|
Ninth Circuit hears appeal on HOA foreclosure case
Posted Date: Monday, November 15, 2021
The Ninth U.S. Circuit Court of Appeals recently ruled on an appeal in a dispute about title insurance coverage relating to a foreclosure sale by a homeowners association. The insured bank filed suit against its title insurer and appealed the district court’s opinion granting the insurer’s motion to dismiss.
|
|
|
Federal regulators announce return to enforcement to prevent avoidable foreclosures
Posted Date: Monday, November 15, 2021
The Consumer Financial Protection Bureau, jointly with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, announced a return to enforcement of critical protections for families and homeowners.
|
|
|
Title insurer, state tax administrator, debate tax imposition
Posted Date: Monday, November 15, 2021
A title insurer and the California Department of Tax and Fee Administration debate whether imposing a sales tax on in-state lessors of business equipment to a title insurer violates state law. The department argues it does not because the lessor is the taxpayer. The title insurer argues that the lessee ends up paying that tax as part of the rent.
|
|
|
New Mexico proposes amendments to title insurance regulation
Posted Date: Monday, November 15, 2021
The New Mexico Office of the Superintendent of Insurance has proposed changes to its title insurance regulation. Comments are due by Nov. 29, the date a hearing on the proposed regulatory changes is scheduled.
|
|
|
NYSDFS issues final guidance on climate change risks
Posted Date: Monday, November 15, 2021
The New York State Department of Financial Services (NYSDFS) issued final guidance to New York-regulated domestic insurers detailing NYSDFS’ expectations related to their management of the financial risks from climate change.
|
|
|
|
E&O provider seeks declaration of obligations to defend in agent, underwriter suit
Posted Date: Wednesday, November 10, 2021
An errors and omissions insurance provider filed suit seeking a declaration of its rights and obligations with respect to providing defense and indemnification for its insureds in an action brought against the insured settlement firm by its underwriter. The underwriter eventually moved for summary judgment or dismissal in the E&O provider’s coverage suit.
|
|
|
|
|
Utah Department of Insurance considers UDAP rule amendments
Posted Date: Wednesday, November 10, 2021
The Utah Department of Insurance has proposed amendments to the Unfair or Deceptive Acts or Practices Affecting Title to Real Property Rule. The Title and Escrow Commission approved the amendments at a Nov. 8, 2021 meeting by a vote of 3-0. Comments will be accepted until Jan. 3, 2022.
|
|
|
Washington builders association sues state to stop document filing fee
Posted Date: Wednesday, November 10, 2021
The Building Industry Association of Washington (BIAW) filed a lawsuit in Thurston County Superior Court against the State of Washington and the Thurston County auditor to stop collection of a new surcharge that adds nearly $200 per document to the cost of common real estate filings.
|
|
|
Neighbors dispute enforcement of deed restrictions
Posted Date: Wednesday, November 10, 2021
The owners of a parcel of land in Princeton, N.J., appealed a lower court order granting summary judgment against them in an action brought by neighbors to enforce deed restrictions on their property and directing them to file a deed consolidating two lots they created through a subdivision.
|
|
|
FinCEN updates ransomware advisory
Posted Date: Monday, November 8, 2021
In connection with a set of actions announced by the Department of the Treasury and focused on disrupting criminal ransomware actors, the Financial Crimes Enforcement Network (FinCEN) has released an update to its 2020 advisory on ransomware and the use of the financial system to facilitate ransom payments.
|
|
|
Agency sues underwriter for breach of agency agreement
Posted Date: Monday, November 8, 2021
A title agency sued its underwriter for breach of their agency agreement, alleging an employee of the underwriter violated the confidentiality clause of the agreement by providing confidential information to another party in underlying litigation. The underwriter moved to dismiss the claims.
|
|
|
Insureds sue insurer over discovered encroachment
Posted Date: Monday, November 8, 2021
After a survey on their property revealed the landing for their neighbors’ funicular encroached on their property, a couple sought coverage from their title insurer. The insurer denied the claim and the couple filed suit.
|
|
|
Title insurer seeks to enforce settlement
Posted Date: Monday, November 8, 2021
As assignee for a mortgagee, a title insurer sought to enforce a settlement it had entered with a borrower who had sold his home and used the proceeds for personal purposes instead of repaying the loan and failing to inform the mortgagee he sold the home. The parties had disagreed on terms of the confession of judgment that was part of the agreement and argued whether those terms were material to the settlement.
|
|
|
New York DFS establishes Climate Risk Division
Posted Date: Monday, November 8, 2021
Acting New York Superintendent of Financial Services Adrienne Harris announced the establishment of a new Climate Risk Division at the New York State Department of Financial Services (DFS), as well as the appointment of the new division’s leader, as climate change poses wide-ranging and material risks to the financial system.
|
|