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EIC urges changes in fee disclosure on new mortgage forms
Posted Date: Tuesday, January 27, 2015
The Escrow Institute of California (EIC), the professional trade association for the California licensed escrow settlement service providers, released a statement from President Nancy Silberberg in response to the Consumer Financial Protection Bureau Director Richard Cordray’s speech at the Brookings Institution on Jan. 13.
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Bank seeks coverage after property owner defaults
Posted Date: Tuesday, October 14, 2014
A Louisiana bank sought coverage from its title insurance policy after its mortgagor defaulted on its debt. After the title insurer denied coverage, the bank filed suit. The case came before the U.S. District Court for the Middle District of Louisiana on dueling motions for summary judgment.
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Homeowners sue for excess lender’s policy charges
Posted Date: Thursday, October 16, 2014
After purchasing properties in Kentucky, homeowners discovered they were charged more than what they should have for lender’s title insurance policies, according to the Rate Schedule approved by the Kentucky Department of Insurance. They filed a class action against the title insurer who wrote their title insurance policies.
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Ohio Supreme Court addresses standing in foreclosure appeal
Posted Date: Thursday, October 16, 2014
Days before a scheduled sheriff’s sale, homeowners moved to vacate the foreclosure decree in their case, alleging that the bank fraudulently claimed to have standing when it did not. The Ohio Supreme Court was asked whether this allegation could be grounds for vacating the foreclosure judgment and whether, because of the alleged fraud, the trial court lacked subject-matter jurisdiction.
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Huizenga re-introduces Mortgage Choice Act
Posted Date: Wednesday, February 4, 2015
House Monetary Policy and Trade Subcommittee Chairman Bill Huizenga re-introduced The Mortgage Choice Act of 2015, bipartisan legislation he said will help low and middle income Americans gain access to a qualified mortgage.
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Oregon may require escrow agents to look for elder abuse
Posted Date: Tuesday, January 27, 2015
A bill has been introduced in the Oregon General Assembly that would prohibit escrow agents or other real estate closers from accepting funds for property if the seller is 65 years old or older, the selling price is more than 20 percent below the appraised value, and the escrow agent believes the seller doesn’t understand the terms of the transaction. Read on for more details.
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West Virginia may require sellers to satisfy city, county fees
Posted Date: Thursday, January 29, 2015
The West Virginia Legislature is considering a bill that would require a seller of real property to satisfy upon closing any unpaid charges owed to the county and municipality in which the property is located. Read on to find out what role closing agents are required to play in this process.
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Two title agencies to reimburse Indiana consumers
Posted Date: Monday, February 2, 2015
Examinations by the Indiana Department of Insurance found that two out of state title agencies overcharged Indiana consumers for title insurance. Read on for more details.
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ALTA comments on CFPB consumer complaint intake system
Posted Date: Wednesday, February 4, 2015
Late last year, the Consumer Financial Protection Bureau asked for comments on a proposed standard company boarding form for its Consumer Complaint Intake System Company Portal. The American Land Title Association provided its thoughts on the potential form. Read on for more details about the form and what ALTA had to say.
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Houston woman sentenced in mortgage fraud conspiracy
Posted Date: Tuesday, January 27, 2015
Harris County resident Maria Eliza Garza has been ordered to prison following her conviction in conspiring to defraud seven different Houston-area banks or more than $2 million in 2007 and 2008.
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New York industry adjusting to licensing requirements
Posted Date: Monday, February 16, 2015
More than a month after title agents had to submit their first agency license applications to the New York Department of Financial Services (DFS), industry members are adjusting to the new reality. New York became the 47th state to require title agents be licensed last year.
The New York State Land Title Association (NYSLTA) and the DFS worked to answer any questions agents may have during the application process. Many questions were answered, but others remain as the industry works through what all agree continues to be a transition.
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Branch manager sentenced for embezzlement
Posted Date: Monday, February 2, 2015
The former branch manager of a Fulton, Mo., title company was sentenced in federal court for a $576,000 mortgage fraud and embezzlement scheme at the title company where she was employed.
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Texas Department of Insurance warns of timeshare fraud
Posted Date: Thursday, January 29, 2015
The Texas Department of Insurance warned owners of timeshare vacation properties of a fraud scheme involving unlicensed title insurance companies. Consumers always should make sure they are dealing with properly licensed title companies.
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CFPB issues order against Wells, Chase for illegal marketing kickbacks
Posted Date: Tuesday, January 27, 2015
The Consumer Financial Protection Bureau and the Maryland Attorney General announced actions against Wells Fargo and JPMorgan Chase for engaging in illegal marketing services kickbacks with a now-defunct title company. Read on for more details.
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