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D.C. regulator looking into title insurance rates
Posted Date: Monday, March 2, 2015
Some title agents working in Washington, D.C., soon may be sharing information with the district’s Department of Insurance, Securities and Banking (DISB). The DISB is planning to send a questionnaire to a sample of agents in the district to learn more about how the industry operates in the district.
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Lenders make plans for working with settlement agents
Posted Date: Monday, February 16, 2015
The TILA/RESPA Integrated Disclosure rule will change the way the entire industry conducts real estate transactions. It will involve increased communication between the parties and title agents will have to take their lending partners’ leads.
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Title company sues former employees, new employer after jumping ship
Posted Date: Tuesday, November 4, 2014
After its Medina, Ohio, office manager and escrow officer left its employ, taking contacts and business with it to their new employer, a title company sued all three parties. Read on to find out what happened when the case went before the 6th U.S. Circuit Court of Appeals.
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Insured, insurer dispute terms of contract
Posted Date: Tuesday, October 21, 2014
An insured lender sued its title insurer after discovering what it considered to be a defect on title. The insurer argued that the title was no longer covered by the policy based on condition 10(b) and exclusion 3(a) of the title policy. The case eventually went before the Second District Court of Appeal of California.
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Construction company demands payment of mechanic’s lien, despite foreclosure
Posted Date: Thursday, October 23, 2014
After the developer of a medical office building was unable to complete its project, the construction company was left without payment of two pay applications, totaling $2.2 million. The bank that provided the construction loan foreclosed on the property, and the construction company filed suit, seeking foreclosure of its mechanic’s lien as first priority.
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Connecticut considers refinance rate
Posted Date: Thursday, February 12, 2015
The Connecticut General Assembly is considering a bill that would allow title insurance policies to be sold at a lower premium rate when the policy is purchased by a mortgagor for the refinancing of the mortgage on the property. Read on for more details.
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Kentucky may allow attorneys to release mortgages
Posted Date: Monday, February 9, 2015
The Kentucky Legislature is considering amending state law to allow attorneys to file affidavits which provide evidence of release of a lien encumbering real property with county clerks. Read on for more details.
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New insurance cybersecurity assessments launched in N.Y.
Posted Date: Monday, February 9, 2015
Benjamin Lawsky, New York superintendent of Financial Services, announced the release of a Department of Financial Services report on cybersecurity in the insurance industry and a series of measures that DFS will take to help strengthen cyber-hacking defenses at insurers. Read on for details of the report and how it might affect your business.
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Texas title company owner sentenced for bank fraud conspiracy
Posted Date: Thursday, February 19, 2015
A Harris County title company owner in Texas was ordered to prison following his conviction for defrauding seven different Houston-area banks or more than $2 million in 2007 and 2008. He had admitted to using the money as interest-free loans, lines of credit and sources of funds for his personal use. Read on for more details.
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Title agent forgery among Ohio’s top enforcement actions for 2014
Posted Date: Thursday, February 12, 2015
Lt. Gov. and Insurance Director Mary Taylor announced Ohio’s top fraud and enforcement cases for 2014 investigated by the Ohio Department of Insurance. Among them was the case of a former Findlay title agent who was sentenced in a forgery and theft case. Read on for more details.
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Rhode Island may create mortgage fraud rules
Posted Date: Monday, February 16, 2015
The Rhode Island General Assembly is considering a bill that would establish the crime of residential mortgage fraud in the state. Read on for more details.
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Indiana General Assembly considers abandoned structure liens
Posted Date: Monday, March 2, 2015
This is an interesting way to ensure that neighborhoods blighted by the foreclosure crisis aren’t permanently damaged. The Indiana General Assembly is considering a bill that would provide that a person who repairs, cleans up or maintains a neighboring abandoned structure is entitled to a lien on the property.
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Indiana General Assembly considers abandoned structure liens
Posted Date: Thursday, February 19, 2015
The Indiana General Assembly is considering a bill that would provide that a person who repairs, cleans up or maintains a neighboring abandoned structure is entitled to a lien on the property. Read on for more details.
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Vermont General Assembly considers title insurance study
Posted Date: Thursday, February 19, 2015
A bill has been introduced in the Vermont General Assembly that would require the commissioner of financial regulation to conduct a study of title insurance in the state. Read on for more details.
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Des Moines attorney, real estate agent convicted of property flipping
Posted Date: Thursday, February 19, 2015
A Des Moines area attorney and real estate agent both were convicted of bank fraud after an eight-day jury trial. The fraud was perpetrated in connection with a property flipping scheme they conducted with three others. Read on for more details.
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Coordination, education key to preparing for new forms
Posted Date: Thursday, February 12, 2015
After several changes to regulations and business practices during the last few years, a new, dramatic shift in how the real estate business is done is again on the horizon with the implementation of the integrated mortgage disclosure rules. Again, the biggest impact is beginning to be felt on the lending community as it attempts to address business decisions while the rest of the industry waits for their decisions to be made. Providing these new forms requires a lot more coordination and education, from start to finish, beginning with preparing the initial loan estimate.
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Pennsylvania attorney pleads guilty to embezzlement, bank fraud
Posted Date: Thursday, February 12, 2015
A Pennsylvania attorney pleaded guilty in federal court to embezzling funds and diverting funds from his firm’s escrow account, as well as being involved in several loan fraud schemes. Read on for more details.
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Mississippi considers bill regarding tax payments
Posted Date: Thursday, February 12, 2015
The Mississippi Legislature is considering a bill that would require the closing agent or seller of property to be responsible for paying the taxes owed over to the state’s Department of Revenue. Read on for more details.
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Five sentenced in Operation Wax House
Posted Date: Monday, February 9, 2015
Five people were sentenced to time in prison in North Carolina, the latest in Operation Wax House, an investigation which began in 2007 and led to 91 defendants being charged. Read on for more details.
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