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New Mexico to investigate title insurance competition
Posted Date: Monday, June 13, 2016
The New Mexico Superintendent of Insurance has issued an order for market conduct examination of all title insurance industry licensees, including independent agents, affiliated agents, direct operations and underwriters currently licensed in the state. The examination will analyze and evaluate the degree of competition in New Mexico title insurance markets. Read on for more details.
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Class action ruling issued in Genuine Title case
Posted Date: Friday, June 3, 2016
As the CFPB was investigating Genuine Title LLC and its lender associates, borrowers brought a purported class action against the companies for engaging in the alleged kickback schemes. As the case progressed, the U.S. District Court for the District of Maryland sought guidance from the Court of Appeals of Maryland as to whether the state statute prohibiting real estate kickbacks in exchange for settlement services provided an express or implied private right of action. Read on for the appellate court’s answer.
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Can association file more than one super lien?
Posted Date: Monday, May 16, 2016
After the owners of a condominium unit began withholding payment of their monthly association dues because of a parking rules dispute, a Massachusetts condominium association filed three priority liens against the unit. The case moved through the state’s district and appellate courts, which both said extending a condominium association’s lien priority beyond one six-month period of time would undermine the purpose of the statutory scheme. The Supreme Judicial Court then agreed to hear the case.
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Homeowner seeks damages after failure to pay for defense
Posted Date: Wednesday, May 25, 2016
A Connecticut homeowner sought money damages against her title insurer after the insurer allegedly failed to pay costs, attorney’s fees and expenses in defense of her title to property. Read on for more details.
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Owners seek coverage of land dispute
Posted Date: Wednesday, June 1, 2016
Owners of property in Levittown, Pa., sued their title insurer after losing an ownership dispute over property adjacent to theirs. After the trial court granted summary judgment to the title company, the owners appealed. Read on for more details.
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CFPB issues consent order over loan officer escrow referrals
Posted Date: Wednesday, June 1, 2016
The Consumer Financial Protection Bureau has taken action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme. The CFPB found that the loan officer referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at the loan officer’s request.
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Law addresses HOAs during foreclosure
Posted Date: Monday, June 6, 2016
A new Maryland law requires entities foreclosing on property in the state to notify the homeowners association about the foreclosure. The new law also will make foreclosing entities liable for the payment of homeowners association assessments and fees incurred after the date of judgment. Read on for more details.
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New York may define ‘consummation of mortgage’
Posted Date: Wednesday, June 8, 2016
The New York State Assembly is considering amending the banking law by adding a definition of “consummation of mortgage.” Read on for more details.
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Bill passed to create electronic recording board
Posted Date: Wednesday, June 8, 2016
The Colorado General Assembly passed a bill to create an electronic recording technology board, whose goal would be to maintain the privacy of personal identifying information and develop best practices for electronic filing systems. The bill now awaits the governor’s signature.
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New York considers new notary requirements for conveyances
Posted Date: Wednesday, June 1, 2016
The New York State Assembly is considering a bill that would provide additional requirements for notaries public and commissioners of deeds relating to instruments of conveyance of real property. Read on for more details.
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Alabama provides clarity to title licensing law
Posted Date: Wednesday, June 1, 2016
Reyn Norman, general counsel of the Alabama Department of Insurance, provided a clarification to HB 129, which exempts attorneys licensed by the Alabama State Bar Association from the licensing requirements of the title insurance agent law. Read on for more details.
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Mortgage broker pleads guilty to conspiracy
Posted Date: Wednesday, June 8, 2016
An Orange County, Calif., mortgage broker pleaded guilty to a mortgage fraud conspiracy involving bank and wire fraud regarding an apartment complex in Hillsborough County, Fla. Read on for more details.
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Insurance Commissioner announces changes
Posted Date: Monday, June 6, 2016
California Insurance Commissioner Dave Jones announced the retirement of his chief deputy for the California Department of Insurance, as well as the appointment of the replacement. Read on for more details.
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Colorado title agencies close doors
Posted Date: Monday, June 13, 2016
Two Colorado-based title agencies have shuttered their doors amid Division of Insurance investigations. Read on for more details.
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Homeowner seeks appeal of void foreclosure suit
Posted Date: Wednesday, June 8, 2016
A California homeowner appealed a judgment dismissing his suit against two mortgage services after the trial court sustained their demurrer to his second amended complaint. The complaint alleged a defective transfer of his note and deed of trust to a real estate trust, robo-signed documents and other related causes of action. Although most of these cases have not fared well, the appellate court evaluated the complaint in light of the California Supreme Court’s decision in Yvanova v. New Century Mortgage Corp., which recently had been handed down. Read on for more details.
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NS3: Make a Child Smile brings ‘simple pleasures’ to Charlotte
Posted Date: Tuesday, June 7, 2016
For the fifth year in a row, attendees at October Research, LLC’s National Settlement Services Summit got together to help make a difference in the lives of area children. Read on for details of the charity presentation, and how the “simple pleasures help our children and families feel a sense of normalcy.”
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NS3: Regulator Open Forum prompts insightful discussions
Posted Date: Tuesday, June 7, 2016
The National Settlement Services Summit in Charlotte, N.C., opened with a forum discussion on today’s hot regulatory and compliance topics. With state and federal regulators on stage, the discussion included dispute resolution with the Consumer Financial Protection Bureau, TRID, marketing services agreements and more. Read on for the details.
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NS3: Industry’s best honored with OR Awards
Posted Date: Tuesday, June 7, 2016
For the fifth year, October Research, LLC, presented its annual awards for leadership, innovation and philanthropy, with some of the brightest stars in the title industry recognized for their work. Read on for the details.
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NS3: Summit opens with lender oversight focus
Posted Date: Monday, June 6, 2016
Hoping to keep the industry on a fast track to compliance and business building, the 12th annual National Settlement Services Summit (NS3) opens its doors today at the Sheraton and Le Meredien hotels in Charlotte, N.C. Read on for a preview of this year’s NS3.
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Former bank manager sentenced for mortgage fraud
Posted Date: Wednesday, June 1, 2016
A former bank manager was sentenced May 27 in connection with a multi-year, multi-property mortgage fraud scheme in Dorchester, Mass. Read on for more details.
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