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California proposes regs for CCPA
Posted Date: Monday, October 14, 2019
California Attorney General Xavier Becerra released to the public proposed regulations under the California Consumer Privacy Act. The comment period regarding these proposed regulations has now begun. Read on for details.
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New privacy initiative filed for California 2020 ballot
Posted Date: Wednesday, October 16, 2019
Alastair MacTaggart, founder and chairman of Californians for Consumer Privacy, announced that he filed an initiative to appear on the November 2020 ballot, the California Privacy Rights and Enforcement Act. Read on for more details.
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Borrower sues settlement entities for kickbacks, overcharges
Posted Date: Wednesday, September 11, 2019
A borrower filed suit alleging that several parties to the transaction engaged in a fraudulent scheme to overcharge customers and give improper kickbacks to each while providing real estate closing services. Read on for more details.
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California court rules note unenforceable by servicer
Posted Date: Monday, September 16, 2019
A district court in California was asked to allow a servicer to enforce its note in a foreclosure proceeding although the note had been lost or destroyed years earlier. The servicer had an affidavit of lost note from the previous note holder, but the district court ruled against summary judgment to enforce the note because it determined the servicer had presented no evidence that it was in possession of the instrument and entitled to enforce it when loss of possession occurred.
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Plans for TRIA reauthorization supported by industry
Posted Date: Monday, October 21, 2019
On Oct. 16, Rep. Maxine Waters (D-Calif.), chairwoman of the House Committee on Financial Services announced plans for long-term, bipartisan reauthorization of the Terrorism Risk Insurance Act (TRIA). The announcement was met with support from the Coalition to Insure Against Terrorism, which includes the American Land Title Association, the American Bankers Association, Mortgage Bankers Association and the National Association of Realtors among its members. Read on for more details.
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Wisconsin moves RON bill forward
Posted Date: Monday, October 21, 2019
The Wisconsin Legislature has moved forward with a bill that would allow for notaries to obtain an additional commission as an online notary and provides for the use of electronic seals and signatures, among other things. Read on for more details.
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Receiver claims quitclaim deed extinguishes equitable lien
Posted Date: Wednesday, October 23, 2019
A women who rebated her commission as a buyer’s sales associate to the purchase price of property that later was found to be part of a fraudulent scheme was asked by the receiver handling distribution of assets to quitclaim her interest. She did, but only if she did not waive her right to an equitable lien. The receiver later claimed the quitclaim deed extinguished her equitable interest.
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New York governor calls for investigation into deed fraud
Posted Date: Wednesday, October 23, 2019
New York Gov. Andrew Cuomo called on the New York State Department of Financial Services to launch an investigation after a troubling report described instances of apparent deed fraud and deceptive practices targeted at homeowners in Brooklyn. Read on for more details.
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U.S. House passes anti-money laundering statute
Posted Date: Wednesday, October 23, 2019
The U.S. House of Representatives passed H.R. 2513, the Corporate Transparency Act of 2019, bipartisan legislation designed to close specific loopholes that are commonly abused by bad actors and make it harder for terrorists, traffickers, corrupt officials and other criminals to hide, launder, move and use their money. Read on for more details.
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Massachusetts man indicted for foreclosure rescue fraud
Posted Date: Wednesday, October 23, 2019
A Massachusetts man was indicted for allegedly promising victims that he could assist them in avoiding foreclosure. He received thousands from his victims but allegedly did not provide any meaningful assistance.
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Florida OIR gets key new member
Posted Date: Wednesday, October 23, 2019
Florida Insurance Commissioner David Altmaier announced the appointment of a new communications director for the Office of Insurance Regulation. Read on for more details.
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California revises electronic recording regulations
Posted Date: Monday, October 21, 2019
The California Attorney General has finalized revisions to the state’s electronic recording regulations. The new rule makes specific the amount of general liability coverage required of an authorized submitter and/or agent, aligns references to standards and guidelines with the latest publications dates, clarifies the requirements for a county recorder entering into a contract with an authorized submitter, and upgrades electronic recording delivery systems standards-based technologies. Read on for more details.
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Independent underwriters carving out niche
Posted Date: Monday, October 21, 2019
Leaders of four independent title insurance underwriters shared the stage for a robust conversation about how smaller players in the industry can compete with the Big Four and carve out their own niche. Read on for their insights.
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Moody’s releases note after malware attack
Posted Date: Monday, October 21, 2019
Moody’s Investors Service issued an issuer comment indicating that a malware attack on Pitney Bowes Inc. was credit negative, but further noted that there were no immediate impact on the ratings. Read on for more details.
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Three indicted for $7 million mortgage fraud scheme
Posted Date: Monday, October 21, 2019
Three individuals were indicted and arrested for allegedly operating a mortgage fraud scheme throughout California. The scheme resulted in a combined loss of more than $7 million. Many of the victims were elderly and in financial distress and sought mortgage relief services from Grand View Financial. Read on for more details.
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Washington seeks comment on title escrow regulation
Posted Date: Wednesday, October 16, 2019
The Washington Office of the Insurance Commissioner is seeking comment on proposed regulation R-2016-05, which would adopt rules similar to the state’s Department of Financial Institutions, regulating the escrow practices of title insurance agents. Read on for more details.
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Bankruptcy trustee seeks recovery of property
Posted Date: Wednesday, October 16, 2019
In an adversary proceeding against a lender, a bankruptcy trustee sought to avoid the lender’s post-petition lien and recover the property for the benefit of the estate. Read on for more details.
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California governor signs data breach notification law
Posted Date: Wednesday, October 16, 2019
California Gov. Gavin Newsom signed into law a bill updating the state’s existing data breach notification law by requiring businesses to maintain reasonable security measures to protect government issued identification numbers and biometric information from breach, and notify consumers when such information is compromised. Read on for more details.
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Foreclosing bank appeals summary judgment to borrower
Posted Date: Wednesday, October 16, 2019
A foreclosing bank appealed an order denying its motion for summary judgment against the property owners and dismissing the sixth affirmative defense raised in their answer. Read on for more details.
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Florida man convicted of BEC fraud
Posted Date: Wednesday, October 16, 2019
A Hollywood, Fla., man was convicted of conspiracy to commit money laundering and money laundering charges, following a five-day jury trial. The charges stemmed from his decision to launder more than $3 million dollars in fraud proceeds from business email compromise cyber scams. Read on for more details.
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Fannie issues paper on importance of digital mortgage standards
Posted Date: Monday, October 14, 2019
Fannie Mae recently issued a whitepaper titled, “Without Data Standards, the Mortgage Industry Doesn’t GO Digital,” highlighting the importance of data standards, such as those issued by the Mortgage Industry Standards Maintenance Organization, in moving toward digital mortgages. Read on for more details.
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OCC issues $30 million foreclosure-related penalty against Citi branch
Posted Date: Monday, October 14, 2019
The Office of the Comptroller of the Currency (OCC) announced a $30 million civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, for violations related to the holding period of other real estate owned (OREO). Read on for more details.
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