Family Seller/Servicer Guide, Freddie Mac made amendments to its short sale affidavit requirements. These changes will alleviate concerns from members of the title industry that they will be subject to increased liability for short sale transactions. Read on for more details.
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Nevada makes first robo-signing indictments
Posted Date: Monday, November 21, 2011
More than a year after the robo-signing scandal broke in October 2010, two title officers employed by Lender Processing Services Inc. (LPS) have been indicted by a Nevada grand jury on 606 counts alleging various robo-signing and forgery actions on tens of thousands of documents between 2005 and 2008. Read on for more about the claims and for LPS’ statement in response.
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Michigan Supreme Court says MERS has right to foreclose
Posted Date: Monday, November 21, 2011
Reversing a decision by the state’s Court of Appeals, the Michigan Supreme Court found that Mortgage Electronic Registration Systems Inc. had the authority to foreclose as the mortgage holder. Read on to find out more about how the case evolved and the court’s reasoning.
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Policy dispute leads to false advertising suit against trade association
Posted Date: Monday, November 21, 2011
After a title insurer in California denied homeowners’ claims, the homeowners sued the state’s trade association for false advertising. Read on to find out what the Court of Appeal for the Second Appellate District of California had to say when the case went before it.
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N.J. attorney arrested for escrow theft
Posted Date: Monday, November 21, 2011
A county prosecutor in New Jersey announced an attorney was arrested for stealing funds from her attorney trust account. Read on for more details.
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Coverage dispute leads to arbitration appeal
Posted Date: Thursday, November 17, 2011
After purchasing title insurance and transferring title to their property several times, property owners in California discovered an encroachment on their property that prevented them from selling it. The claim dispute eventually went to arbitration. When the arbitrator ruled in favor of the property owners, the title insurer appealed. Find out how the Second District Court of Appeal of California ruled when the case came before it.
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Sentence handed down for title co. employee
Posted Date: Thursday, November 17, 2011
A woman admitted to participating in a mortgage fraud scheme while working at an Albany title company. Her misdeeds include submitting false HUD-1s and documents purporting to issue title insurance when none was issued. Read on for the details.
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CPFB announces several key hires
Posted Date: Thursday, November 17, 2011
The Consumer Financial Protection Bureau announced that it has filled eight key senior leadership positions, including chief of staff, chief financial officer and assistant director for legislative affairs. Read on to find out more about the CFPB’s new personnel.
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Michigan registers of deeds sue MERS for taxes owed
Posted Date: Thursday, November 17, 2011
The registers of deeds of Ingham and Branch Counties have filed suit against MERS, alleging that MERS avoided paying state and county transfer taxes. In addition, the registers sued parties related to the subject transactions. Read on for more details.
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Don’t miss diversification opportunities
Posted Date: Thursday, November 17, 2011
In the past few years, title insurance agents have repeatedly heard the phrase, “The old way of doing business is gone.” And recent actions from many in the industry have proved this statement true. With the new era of doing business upon us, it is increasingly crucial to know where you’re headed and the types of services you could or should be offering. Read on for details about diversifying in today’s market.
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Senate committee examines efforts of FHFA
Posted Date: Thursday, November 17, 2011
Edward DeMarco, acting director of the Federal Housing Finance Agency, went before the Senate Banking Committee to report on FHFA’s oversight of Fannie Mae, Freddie Mac and the Federal Home Loan banks. Read on for more details.
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Title agents: Don’t miss opportunities in your backyard
Posted Date: Monday, November 14, 2011
In the past few years, title insurance agents have repeatedly heard the phrase, “The old way of doing business is gone.” And recent actions from many in the industry have proved this statement true. With the new era of doing business upon us, it is increasingly crucial to know where you’re headed and the types of services you could or should be offering. Read on for details about diversifying in today’s market.
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RESPA regulation and enforcement after the move
Posted Date: Monday, November 14, 2011
How consumer protection regulations such as RESPA will be enforced now that they are under the purview of the Consumer Financial Protection Bureau is a question many are asking themselves since the CFPB gained this authority over the summer. One of the men tasked with addressing these issues shared some insight during a recent RESPRO seminar. Read on to find out what he had to say.
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Fla. court says foreclosing entity doesn’t need to hold the mortgage
Posted Date: Monday, November 14, 2011
With the state in the top five in terms of foreclosure rate, the District Court of Appeal of Florida, Second District, ruled that a foreclosing entity didn’t need to hold the mortgage in order to file a foreclosure. Read on for the court’s reasoning and to find out what else it determined.
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Title Insurance Task Force approves 2012 charges
Posted Date: Monday, November 14, 2011
During the Fall annual meeting of the National Association of Insurance Commissioners, the Title Insurance Task Force approved its 2012 charges. Read on to find out what the group plans to work on in the coming year.
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