|
Wind farm development creates unique title issues to address
Posted Date: Monday, November 21, 2011
Although wind farms were traditionally considered a phenomenon of the west and southwest, 37 states now have installed at least some utility scale wind power. The proliferation of wind farms has been accompanied by an equal proliferation of land title issues. The Legal Description contacted experts in the field to examine the issues title insurers need to address when insuring these developments.
|
|
|
 MERS attacked on all sides
Posted Date: Monday, November 21, 2011
Counties have been attacking Mortgage Electronic Registration Systems Inc. (MERS) for the past few months, upset about the revenue they lost because of the electronic registration system. One state has also joined the fray, arguing that MERS violates state law.
|
|
|
Solvency, mortgage fraud top issues to be tackled by NAIC in 2012
Posted Date: Monday, November 21, 2011
With agent defalcations taking down two regional underwriters this year, and at least one state already tackling the issue of protecting policyholders of insolvent underwriters, solvency and fraud made it to the top of the list of things to tackle in 2012 for the National Association of Insurance Commissioners (NAIC) Title Insurance Task Force.
|
|
|
Fla. shares solvency solution with NAIC
Posted Date: Wednesday, November 09, 2011
During the National Association of Insurance Commissioners’ annual Fall meeting, the NAIC’s Title Insurance Task Force heard from the Florida Department of Financial Services regarding its unique solution to protect policy holders when title insurers become insolvent. Read on for more details.
|
|
|
Short sale affidavits gets spotlight at NAIC fall meeting
Posted Date: Wednesday, November 09, 2011
With short sales and potential short sale scams becoming more prevalent, lenders have begun including additional addendums in their lender closing instructions. The issue has become a hot topic of debate among industry associations and with the government sponsored enterprise Freddie Mac. The National Association of Insurance Commissioners has taken notice of this issue as well and opened it up for discussion during its fall meeting. Read on to find out what one industry liaison had to share with them about
|
|
|
CFPB releases closing disclosure prototypes
Posted Date: Wednesday, November 09, 2011
On Nov. 8, the Consumer Financial Protection Bureau released its much anticipated first round of combined HUD-1 Settlement Statement/Truth in Lending Act closing disclosures. Read on to find out more about the new prototypes and what one industry association had to say about it.
|
|
|
Homeowner takes claim dispute to the 4th Circuit for second time
Posted Date: Wednesday, November 09, 2011
A South Carolina homeowner decided to try one last time to appeal the decision in a claim dispute with her underwriter to the 4th U.S. Circuit Court of Appeals. The issues in the case had been litigated in a previous case that worked its way up from the U.S. District Court for the District of South Carolina.
|
|
|
N.Y. lawyer convicted of bank fraud, money laundering
Posted Date: Wednesday, November 09, 2011
A Eastchester, N.Y., attorney has been convicted of bank fraud and money laundering in connection with his role in a mortgage fraud scheme, closing the fraudulent purchases that were part of the scheme as well as participating in negotiating the deals. Read on for more details.
|
|
|
CFPB seeks input on information gathering
Posted Date: Wednesday, November 09, 2011
The Consumer Financial Protection Bureau has filed a notice in the Federal Register seeking input on a proposed generic information collection for development and testing of model forms, disclosures and tools. Read on to find out more.
|
|
|
NAIC appoints new officers
Posted Date: Wednesday, November 09, 2011
Members of the National Association of Insurance Commissioners have elected its 2012 officers. Read on to find out more about them.
|
|
|
Mortgage fraud working group to let industry in
Posted Date: Wednesday, November 09, 2011
During its Fall meeting, the National Association of Insurance Commissioner’s Title Insurance Market Conduct and Mortgage Fraud Working Group decided to hold open and closed meetings, allowing industry members to participate in the fight against mortgage fraud. Read on to find out more.
|
|
|
Mass. closing attorney charged with fraud
Posted Date: Wednesday, November 09, 2011
A Woburn, Mass., closing attorney was charged in federal court with diverting mortgage loan funds from real estate closings. Read on for more details.
|
|
|
Date hails CFPB’s work while Republicans continue advocating commission
Posted Date: Wednesday, November 09, 2011
During a hearing in the U.S. House Subcommittee on Financial Institutions and Consumer Credit, Raj Date gave a full report on the accomplishments of the CFPB during its first 100 days in existence. Despite this, Republicans on the subcommittee continued to advocate for a commission leadership structure. Read on for the details.
|
|
|
Fla. shares solvency solution with NAIC
Posted Date: Wednesday, November 09, 2011
During the National Association of Insurance Commissioners’ annual Fall meeting, the NAIC’s Title Insurance Task Force heard from the Florida Department of Financial Services regarding its unique solution to protect policy holders when title insurers become insolvent. Read on for more details.
|
|
|
ALTA announces new president
Posted Date: Friday, November 04, 2011
While many had been introduced to him during the association’s annual convention, the American Land Title Association announced the appointment of its 2011-2012 president this week. Read on to find out a bit more about him and the rest of the ALTA Board of Governors.
|
|
|
|
Liability insurer denies coverage of agent in fraud suit
Posted Date: Friday, November 04, 2011
After being sued in state court by their underwriter for their alleged participation in a mortgage fraud scheme, a title insurance agency, its owners and two employees looked to their liability insurer to defend them. The liability insurer refused and sought declaratory judgment confirming that it was not required to defend the agent in the case. Read on to find out what the U.S. District Court for the Northern District of Illinois had to say when the case went before it.
|
|
|
|
Insurer sues property owner for failing to fulfill owner’s affidavit
Posted Date: Friday, November 04, 2011
With a deed of trust still lingering on property in Tennessee, the property owner went through the process of obtaining another loan, providing an owner’s affidavit saying the first deed of trust would be paid off. The title insurer sued the property owner after discovering the property owner had not paid off the first deed of trust. Read on to find out what the U.S. District Court for the Middle District of Tennessee had to say about the case when it was brought before it.
|
|
|
Ohio title company owner found guilty of RICO scam
Posted Date: Friday, November 04, 2011
The owner of a Cuyahoga County, Ohio, title company, was found guilty of participating in a RICO scam that enabled fellow scam participants to illegally purchase 21 houses worth $1.4 million. Read on to find out more.
|
|
|
|
NAILTA provides amicus brief in Edwards
Posted Date: Friday, November 04, 2011
The National Association of Independent Land Title Agents has provided its opinion to the U.S. Supreme Court in the case of First American v. Edwards. The court will decide whether a homebuyer has the right to sue under RESPA Section 8 when she suffered no damages.
|
|
|
LandAm severance claims denied
Posted Date: Friday, November 04, 2011
The U.S. Bankruptcy Court for the Eastern District of Virginia has disallowed the claims of former employees of LandAmerica Financial Group Inc. who filed severance claims after they were terminated in late December 2008, early January 2009. Read on to find out more.
|
|
|
Proposal for secondary market reform without GSEs
Posted Date: Friday, November 04, 2011
Rep. Scott Garrett has unveiled his plan to reform the secondary market, a secondary market without government sponsored enterprises Fannie Mae and Freddie Mac. Read on to find out more about Garrett’s proposal.
|
|
|
Delaware AG brings suit against MERS
Posted Date: Friday, November 04, 2011
Delaware Attorney General Beau Biden filed suit against MERSCORP and its subsidiary Mortgage Electronic Registration Systems Inc., alleging that MERS repeatedly violated the state’s Deceptive Trade Practices Act. Read on for more details.
|
|
|
Court refuses to award lender ‘windfall’ in mechanics’ lien case
Posted Date: Friday, November 04, 2011
A federal trial court granted summary judgment to a title insurer in a mechanics’ lien claims case, refusing to grant the lender the ‘windfall’ they sought after they refused to release construction funds to satisfy the lien. Read on for the court’s reasoning.
|
|