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The Legal Description Edition
January 16, 2012
Mechanic’s liens have always been something the title industry has to address, but right after the crash, the industry saw a spike in mechanic’s lien claims. Seeing this as an issue for both the title industry and the subcontractors who filed them, some states went about revising their mechanic’s lien laws. In this edition of The Legal Description, we look at the changes that were made, as well as what some think will cause a new spike in mechanic’s lien claims. We also provide you with industry reaction to President Obama’s appointment of the first director of the Consumer Financial Protection Bureau and a look into the sentencing of two brothers who committed one of the largest mortgage fraud schemes in Mississippi history. |
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 Regulators, legislatures moving forward in 2012
Posted Date: Tuesday, January 17, 2012
We are officially off and running for the year 2012 and there is no looking back now. With the turn of the calendar comes a flurry of regulatory and legislative proposals that may impact the title insurance industry.
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Mechanic’s liens continue to cause hurdles as economic slump continues
Posted Date: Tuesday, January 17, 2012
The down economy has affected many aspects of the real estate market and changed the way title industry members have to do business. Right after the crash, one thing that triggered a portion of the industry’s losses was mechanic’s lien claims, as is often the case at the beginning of an economic downturn. While these claims have subsided in some areas, others are still struggling with claims. In the last few years, some states have amended their laws to curb these kinds of losses, yet new areas of mechanic’
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Cordray appointment brings strong reaction, hope of certainty
Posted Date: Thursday, January 05, 2012
President Obama’s Jan. 4 announcement that he was appointing Richard Cordray the first director of the Consumer Financial Protection Bureau while the Senate was in recess sent shock waves through the political community. However, it also brought a sense of certainty to some members of the real estate community, who now expect bureau initiatives, such as the combined mortgage disclosures, to move forward without delay. Read on for more of the reaction across the country.
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Breaking News: Obama waits no longer, appoints Cordray during recess
Posted Date: Wednesday, January 04, 2012
President Barack Obama decided to wait no longer, appointing Richard Cordray director of the Consumer Financial Protection Bureau during a speech in Cleveland, Ohio. This bold move has already met with much criticism from Senate Republicans, who question his legal right to make the appointment. Read on for more from the president’s speech.
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Just in time, president signs NFIP extension
Posted Date: Wednesday, January 04, 2012
Just before a series of short-term extensions of the National Flood Insurance Program was set to expire, the president signed a bill that will extend the program until May 31. Read on for more details.
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Tenth Circuit upholds MERS’ right to foreclose
Posted Date: Wednesday, January 04, 2012
The third-party buyer of three pieces of property in Utah, who purchased the property from defaulting borrowers, sued the various defendants who held interests in the property, seeking to prevent foreclosure. The company argued that the defendants had no authority to foreclose because the notes had been securitized, necessitating the approval of each investor in order to foreclose. After each of three cases was dismissed, the purchaser appealed to the 10th U.S. Circuit Court of Appeals. Read on for its reas
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ALTA speaks out about CFPB’s second attempt at closing disclosures
Posted Date: Wednesday, January 04, 2012
Shortly after the Consumer Financial Protection Bureau released its second round of prototypes for combined settlement disclosures, the American Land Title Association’s RESPA Task Force provided its thoughts in a comment letter. Read on to find out what they had to say about the latest iterations.
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PRIA publishes recording jurisdiction numbering system, seeks comments
Posted Date: Wednesday, January 04, 2012
The Property Records Industry Association has announced the publication of its newly developed Recording Jurisdiction Identification numbering sequence for review and comment. The sequence is designed to help reduce confusion in the virtual courthouse.
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