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CFPB seeks clarity in service provider bulletin
Posted Date: Monday, October 31, 2016
Four years after releasing Bulletin 2012-03, creating an increased focus on lender liability and vendor management across the mortgage and settlement services industries, the Consumer Financial Protection Bureau has released a revised bulletin to clarify that risk management programs may vary depending on the services being performed. But what does it really mean? We asked three industry experts to tell us. Read on for their reactions.
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Comments come in for TRID amendments
Posted Date: Wednesday, October 26, 2016
The comment period is over and industry members having given their input on proposed amendments to the TILA-RESPA Integrated Disclosure rule. Read on for some insight into what they are saying.
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Do inconsistencies constitute false statements?
Posted Date: Wednesday, September 28, 2016
An Arizona appellate court recently heard a case alleging that a mortgage company and the title company serving as trustee recorded foreclosure documents in the public record that contained materially false statements in violation of state law. Read on for more details.
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Insured sues for coverage
Posted Date: Monday, September 26, 2016
After discovering he did not have fee simple interest to property he purchased, but rather a life estate of a person who now was deceased, an insured purchaser filed a claim on his title insurance policy. When the title insurer denied the claim, he filed suit. Read on for more details.
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Title company employee sues for age discrimination
Posted Date: Wednesday, September 28, 2016
A title company employee from Puerto Rico filed an employment discrimination suit against his employer, alleging the company discriminated against him because of his age and disability. Read on for more about this case.
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Fed group seeks data protection, info sharing comments
Posted Date: Wednesday, October 26, 2016
The 160-member Secure Payments Task Force convened by the Federal Reserve to advance the safety, security and resiliency of the national payment system is asking the industry for comments on its efforts to enhance payment identity management, data protection, and information sharing related to payments risk and fraud.
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D.C. Council introduces RULONA
Posted Date: Monday, October 24, 2016
D.C. Council Chairman Phil Mendelson introduced a bill that would enact the Uniform Law Commission’s Revised Uniform Law on Notarial Acts, designed to modernize the law relating to notaries and notarial acts. In addition, it is the first jurisdiction to include in its legislation an amendment drafted by the Uniform Law Commission to address remote notarizations. Read on for more details.
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California revises acceptable documents
Posted Date: Thursday, October 20, 2016
California has adopted a law that makes revisions to the documents notaries may use to identify signors when notarizing property transfer documents. Read on for more details.
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FLTA submits amicus brief in lis pendens case
Posted Date: Thursday, October 20, 2016
In perhaps an unusual move, the Florida Land Title Association, along with six other state organizations, filed amicus curiae briefs after the Fourth District Court of Appeal of Florida issued a ruling that held a foreclosure lis pendens terminates 30 days after foreclosure. FLTA, like many of the amicus, argued in favor of rescinding and revising the court’s opinion. Read on for more details.
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Regulators release ANPR on cyberrisk management
Posted Date: Thursday, October 20, 2016
The three federal banking regulatory agencies today approved an advance notice of proposed rulemaking inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply to large and interconnected entities under their supervision.
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Disbarred attorney arrested on mortgage fraud charges
Posted Date: Monday, October 17, 2016
A disbarred California attorney was arrested on federal charges of running a mortgage modification scheme that defrauded more than 75 distressed homeowners in Orange County by inducing them to pay more than $1.4 million for services he never provided.
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Unrecorded parcel plans lead to easement dispute
Posted Date: Monday, October 31, 2016
A commercial business and the owner of a South Carolina retail center filed suit against a tenant who purchased property adjacent to the retail center and planned to proceed with new construction. At issue was whether the adjacent property was referenced in the Declaration of Reciprocal Easements that was agreed to, and which would prevent the construction the defendants wanted to pursue. Read on for the details.
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Couple sues after permanent modification denied
Posted Date: Monday, October 31, 2016
A couple who were approved for a trial loan modification were unable to secure a permanent modification from their servicer. The couple sued Wells Fargo Home Mortgage, alleging six counts in the pro se complaint, including fraud and negligence. Read on for the details.
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NY developer sentenced for kickback scheme
Posted Date: Monday, October 31, 2016
A New York real estate developer was sentenced to time in prison and order to pay restitution for conspiring to defraud lenders and make false statements to the U.S. Department of Housing and Urban Development in connection with his development of Vineyard Commons, a luxury residential complex in Ulster County, N.Y.
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CFPB seeks to provide clarity in revised service provider bulletin
Posted Date: Friday, October 28, 2016
Four years after releasing Bulletin 2012-03, creating an increased focus on lender liability and vendor management across the mortgage and settlement services industries, the Consumer Financial Protection Bureau has released a revised bulletin to clarify that risk management programs may vary depending on the services being performed. Read on for more details.
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Co-conspirator in deed scam sentenced
Posted Date: Wednesday, October 26, 2016
A man was sentenced to time in prison and ordered to pay restitution for his role in a scheme to steal title to Southern California homes and then “sell” the properties to unsuspecting buyers – before the buyers realized who the true owners were. Read on for more details.
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Former loan officer sentenced for kickback scheme
Posted Date: Wednesday, October 26, 2016
A former loan officer, who took kickbacks in exchange for considering mortgage applications submitted by churches in relation to a fraud scheme that resulted in losses of at least $4.2 million, was sentenced to time in federal prison. Read on for more details.
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Incomplete short sale leads to foreclosure suit
Posted Date: Wednesday, October 26, 2016
After a bank did not receive the funds from a short sale in a timely manner, it started foreclosure proceedings against the short sale seller. The seller filed a countersuit and the bank, the mortgage servicer and the seller filed motions for summary judgment. Read on for more details.
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Buyer seeks to halt former owner’s foreclosure
Posted Date: Wednesday, October 26, 2016
An individual purchased property in Las Vegas that was encumbered by a deed of trust that secured a mortgage loan to a previous owner. After doing significant work on the property, he sought to halt the non-judicial foreclosure proceedings begun by the current holder of the deed of trust. Read on for more details.
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Did plaintiff know of superior deed of trust?
Posted Date: Monday, October 24, 2016
Did the plaintiff insured have actual knowledge of a superior deed of trust on property it acquired in Utah? That is the question the U.S. District Court for the District of Utah had to determine when addressing the insured and title insurer’s motions for summary judgment. Read on for more details.
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Alleged architects of mortgage relief scheme indicted for conspiracy
Posted Date: Monday, October 24, 2016
The alleged architect of a $30 million mortgage relief fraud scheme and four other former employees of a purported mortgage relief company were charged in an indictment for their alleged participation in a conspiracy to defraud banks and homeowners. Read on for more details.
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When is daughter obligated to mom’s mortgage?
Posted Date: Monday, October 24, 2016
A woman in Ohio signed her mom’s promissory note as her attorney in fact, but also signed the mortgage as both the mom’s attorney in fact and in her own personal capacity. After the mother died, the mortgagee filed a foreclosure action and moved for summary judgment, which the trial court granted. The daughter then appealed the decision. Read on for more details.
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Man sentenced for real estate scheme
Posted Date: Monday, October 24, 2016
A man was sentenced in the Northern District of Texas after pleading guilty to conspiracy to commit wire fraud to defraud investors in the connection with the fraudulent sale of real estate investments. Read on for more details.
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Mortgage lender, CEO reach settlement on FHA fraud
Posted Date: Thursday, October 20, 2016
The U.S. Attorney’s office has reached settlement of more than $1 million with a Massachusetts mortgage lender and its founder and CEO in connection with allegations that the lender submitted false insurance claims on mortgages insured by the Federal Housing Administration. Read on for more details.
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Stewart, activist investors reach deal
Posted Date: Tuesday, October 18, 2016
In an agreement that will make it difficult to force a sale of the company for the next two years, Stewart Information Services announced that it will make changes to its board of directors. The agreement with activist investors Starboard Value LP and Foundation Asset Management brings the resignation of current board members Malcolm S. Morris and Stewart Morris Jr. after 16 years of service. Other changes were announced as well.
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CFPB adds two to senior legal team
Posted Date: Monday, October 17, 2016
The Consumer Financial Protection Bureau announced leadership changes within the bureau, including two in the bureau’s legal department. Read on for more about the new roles these familiar faces are stepping into.
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Bronx man pleads guilty to wire fraud conspiracy
Posted Date: Monday, October 17, 2016
A Bronx, N.Y., man pleaded guilty to conspiracy to commit wire fraud affecting a financial institution. The charge carries a maximum penalty of 30 years in prison and a $1 million fine. Read on for more details.
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