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Changes continue in New York as new refinance rates introduced
Posted Date: Thursday, May 14, 2015
Weeks after changes were introduced that will change the way the title industry in New York is regulated, more changes were introduced. The New York State Department of Financial Services approved new title insurance rates for mortgage refinancing transactions which the department says will provide up to 65 percent savings for consumers. The new rates are the product of recent regulatory reforms. Read on for more details.
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Could delayed TRID enforcement be on the way?
Posted Date: Tuesday, May 5, 2015
On May 1, two congressmen introduced a bill that would provide for a hold harmless period for the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosures rule. Read on for more details.
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Title insurer sues notary over forged signatures
Posted Date: Wednesday, January 21, 2015
After paying out claims on five title policies on transactions signed by a fraudulent signer, a title insurer sued the notary that notarized the five signatures, alleging that the notary had negligently notarized the documents. The case eventually went before the Fourth Appellate District Court of Appeal of California.
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Developer goes after title company’s E&O carrier
Posted Date: Tuesday, January 27, 2015
After money was stolen from its title company’s escrow accounts, a developer went after the title company’s errors and omissions insurance provider. Read on to find out how the 11th U.S. Circuit Court of Appeals ruled when the case went before it.
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Insureds seek restitution from title co. after losing property
Posted Date: Thursday, January 29, 2015
After discovering that they had acquired defective title through fraud perpetrated by a third party, a couple lost a quiet title action filed against them. Although their title company defended them and provided the funds to discharge the mortgage the couple took out on their property, the couple didn’t feel that was full restitution and filed suit.
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Senate reform draft includes TRID safe harbor
Posted Date: Thursday, May 14, 2015
U.S. Sen. Richard Shelby, R-Ala., chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, released the text of a discussion draft of “The Financial Regulatory Improvement Act of 2015. Read on for more about how this may impact TILA-RESPA Integrated Disclosure Rule implementation.
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New mortgage release laws coming to Oklahoma
Posted Date: Tuesday, May 5, 2015
Two bills that will change Oklahoma’s mortgage release laws have been signed by Gov. Mary Fallin. The first bill allows title insurance companies to execute affidavits to release mortgages from the county records under certain circumstances. The other allows the title companies to recover penalties against mortgage holders who don’t release mortgages within a certain amount of time after the mortgage has been paid off. Read on for more details.
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Risk of mortgage fraud increased in latest report
Posted Date: Tuesday, May 12, 2015
Interthinx Inc., a subsidiary of First American Financial Corp. released its quarterly interactive Mortgage Fraud Risk Report, citing the National Mortgage Fraud Risk Index rose 3 percent in Q4 2014, and is unchanged from one year ago. Read on for more details.
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Former attorney sentenced for Connecticut mortgage fraud scheme
Posted Date: Tuesday, May 12, 2015
A former West Hartford, Conn., attorney was sentenced to time in prison for his role in an extensive mortgage fraud scheme. He had served as the closing agent on at least two dozen fraudulent transactions. Read on for more details.
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Las Vegas attorney disbarred for mortgage fraud
Posted Date: Tuesday, May 5, 2015
After pleading guilty to his role in a mortgage fraud scheme, and beginning to serve his seven-year sentence, the Nevada Supreme Court disbarred a Las Vegas lawyer for his role in the scheme. Read on for more details.
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Alabama man sentenced for mortgage fraud, attempted murder
Posted Date: Tuesday, May 12, 2015
A Ventress, Ala., man was sentenced to 210 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos. He was charged with one count of wire fraud, one count of money laundering, as well as one count of attempted murder of a witness in a federal case. Read on for more details.
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NS3 preview: MBA’s Markison helps TRID panel navigate transaction
Posted Date: Thursday, May 14, 2015
With TRID compliance on the minds of the industry leading into Aug. 1, MBA Vice President and Regulatory Counsel Ken Markison will participate in a panel at the National Settlement Services Summit (NS3) June 8-10 in Atlanta to help attendees comply with the new transaction. Read on for more about the session.
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Six found guilty in California mortgage fraud scheme
Posted Date: Thursday, May 14, 2015
After a 12-day trial, a federal jury found six defendants guilty of all counts of wire fraud in connection with a mortgage fraud scheme. They used fraudulent loan applications and other false information to obtain more than $5 million in home loans. Read on for more details.
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FDIC responds to First American’s Supreme Court petition
Posted Date: Tuesday, May 12, 2015
The FDIC submitted a reply brief to the U.S. Supreme Court, advising it not to grant First American Title Insurance Co.’s petition for writ of certiorari so the Court can determine who has a right to bring a suit under a closing protection letter when the title insurance policy is in another party’s name. Read on.
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Connecticut man pleads guilty to title fraud
Posted Date: Tuesday, May 5, 2015
A Connecticut man pled guilty to multiple conspiracies involving a series of real estate transactions intended to shield assets from creditors. As part of the scheme, he omitted five liens, totaling $990,000, from a title search report. Read on for more details.
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