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Amended Utah controlled business bill enrolled
Posted Date: Wednesday, March 13, 2019
A bill that originally sought to repeal provisions of the state’s Insurance Code that prohibit title business referrals from certain persons who have a financial interest in the title insurance entity to which the person refers the title business in Utah has been amended to adopt the federal RESPA statute as state law governing affiliated businesses. The bill has passed both the Utah House and Senate, and has been opposed by consumer advocacy groups. Read on for more details.
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Manafort indicted for mortgage fraud
Posted Date: Wednesday, March 13, 2019
Hours after being sentenced in federal court in Washington, D.C., Paul Manafort was indicted for a year-long residential mortgage fraud scheme that allowed him and others to obtain millions. Read on for more details.
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Missouri senator urges FTC to do more to protect consumers
Posted Date: Wednesday, March 13, 2019
Missouri Republican Senator Josh Hawley wrote a letter to Joseph Simons, chairman of the Federal Trade Commission (FTC), urging the FTC to do more to protect consumers’ data privacy and inform Congress of any gaps in its authority. Read on for more details.
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Hawaii seeks to establish foreclosure fraud task force
Posted Date: Wednesday, March 13, 2019
The Hawaii Legislature is considering a Senate concurrent resolution requesting the director of Commerce and Consumer Affairs to convene a mortgage foreclosure fraud task force to develop recommendations to improve mortgage fraud protections for consumers. Read on for more details.
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Arkansas bill would require fire protection before closing
Posted Date: Wednesday, March 13, 2019
The Arkansas General Assembly is considering a bill that would require fire protection coverage be in force before the closing of a loan for a mortgage or deed of trust. Read on for more details.
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Georgia broker sentenced for bank fraud conspiracy
Posted Date: Wednesday, March 13, 2019
A U.S. District judge has sentenced a Moultrie, Ga., man to time in prison for conspiracy to commit bank fraud and bank fraud as part of a scheme he conducted with his Orlando, Fla.-based brokerage firm. Read on for more details.
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FTC proposes amendments to data privacy, security rules
Posted Date: Monday, March 11, 2019
The Federal Trade Commission is seeking comment on proposed amendments to two rules that protect the privacy and security of customer information held by financial institutions. In separate notices published in the Federal Register, the FTC is seeking comment on proposed changes to the Safeguards Rule and the Privacy Rule under the Gramm-Leach-Bliley Act that are substantially based on recent New York Department of Financial Services rules and the insurance data security model law issued by the National Association of Insurance Commissioners. Read on for more details.
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Homeowners sue title company for failure to defend in easement dispute
Posted Date: Monday, March 11, 2019
After a state court found in favor of neighbors claiming a servitude to use a gravel road across their property, a couple filed suit against their title insurer for breach of contract and negligence in failing to discover the decades old servitude and defend their interests. Read on for more details.
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Rhode Island considers unperfected lien statute
Posted Date: Monday, March 11, 2019
The Rhode Island General Assembly is considering a bill that would provide for the release of unperfected mechanic’s liens via the filing of an affidavit. Read on for more details.
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California considers county notice of recordation statute
Posted Date: Monday, March 11, 2019
The California Legislature is considering a bill that would amend law authorizing the Los Angeles County recording to mail a notice of recordation to the party executing a deed. Read on for more details.
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Man arrested for stealing 6 Philadelphia houses
Posted Date: Monday, March 11, 2019
Philadelphia District Attorney Larry Krasner announced the arrest and charging of a man for crimes related to stealing six Philadelphia houses, including forgery, theft by unlawful taking and tampering with records. Read on for more details.
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Accountant pleads guilty to assisting multi-year fraud
Posted Date: Monday, March 11, 2019
A Lynn, Mass., accountant pleaded guilty in federal court in Boston to assisting a multi-year mortgage fraud scheme by creating fraudulent tax returns and submitting fraudulent letters to lenders. Read on for more details.
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Dueling op-eds discuss title regulation, proposed law
Posted Date: Wednesday, March 6, 2019
Just weeks after leaving office, former New York State Department of Financial Services (NYSDFS) superintendent Maria Vullo wrote an op-ed in Crain’s New York Business, saying a bill being considered in the New York State Assembly essentially would legalize bribery by New York title insurers. Assembly member Kevin Cahill, chairman of the Assembly Standing Committee on Insurance, wrote a letter to the editor of Crain’s New York Business, calling Vullo’s attach out of line and promising the legislators have homebuyers’ interest in mind. Read on for more from these dueling op-eds.
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Massachusetts General Court seeks to reform title insurance
Posted Date: Wednesday, March 6, 2019
The Massachusetts General Court has introduced a bill that seeks to reform title insurance by prohibiting lender’s title insurance from being assessed to buyers who refinance the mortgage on their home, and to achieve uniformity in insurance rates, rating systems, rating plans and practices. Read on for more details.
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CFPB issues ANPR on PACE financing
Posted Date: Wednesday, March 6, 2019
The Consumer Financial Protection Bureau issued an advance notice of proposed rulemaking on Property Assessed Clean Energy financing, the next step it’s taking to implement the Economic Growth, Regulatory Relief and Consumer Protection Act. Read on for more details.
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Rising applications, tight inventory increases defect risk
Posted Date: Wednesday, March 6, 2019
In its latest Loan Application Defect Index, First American Financial Corp. noted that an overall rise in purchase and refinance applications, along with tight inventory and first-time homebuyer demand, may contribute to an increased defect risk. Read on for more details.
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