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NYDFS appeals decision to annul title insurance reg
Posted Date: Wednesday, September 4, 2019
At the end of August, the New York State Department of Financial Services appealed Justice Eileen Rakower’s decision annulling Regulation 208, finding the regulation violated due process and industry member’s first amendment rights. Rakower heard the case on remand from the Supreme Court of the State of New York Appellate Division: First Judicial Department, which had found that the regulation did not exceed NYSDFS’ regulatory authority. Read on for more details.
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MISMO releases RON standards
Posted Date: Wednesday, September 11, 2019
MISMO released its finalized Remote Online Notarization (RON) standards, allowing for the use of audio-visual communication devices to notarize documents in a virtual online environment. Read on for more details.
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Third Circuit rules in defense of encroachment suit
Posted Date: Wednesday, August 14, 2019
The owner of property that was part of a dispute over an encroaching wall sued its title insurer for failing to defend the litigation. The case eventually went before the Third U.S. Circuit Court of Appeals. Read on for more details.
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CFPB issues trial disclosure policy
Posted Date: Wednesday, September 11, 2019
The Consumer Financial Protection Bureau issued three new policies to promote innovation and facilitate compliance, including a trial disclosure program policy. The bureau proposed the policies in 2018 and received public comments on each from a diverse array of stakeholders. Read on for more details.
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Marketability of title question in duty to defend suit
Posted Date: Monday, September 9, 2019
After being sued by the buyer of property the placement of improvements on the property, the developers of the property sued their property insurers, as well as their title insurer. They alleged the title insurer had a duty to defend them in the underlying action based on title risks covered in the policy. Read on for more details.
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New Jersey man pleads guilty to short sale fraud
Posted Date: Wednesday, September 11, 2019
A Bergen County, N.J., man admitted his role in a scheme with his son to use straw buyers and short sales on properties to defraud mortgage lenders out of hundreds of thousands of dollars and to avoid paying taxes on the proceeds of the scheme. Read on for more details.
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Delaware insurance department moves locations
Posted Date: Wednesday, September 11, 2019
Delaware Insurance Commissioner Trinidad Navarro cut the ribbon during a ceremony to commemorate the opening of the Delaware Department of Insurance’s new Dover office. Read on for more details.
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SEC charges former FBI agent in mortgage fraud
Posted Date: Monday, September 9, 2019
On Aug. 30, 2019, the Securities and Exchange Commission charged a North Brunswick, N.J., attorney, who is also a former FBI agent, and his company with aiding and abetting fraudulent investment schemes previously charged by the commission and which caused investor losses of $2.1 million. Read on for more details.
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Maryland issues breach notification requirements
Posted Date: Monday, September 9, 2019
The Maryland Insurance Administration recently issued Bulletin 19-14 regarding notification requirements for breaches of security of computer systems that go into effect Oct. 1. Read on for more details.
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Policy holder appeals dismissal for improper service of process
Posted Date: Monday, September 9, 2019
After his claim was denied, a property owner filed suit against its title insurer. The title insurer eventually moved to dismiss the complaint for dilatory service of process. The property owner appealed. Read on for more details surrounding the lawsuit.
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Florida Realtor pleads guilty to fraud
Posted Date: Monday, September 9, 2019
A Florida Realtor pleaded guilty to making a false statement to a financial institution. Read on for more details.
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Eighty charged in international money laundering indictment
Posted Date: Wednesday, September 4, 2019
A 252-count federal grand jury indictment charges 80 defendants, most of whom are Nigerian nationals, with participating in a massive conspiracy to steal millions of dollars through a variety of fraud schemes and launder the funds through a Los Angeles-based money laundering network. Read on for more details.
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Fraud risk decreasing as refinances boom
Posted Date: Wednesday, September 4, 2019
First American Financial Corp.’s Loan Application Defect Index showed that the mortgage market composition has continued to shift toward refinance transactions, bringing with it a continued decrease in fraud risk. Read on for more details.
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Missouri department changes name, reorganizes
Posted Date: Wednesday, September 4, 2019
The Missouri Department of Insurance officially has changed to the Department of Commerce and Insurance, implementing an executive order to better align policy areas in state agencies. The Public Service Commission and the Office of the Public Counsel were moved from the Department of Economic Development to the newly named department. Read on for more details.
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