News By Edition

Property buyers and Sierra Pacific Mortgage Company Inc. filed a motion for a proposed settlement for class action suit alleging a kickback scheme.

Adjacent property owners purchased property from the same owner, not knowing they were sharing the same nonconforming septic drain field system located on one of their properties. The owner of the property without the drain field filed suit, arguing that a written easement the prior owners recorded granted him the exclusive right to use the system.

In a letter to department staff, Linda Lacewell, superintendent of the New York State Department of Financial Services, announced she is resigning her post effective Aug. 24. She will leave the same day as Gov. Andrew Cuomo.

The New York State Assembly is considering legislation to amend the vehicle and traffic law and the real property law in relation to manufactured home certificates of title, as well as the conveyance and encumbrance of manufactured homes as real property.

The Louisiana Department of Insurance issued Advisory Letter 2021-05 to provide guidance that only duly licensed insurance producers are authorized to sell, solicit, make an application for, procure, negotiate for, or place for others insurance coverage in Louisiana.

California Gov. Gavin Newsom signed the Uniform Partition of Heirs Property Act, which requires certain procedures in an action to partition real property that is heirs property. The bill goes into effect Jan. 1, 2022.

Owners of property in Bannock County, Idaho sued their title insurers for indemnification and breach of contract after the companies didn’t defend them in a dispute with the county to prevent the enforcement of an ordinance restricting their use of a road passing through their land. The case made its way to the 9th U.S. Circuit Court of Appeals.

During the last year, we have become even more keenly aware of the need to be innovative and stay in compliance with state and federal laws and regulations. During this year’s National Settlement Services Summit (NS3) in Naples, Fla., industry experts will be sharing their expertise in different areas viewed through the lenses of innovation and compliance. Read on for more about the NS3 sessions.

Mississippi notaries will be able to perform remote notarizations until Sept. 30 after Gov. Tate Reeves extended the state’s state of emergency through Sept. 14.

After a lender initiated foreclosure actions in New York state court, a borrower raised the affirmative defense of usury, claiming certain charges on the loan were a cover for usury. The case eventually went before the Supreme Court, Appellate Division, Second Department, New York.

The Washington Office of the Insurance Commissioner issued a notice to start rulemaking regarding out of state title records storage. Comments on the notice are due Aug. 20.

After the defendant obtained a judgment against the plaintiff and his law firm, the plaintiff and his wife sued to quiet title to their property. They argued that the abstract of judgment placed a lien on the entire home, even though the wife was not liable to the defendant.

After a bank filed foreclosure proceedings against him, the owner of property in Illinois filed suit against several parties. Many were dismissed pursuant to settlement agreements but claims against his title insurer remained. He filed a claim for breach of contract against the insurer, arguing his title to the property was defective because a trust still held title to the property.

The Michigan Department of Insurance and Financial Services issued a bulletin regarding the requirements outlined in Public Act 690 regarding insurance data security. The law took effect Jan. 20, 2021.

Congressman Blaine Luetkemeyer (R-Mo.), ranking member of the Subcommittee on Consumer Protection and Financial Institutions, introduced legislation to replace the position of the director at the Consumer Financial Protection Bureau (CFPB) with a five-member bipartisan commission. The legislation has been cosigned by every Republican member of the House Financial Services Committee.

Property owners sued the Matanuska-Sisitna Borough, Alaska, challenging the validity of easements across their property giving access to neighboring residences. The lower court dismissed most of the property owners claims before the owners appealed the case to the Supreme Court of Alaska.

The 17th annual National Settlement Services Summit will host former Consumer Financial Protection Bureau Director Kathy Kraninger during the third day of the conference. The in-person event will be held Aug. 31-Sept. 2 in Naples, Fla.

First American Title Co. has agreed to pay a penalty of $1 million after a California Department of Insurance investigation alleged one of its title marketing representatives violated state law protecting consumers from conflicts of interest that can inflate the cost of real estate transactions. First American agreed to pay $50,000 to settle similar allegations against another employee in January 2021.

The Consumer Financial Protection Bureau (CFPB) released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.

North Dakota Insurance Commissioner Jon Godfread issued Bulletin 2021-4 to provide guidance on new requirements for establishing an information security program and reporting cybersecurity events to the North Dakota Insurance Departments as required by SB 2075, which was recently passed.

A federal jury found a Petaluma, Calif., man guilty of 35 counts in a bank fraud scheme that sought to fraudulently eliminate mortgages and then profit on the subsequent home sales.

In light of the Cloudstar ransomware attack, the Koogler Group is offering a free industry education bulletin on cyber awareness training. Read on for more about the special edition.