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Licensing of title insurance agents becomes a reality in N.Y.
Posted Date: Friday, April 11, 2014
Insurance professionals providing title policies in New York joined those in 47 other states that require a license as the result of a provision included in the state’s 2014-15 budget signed by Gov. Andrew Cuomo on April 1.
Representatives of the New York State Land Title Association (NYSLTA) worked closely with state officials to reach consensus on this important bill. In recent weeks, NYSLTA provided direct feedback that would protect buyers from unscrupulous practices, create greater transparency, establish a more robust regulatory structure and avoid unintended consequences that can occur in the absence of knowledgeable and experienced title professionals. The legislation’s major provisions are designed to ensure heightened consumer protections and define industry standards.
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Fraud schemes to look out for in 2014
Posted Date: Wednesday, April 9, 2014
Fraudsters continue to stay one step ahead of the rest of us, coming up with new schemes just as old schemes are being figured out. It’s important to stay as up-to-date on the prevailing schemes of the day as possible so you — and your customers — don’t become the victims of these frauds.
During the American Land Title Association’s Business Strategies Conference, Gary Bernier, vice president, underwriting counsel and agency services manager for New Hampshire and Maine, shared his insight into the latest schemes.
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Appellate court upholds Indiana insurance department order
Posted Date: Thursday, March 13, 2014
After conducting a targeted market examination, the Indiana Department of Insurance issued an order holding that a title insurer violated several state laws and ordered it to take action to cure its violations. The insurer petitioned for judicial review, and the trial court upheld the administrative order with one exception. The insurer then appealed the trial court’s order.
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Does trustee have claim under policy individually or as trustee
Posted Date: Thursday, February 27, 2014
The trustee of a trust that held a title insurance policy regarding a promissory note it was issued by a couple regarding property in Bell Gardens filed a claim for defense after discovering the signature on the deed was forged by the couple’s son. The title insurer provided defense, but only for the trustee as trustee and not in his individual capacity. The trustee eventually filed suit for breach of contract, breach of implied covenant of good faith and fair dealing and unfair competition. The trial court sustained the title insurers’ demurrer and the trustee appealed. Read on for the appellate court’s decision.
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House ranking member releases finance reform proposal
Posted Date: Monday, March 31, 2014
Shortly after the leaders of the Senate Banking Committee released draft financial reform legislation, Congresswoman Maxine Waters, ranking member of the Financial Services Committee, released a comprehensive legislative proposal to reform the housing finance market. Known as the Housing Opportunities Move the Economy (HOME) Forward Act of 2014, the legislation ends Fannie Mae and Freddie Mac, and creates a new, cooperative-owned securities issuer.
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California considers notice for HELOC payoff
Posted Date: Wednesday, April 2, 2014
The California General Assembly is considering a bill that would require a lender, upon request, to terminate a borrower’s revolving line of credit when the property is in escrow. Read on for more details.
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R.I. Title Insurance Act amendment addresses attorney/client privilege
Posted Date: Thursday, March 27, 2014
A bill introduced in the Rhode Island General Assembly would address attorney/client privilege in title insurance by providing that a title producer who is also an attorney may identify and redact any documents containing privileged materials that are requested by a title insurer in an audit. Read on for more details.
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California considers changes to title, escrow law
Posted Date: Monday, March 31, 2014
The California General Assembly is considering a bill that would authorize an underwritten title company to engage in escrow business in all of the state’s counties with one application and charge a fee to do so. Read on for more details.
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New Jersey may require notice and payment of estate taxes held in escrow
Posted Date: Monday, March 31, 2014
The New Jersey General Assembly is considering a bill that would require notice and payment of amounts that may be due for New Jersey transfer inheritance and estate taxes from funds held in escrow arising from real estate transactions. Read on for more details.
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Florida DFS clarifies position on title insurance inducements
Posted Date: Wednesday, April 2, 2014
The Florida Department of Financial Services has clarified its position on title agents providing inducements for title insurance. Read on for the department’s explanation of when a title agent crosses the line.
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Case management system receives CAPS approval
Posted Date: Thursday, March 27, 2014
Pioneer Technology Group announced that its Benchmark case management system received Court Application Processing System approval from the Florida Office of the State Courts Administrators. This means the system can be used immediately as an authorized web component for case file access in Florida. Read on for more details.
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FTC places condition on CoreLogic’s acquisition of DataQuick
Posted Date: Monday, March 24, 2014
CoreLogic Inc. has agreed to settle Federal Trade Commission charges that its proposed $661 million acquisition of DataQuick Information Systems, Inc. from TPG VI Ontario 1 AIV L.P. would likely substantially lessen competition in the market for national assessor and recorder bulk data.
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N.C. attorney sentenced for falsifying closing documents
Posted Date: Thursday, March 27, 2014
The U.S. Attorney’s Office for the Eastern District of North Carolina announced the sentence of a real estate attorney who closed fraudulent real estate loans for a property flipping scheme. She previously pled guilty to conspiracy to commit wire, mail and bank fraud. Read on for more details.
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Insurer says exclusion bars coverage of title dispute
Posted Date: Wednesday, April 2, 2014
A professional liability insurer sued its insureds — two closing attorneys — seeking a declaratory judgment that a prior acts exclusion barred coverage of a lawsuit over their alleged failure to identify title errors with respect to a planned residential development. The U.S. District Court for the Northern District of Georgia granted judgment on the pleadings to the professional liability insurer. The insureds appealed.
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Utah passes URPERA
Posted Date: Wednesday, April 2, 2014
Utah Gov. Gary Herbert signed a bill that would enact provisions of the Uniform Real Property Electronic Recording Act. The law defines the standards under which electronic documents and electronic signatures would satisfy state recording requirements. Read on for the details.
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Bakersfield mortgage fraud leader sentenced
Posted Date: Wednesday, April 2, 2014
U.S. District Judge Lawrence O’Neill sentenced San Diego residents David Crisp, 34, to 17 years and seven months in prison, and Jennifer Crisp, 31, to five years on probation for charges stemming from their involvement in an extensive mortgage fraud scheme that ran from January 2004 to September 2007. Read on for more details.
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Deed change causes policy dispute
Posted Date: Monday, March 31, 2014
After discovering a handwritten change to the name of the grantor on its deed of trust, a limited liability company requested its title insurer to amend the deed. When the title insurer refused, the company sued the insurer for bad faith and breach of contract. Read on to find out what the Ohio Court of Appeals had to say when the case went before it.
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New York agent licensing expected to become a reality
Posted Date: Monday, March 31, 2014
Insurance professionals providing title policies in New York will soon join 47 other states requiring a license under a provision contained in the state’s 2014-15 budget expected to be approved at the state capitol this week. The New York State Land Title Association has advocated for the licensing of title insurance agents for more than 10 years. During that time it has had been working with members of the legislature to address the issue. In recent months, Gov. Andrew Cuomo and Department of Financial Services Superintendent Benjamin Lawsky have been focused on enacting licensing provisions as part of the state budget process.
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Three sentenced for $22M scheme in Houston
Posted Date: Monday, March 31, 2014
A former Houston resident, business man and mortgage lender were sentenced for their roles in a scheme to defraud residential mortgage lenders of more than $22 million in loans. They used fraudulent documents to help borrowers qualify for mortgages to purchase condominium unit and other residential homes. Read on for more details.
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Ohio attorney suspended for misappropriating escrow funds
Posted Date: Thursday, March 27, 2014
An Ohio real estate attorney was suspended from the practice of law in Ohio after he admitted to misappropriating escrow funds to pay his title agency’s operating expenses. Read on for more details.
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Escrow company entangled in short-sale dispute
Posted Date: Thursday, March 27, 2014
After a buyer and seller got the sellers’ creditors to agree to a short sale, a California escrow company completed the transaction, following the buyer and seller’s instructions. One creditor, the Federal Deposit Insurance Corp. was not convinced its conditions to the short sale were carried out and refused to reconvey its deed of trust on the property. After paying the full amount of the loan, the buyer and his underwriter sued the FDIC. The FDIC then filed suit against the escrow company, claiming the company owed it a fiduciary duty. Read on to find out what the U.S. District Court for the District of California had to say about that issue when it heard the escrow company’s motion to dismiss the claims against it.
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Loan officer latest to be sentenced in Crisp & Cole scheme
Posted Date: Thursday, March 27, 2014
A Bakersfield, Calif. loan officer became the latest to be sentenced in the Crisp & Cole mortgage fraud scheme, an extensive scheme that ran from January 2004 to September 2007. Read on for more details.
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Virginia General Assembly passes recording bill
Posted Date: Monday, March 24, 2014
The Virginia General Assembly passed a bill that permits the use of a cover sheet when recording documents in jurisdictions that do not require it, changes the statutory form of deeds, and permits limited liability companies and other entities to act as trustees of a deed of trust. Read on for more details.
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Congress leaders request meeting on DOJ mortgage fraud findings
Posted Date: Monday, March 24, 2014
Following the issuance by the Department of Justice’s inspector general of a report finding that the DOJ has not prioritized the investigation of mortgage fraud and has reported unreliable and inflated statistics regarding the scope of its prosecutorial efforts, three congressional leaders wrote to the department to request a meeting to discuss the findings. Read on for more details.
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Mississippi closing attorney pleads guilty to bank fraud
Posted Date: Monday, March 24, 2014
A Biloxi, Miss., settlement agent and closing attorney pled guilty in federal court to falsifying, concealing and covering up material facts in connection with a scheme to defraud two banks and the bankruptcy court. The government indicated that it would seek restitution on behalf of the victims of more than $7.7 million. Read on for more details.
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