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News By Edition
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The Legal Description Edition
April 22, 2019
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Alabama considers Insurance Data Security Law
Posted Date: Wednesday, April 10, 2019
The Alabama Legislature is considering a bill that would require insurers and other entities licensed by the state’s Department of Insurance – including title insurance agents – to develop, implement and maintain an information security program, as well as provide for reporting to the commissioner of insurance. Read on for more details.
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NS3 Preview: Sales, marketing in focus
Posted Date: Wednesday, April 10, 2019
How do title agencies market their companies to create new relationships to maintain their current level of business or spur growth?
That’s one of the topics to be discussed during the National Settlement Services Summit (NS3) June 18-20 in Phoenix in a session featuring Rich Griffin, vice president, national sales manager of North American Title Insurance Co.; and James Schlimmer, managing partner of Cottrell Title & Escrow.
Read on for more details about that and the other sales and marketing focused sessions on stage at NS3.
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Maryland insurance commissioner confirmed for new term
Posted Date: Wednesday, April 10, 2019
The Maryland Insurance Administration announced that the Maryland State Senate voted to confirm Al Redmer, Jr., for another term as Maryland’s insurance commissioner. He will oversee the independent agency’s 266 employees and an annual budget of $31 million. Read on for more details.
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Real estate developer sentenced for investment scheme
Posted Date: Wednesday, April 10, 2019
A New York real estate developer was sentenced to time in prison for operating a years-long scheme to defraud investors in his luxury real estate development projects in Manhattan, the Hamptons, Westchester, and elsewhere, and for making false claims and concealing assets in connection with his bankruptcy case. Read on for more details.
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Colorado considers RON bill
Posted Date: Monday, April 8, 2019
The Colorado General Assembly is considering a bill that would authorize the use of audio-video communication in the performance of notarial acts. Among other things, the bill prohibits notaries and operators of remote notarization systems from using personal information collected during a remote notarization for any purpose other than completing the notarial act or to process the transaction for which the information was provided. Read on for more details.
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Title agency sues mortgagee over mortgage payoff
Posted Date: Monday, April 8, 2019
After completing the sale of property in Louisiana, a title company sent a written payoff to the former first lien holder. The mortgagee sent the payment back and demanded additional payment. The title agency eventually paid the additional funds, then sued for damages. Read on for more details.
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Developer, title insurer dispute scope of policies
Posted Date: Monday, April 8, 2019
A development company disputed the scope of title insurance policies insuring the deeds of trust recorded against two lots in a partially completed subdivision. Read on for more details.
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Insured seeks defense of property interest dispute
Posted Date: Monday, April 8, 2019
The owner of a New York condominium building sued its title insurer for its failure to defend a dispute brought against the owner by two entities that asserted an interest in the building. Read on for more details.
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New Utah law modifies title producer requirements
Posted Date: Monday, April 8, 2019
A law recently signed by Utah Gov. Gary Herbert modifies the requirements for a title producer when doing an escrow involving the transfer of real property from the School and Institutional Trust Lands Administration. Read on for more details.
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NS3 Preview: Privacy, wire fraud issues to be tackled
Posted Date: Wednesday, April 3, 2019
In the last year, several states introduced, and some have passed, data privacy legislation. This year’s legislative session will include several more bills designed to protect consumers’ privacy. During this same period, wire fraud has more than doubled as fraudsters are getting more knowledgeable about whom to target in the real estate transaction. Both issues significantly impact the escrow industry and two industry leaders will share their insights during the National Settlement Services Summit (NS3) June 18-20 in Phoenix.
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Committee passes SAFE Act with associations’ support
Posted Date: Wednesday, April 3, 2019
On March 28, 2019, the House Financial Services Committee voted to pass H.R. 595, the Secure and Fair Enforcement Banking Act of 2019, allowing marijuana-related business in states with existing regulatory structures to access the banking system. Before the mark up, several insurance industry associations, including the American Land Title Association, voiced support for an amendment, which was passed, that would include insurers in the bill’s safe harbor provisions. Read on for more details.
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Utah controlled business bill becomes law
Posted Date: Wednesday, April 3, 2019
Utah Gov. Gary Herbert signed legislation that was revised to adopt the federal RESPA statute as state law governing affiliated businesses. The bill originally sought to repeal provisions of the state’s Insurance Code to prohibit title business referrals from certain persons who have a financial interest in the title insurance entity to which the person refers the title business. Read on for more details.
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Loan Application Defect Index shows stabilization
Posted Date: Wednesday, April 3, 2019
First American Financial Corp. released its Loan Application Defect Index for February 2019, noting that income-specific defect risk has stabilized. It also finds that in a seller’s market, there is more motivation to misrepresent income on a loan application to qualify for a bigger mortgage and win a potential bidding war. Read on for more details.
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Texas attorney sentenced for mortgage fraud
Posted Date: Wednesday, April 3, 2019
A 65-year-old resident of Lake Jackson, Texas, has been ordered to federal prison for his role in a mortgage fraud scheme. The attorney pleaded guilty to bank fraud April 30, 2018, admitting he conspired with others from 2005 to 2009 to execute a scheme to defraud Wells Fargo Bank and other lenders. Read on for more details.
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