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The Legal Description Edition
September 9, 2019
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What you need to know about the first overarching privacy laws
Posted Date: Wednesday, September 4, 2019
Data privacy has been an increasing concern over the last few years. Several states are beginning to follow the European Union’s lead and implementing data privacy laws that extend to all industries. During the National Settlement Services Summit, industry experts shared what the industry needs to know about these laws and how to prepare for their implementation. Read on for more details.
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Naples, Fla., victim of spear phishing attack
Posted Date: Monday, August 19, 2019
Earlier this month, Naples, Fla., officials reported that the city was the victim of a spear phishing attack that resulted in the theft of $700,000 associated with a construction project currently taking place in the city. Florida CFO Jimmy Patronis warned other local governments, business owners and consumers to be on guard for these phishing schemes. Read on for more details.
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Third party appeals indemnification dismissal, wins reversal
Posted Date: Monday, July 29, 2019
An insurance company and its insureds appealed dismissal of a third-party complaint stating allegations of contribution or indemnification over a dispute concerning the sale of property.
The insured, who was sued by former legal clients for legal malpractice in connection with the sale of their property, asserted third-party claims against the property buyers for contribution and indemnification for liability.
Read on to see why the appellate court reversed the trial court’s dismissal of the third-party allegations.
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Does real property dispute pass ‘effect on commerce’ test?
Posted Date: Monday, July 29, 2019
An estate in Kentucky sued property auction bid winners for an alleged bid-rigging scheme which undervalued the price of the property bought. The district court examined the allegations of violations of the Sherman Act, using the “effect on commerce” test to determine whether the real property dispute established jurisdiction. Read on for details of the court’s ruling.
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California adopts recording preservation legislation
Posted Date: Wednesday, August 21, 2019
Calif. Gov. Gavin Newsom signed legislation authorizing the use of a $1 recording fee to restore and preserve county recorders’ permanent archival microfilm, implement and fund a county recorder archive program, or implement and maintain or utilize a trusted system for the permanent preservation of recorded document images. Read on for more details.
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Seventh Circuit finds attorney personally liable for fraud
Posted Date: Wednesday, August 21, 2019
The 7th U.S. Circuit Court of Appeals found an attorney who acted as the seller’s representative as well as the owner of a title agency used in fraudulent transactions personally liable to a bank that fell victim to a mortgage fraud scheme. Read on for more details.
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Recent data security issues provide lessons for all
Posted Date: Wednesday, August 28, 2019
Within the span of a couple months between May and June, a series of headlines hit the industry with the need for cybersecurity issues. Around the same time Baltimore agents were tackling the effects of a ransomware attack on the city, KrebsOnSecurity reported that hundreds of millions of documents related to mortgage deals going back to 2003 were exposed on First American Financial Corp.’s website. Weeks later, ALTA called on companies to take action after warning them that usernames and passwords have been allegedly acquired using a phishing campaign.
The full impact of these incidents might not be felt for a while, though steps are being taken to protect those impacted, but there are lessons to be learned from these and other incidents that have occurred in the last few months.
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Schulman talks MSAs and RESPA violations
Posted Date: Wednesday, August 28, 2019
This is part two of a two-part series on strategic alliances. This article discusses marketing services agreements. Last week’s article focused on joint ventures.
Interest in affiliated business arrangements, marketing services agreements, desk rentals, Internet co-advertising and lead generation agreements has skyrocketed.
Mayer Brown Partner Phil Schulman recently gave title agents a crash course on practical considerations in creating strategic alliances while speaking at the National Settlement Services Summit in Phoenix.
Read on to see how a hypothetical scenario involving business owners hoping to start a marketing services agreement could help you navigate any RESPA concerns.
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FFIEC encourages standardized cybersecurity assessments
Posted Date: Wednesday, August 28, 2019
The Federal Financial Institutions Examination Council (FFIEC) members emphasized the benefits of using a standardized approach to assess and improve cybersecurity preparedness. The regulatory council stated that firms that adopt a standardized approach are better able to track their progress and share information with regulators and other financial institutions. Read on for more details.
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Tennessee department warns of loan protection scam
Posted Date: Wednesday, August 28, 2019
The Tennessee Department of Commerce and Insurance (TDCI) is joining other state regulators in warning consumers about a national insurance scam targeting consumers shopping for privately funded loans, likely for real estate. Victims have been identified in three states, including Tennessee, where a Johnson City man says he lost $18,000 to scammers. Read on for more details.
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Realtor charged in robberies of Usher, ex-NFL player
Posted Date: Wednesday, August 28, 2019
A Beverly Hills, Calif., Realtor and another man have been charged with burglarizing celebrity homes and other residences from 2016 to 2018, allegedly using open houses to help facilitate the crimes. Read on for more details.
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Application of law at issue in breach of contract dispute
Posted Date: Monday, August 26, 2019
After the failed sale of a skyscraper in Detroit because of title discrepancies, the owner of the property sued its title insurer for breach of contract for not indemnifying it and failing to timely address and resolve the discrepancy. It also argued that Delaware or Pennsylvania law should apply instead of Michigan, where the property is located. Read on for more details.
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A ‘look behind the curtain’ with Phil Schulman
Posted Date: Monday, August 26, 2019
This is part one of a two-part series on strategic alliances. This week’s article discusses joint ventures. Next week’s article will focus on marketing services agreements.
Interest in affiliated business arrangements, marketing services agreements, desk rentals, Internet co-advertising and lead generation agreements has skyrocketed.
Mayer Brown Partner Phil Schulman recently gave title agents a crash course on practical considerations in creating strategic alliances while speaking at the National Settlement Services Summit in Phoenix.
Read on for an in-depth analysis of different hypothetical situations involving business owners hoping to start a joint venture.
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Adversary complaint alleges fraudulent real estate transaction
Posted Date: Monday, August 26, 2019
In an adversary dispute in bankruptcy court, the debtor’s ex-wife is accused of fraudulently selling property the debtor had an interest in. The title agency that conducted the transaction was added in an amended complaint. Read on for more details.
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NAIC studies artificial intelligence
Posted Date: Monday, August 26, 2019
During its Summer National Meeting, the National Association of Insurance Commissioners held a forum on the use of Artificial Intelligence and formed a working group on the subject. Read on for more details.
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Tu among PRIA Ernst Scholarship winners
Posted Date: Monday, August 26, 2019
The Property Records Industry Association announced the Ernst Scholarship Award recipients for the 2019-20 membership year, including Viva Escrow! owner Juliana Tu. Read on for more details.
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California man sentenced in fraud scheme
Posted Date: Monday, August 26, 2019
A Huntington Beach, Calif., man was sentenced to time in prison and ordered to pay restitution for participating in a mortgage fraud scheme. He had been part of a large-scale scheme to fraud lenders by submitting false application documentation. Read on for more details.
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Parties dispute priority, equitable subrogation in adversary proceeding
Posted Date: Wednesday, August 21, 2019
The holder of a lien on property filed an adversary proceeding against the holders of other deeds of trust, as well as the owners of the property who were filing for Chapter 11 bankruptcy. The bankruptcy proceeding was dismissed and the lien holder paid for certain deeds of trust to be released. When it went to foreclose on the property, the owners, having acquired one of the other liens on the property, filed suit, arguing that the lien holder did not have the right to foreclose. Read on for more details.
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Amended title insurance rate regulation now in effect
Posted Date: Monday, August 19, 2019
The Colorado Division of Insurance recently amended Regulation 8-1-1, regarding title insurance rates and fees. The regulation, which is meant to ensure that title insurance rates and fees are not excessive, inadequate or unfairly discriminatory, went into effect Aug. 15. Read on for more details.
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Mortgagor seeks rescission of loan
Posted Date: Monday, August 19, 2019
During the course of his marriage, a mortgagor and his now ex-wife transferred title to their home between them. At the time of their divorce, the property was titled to the wife, but was awarded to the husband. To pay off the deeds she had placed on the property, and pay her a money judgment of 100,000, he took a mortgage out on the property. Within three years, he sought to rescind that loan under the Truth in Lending Act. Read on for more details.
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