News By Edition

The Michigan Legislature is considering a series of four amendments to the state’s identity theft protection act. Read on for more details.

The Consumer Financial Protection Bureau announced it is seeking comment on an assessment of the TILA-RESPA Integrated Disclosure rule. Read on for more information about what the bureau is looking for and how you can participate.

The Washington Office of the Insurance Commissioner released two comments it received on its proposed regulation R-2016-05, Title Insurance Agent Escrow Practices and Accounts, CR-102, which would adopt rules similar to the state’s Department of Financial Institutions, regulating the escrow practices of title insurance agents. The comments were due by Nov. 15, the same day as a public hearing on the rulemaking. Read on for more details.

In a case which began with a 2000 foreclosure and reached the U.S. Supreme Court, a California borrower appealed a state court order dismissing her claims against a servicer. The Court of Appeal examined the servicer’s demurrer to determine whether res judicata barred the claims and whether the borrower failed to state a claim.

When two parties dissolved their joint business venture, one party demanded the other pay for allegedly collected receivables It was owed. The other party demanded it be reimbursed for taxes the joint venture paid on the other party’s behalf. One party filed suit, recording lis pendens on the other party’s owner’s property. The owner then counterclaimed for slander of title and abuse of process. Read on for more details.

An attorney title agency president was found guilty of conspiracy to commit bank fraud and aiding and abetting bank fraud in Michigan in May 2019. He sought to be acquitted, arguing that the evidence against him was insufficient to prove his guilt. Read on for more details.

As part of a forcible entry and detainer action, foreclosed upon property owners appealed a decision awarding restitution of real property to the foreclosing entity. They argue that they should have been allowed to present evidence regarding the validity of the underlying nonjudicial foreclosure and sale of the property. Read on for more details.

The assignees of property brought action against a title insurer, which had settled with the assignor, seeking contribution and indemnity for the title company’s alleged negligence in performing a title search. The state court of one county granted the title company’s motion to transfer venue. The second state court then granted the company’s motion for summary judgment, which the assignees appealed. Read on for more details.

The top Democrats on four key committees released their principles on federal privacy. Days later, Sen. Maria Cantwell, (D-Wash.) introduced comprehensive federal online privacy legislation to establish privacy rights, outlaw harmful and deceptive practices and improve data security safeguards. Read on for more details.

The U.S. Senate Committee on Banking, Housing and Urban Affairs advanced S. 2877, the “Terrorism Risk Insurance Program Reauthorization Act of 2019” out of committee with unanimous support. This legislation extends the existing TRIA program for seven years while taking steps to further protect taxpayers. Read on for more details.

Florida Insurance Commissioner David Altmaier announced the appointment of a new government affairs director for the state’s Office of Insurance Regulation. Read on for more info about the new hire.

With state and federal lawmakers considering new consumer data privacy legislation, the National Association of Federally Insured Credit Unions developed a whitepaper outlining six essential principles for implementing a national data privacy standard. Read on for more details.

Mortgage fraud risk continues to decline in the latest First American Loan Application Defect Index continued to decline in October 2019. With sellers’ market conditions easing their grip on the housing market, defect risk on purchase transactions remain likely to fall. Read on for more details.

The purchaser of property in Pinellas, Fla., filed a class action against a national title insurer, claiming it improperly charged it and others an improper closing service fee when purchasing a property using ‘AS IS’ Residential contract for sale and purchase form approved by the Florida Bar and Florida Association of Realtors. Read on for more details.

After purchasing property in Newark, N.J., a couple discovered that the former owner’s mortgage on the property was recorded improperly. When informed, their title insurer assured them they would address the issue. The former mortgage was foreclosed upon. While the foreclosure process was in the courts, the couple sold the property. The buyers discovered the foreclosure dispute and their title insurer sued the sellers, who in turn filed a third-party complaint against their title insurer. Read on for more details.

In its next legislative session, the Washington Legislature will consider a bill reauthorizing and expanding the financial fraud and identity theft crimes investigation and prosecution program. Read on for more details.

During its 2020 session, the South Carolina General Assembly will consider legislation providing specific disclosure requirements for wells upon the sale of residential and commercial property. It also would provide related penalties for the failure to disclose information. Read on for more details.

On Dec. 10, Kathy Kraninger marked her one-year anniversary as director of the Consumer Financial Protection Bureau, visiting some of the highlights of that first year. Read on to see what Kraninger felt was most of note during her first year.

Two defendants have been sentenced for their role in a conspiracy to commit wire fraud and aggravated identity theft. Read on for more details.

Before the comment period closed on proposed regulations to implement the California Consumer Privacy Act (CCPA), four mortgage and banking associations issued a joint comment letter to Attorney General Xavier Becerra, seeking clarifications in order to enhance compliance for financial institutions. Read on for more details.

Many companies in the title industry swear by SOC 2 certifications. However, title companies and underwriters should know that enhanced requirements by the American Institute of CPAs (AICPA) have made the audit examinations more challenging. Read on to learn more about the new requirements, including a question that asks companies for evidence of subscriptions to industry related publications.

A new study from Thales, with research from market intelligence firm IDC, revealed that financial institutions have the highest rate of data breaches compared with other industries. Read on for more insight and steps IDC recommends taking to protect your company.

The Illinois Department of Financial and Professional Regulation created a new program designed to encourage innovation in financial product development in both the banking and fintech sectors. Read on for more details.

Members of the National Association of Insurance Commissioners elected their 2020 officers during the Fall National Meeting. Read on for more details.

A woman was sentenced for helping run a sophisticated real estate fraud scheme that resulted in the theft of more than $1.4 million from 2014 to 2016. She is the fourth to be sentenced for her role in that scheme. Read on for more details.

A land developer purchased property in Colorado and thereafter realized that the land included property neighbors believed was theirs. After filing suit against the neighboring property owners, the developer filed a claim with its title insurer, who denied the claim. The developer then filed suit against the title insurer. Read on for more details.

During its 2020 session, the Missouri General Assembly will consider a bill that will require a certificate of value be delivered to an assessor before a deed is recorded in a county recorder’s office. Read on for more details.

A Michigan bill to amend the Revised Judicature Act to require a notice of foreclosure by advertisement to include certain new information has been sent to the governor. Read on for more details.

An Easthampton, Mass., attorney pleaded guilty in federal court in Springfield, Mass., to numerous financial fraud charges. Read on for more details.

A Memphis, Tenn.-area financial advisor, pled guilty to a three-count information charging him with mail and wire fraud and interstate transportation of monies taken by fraud. Read on for more details.

Connecticut Insurance Department (CID) Commissioner Andrew N. Mais chaired the initial meeting of the department’s recently formed Advisory Council on Technology. Read on for more details.

After a strong response to the October Research 20th Anniversary Sweepstakes, we now reveal the winners, including the winner of our complimentary registration to the 2020 National Settlement Services Summit. Read on for more.

A Utah-based technology company has agreed to implement a comprehensive data security program to settle Federal Trade Commission allegations that the company failed to put in place reasonable security safeguards, which allowed a hacker to access the personal information of a million consumers. Read on for more details.

A real estate developer who converted a former hotel into a condominium pleaded guilty to bank fraud for kicking back mortgage proceeds to buyers and co-conspirators and misrepresenting the sources of down payments. Read on for more details.

After purchasing property in Washington at a foreclosure sale, the purchaser filed an additional notice of foreclosure sale and a notice to vacate. When the former owner refused to vacate the property, the purchaser filed an unlawful detainer action against her. The former owner appealed the decision of the court granting the writ of restitution, as well as a judicial foreclosure emotion on other property she owned in the state. Read on for more details.

New York Superintendent of Financial Services Linda Lacewell announced the appointment of a new executive deputy superintendent of the Insurance Division at the Department of Financial Services. Read on for more details.

A real estate developer and loan officer pled guilty to conspiracy to make false statements to financial institutions. Read on for more details.