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N.Y. Senate considers establishing public title insurer
Posted Date: Monday, November 18, 2019
The New York Senate is considering a bill that would establish a temporary task force to examine and make recommendations regarding the establishment of a public title insurance carrier. Read on for more details.
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Cybersecurity agency releases essentials for small business
Posted Date: Monday, November 18, 2019
The Cybersecurity and Infrastructure Security Agency (CISA) released its Cyber Essentials, a starting point for small businesses and government agencies to understand and address cybersecurity risk as they do other risks. Read on for more details.
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Insured seeks coverage of seller’s loan foreclosure
Posted Date: Monday, October 7, 2019
When a seller’s known mortgage on its property was foreclosed upon, the insured filed a claim with its title insurer. It then sued the title insurer for failing to indemnify it. Read on for more details.
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Property owner seeks to vacate judgment lien
Posted Date: Monday, October 14, 2019
The owner of property subject to what was initially a federal judgment lien resulting from a bankruptcy filing appealed the turnover of funds by his bank to cover the lien. Read on for more details.
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Foreclosure notice changes moving ahead in Michigan
Posted Date: Monday, November 18, 2019
The Michigan Senate recently passed legislation to amend the Revised Judicature Act to require a notice of foreclosure by advertisement to include certain new information. It already has passed the Michigan House. Read on for more details.
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Colorado DOI reissues title fee bulletin
Posted Date: Wednesday, November 20, 2019
The Colorado Division of Insurance recently reissued Bulletin B-5.22- Retaining of Fees for Services Not Actually Performed by Title Insurance Entitles. The bulletin clarifies Section 10-11-108(1)(d) of the Colorado Revised Statutes. Read on for more details.
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HOA foreclosure leads to title dispute
Posted Date: Monday, November 11, 2019
After an HOA sold property in Nevada at a foreclosure sale, the new owner sued the beneficiary of the first lien deed of trust for quiet title. The beneficiary filed a claim with the title insurer, which was denied. The beneficiary then sued the title insurer for breach of contract. Read on for more details.
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House passes TRIA reauthorization
Posted Date: Wednesday, November 20, 2019
The U.S. House of Representatives passed the Terrorism Risk Insurance Program Reauthorization Act of 2019, a seven-year reauthorization of the program. It passed by a vote of 385-22. Read on for more details.
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Owner sues servicer for fraud, negligence in servicing
Posted Date: Wednesday, November 20, 2019
The owner of property in Ashland, Ky., sued her mortgage servicer, alleging the servicer did nothing to assist her when she fell on hard times after a car accident. Among other things, she accused the servicer of fraud and gross negligence. Read on for more details.
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Calif. man sentenced for multimillion dollar scheme
Posted Date: Wednesday, November 20, 2019
A Vallejo, Calif., man was sentenced for conspiracy to make false statements on loan applications, operating a company that preyed on homeowners nearing foreclosure. Read on for more details.
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New Jersey father, son sentenced for short sale fraud
Posted Date: Wednesday, November 20, 2019
A father and son from Bergen County, N.J., were sentenced, for their roles in a scheme to use straw buyers and short sales on properties to defraud mortgage lenders out of hundreds of thousands of dollars and to avoid paying taxes on the proceeds of the scheme. Read on for more details.
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FFIEC revises business continuity management booklet to stress resilience
Posted Date: Monday, November 18, 2019
The members of the Federal Financial Institutions Examination Council (FFIEC) updated the Business Continuity Management Booklet to emphasize that examiners understand how management of banks and other regulatory entities have prepared their operations to avoid disruptions and to recover services. Read on for more details.
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Nebraska DOI appoints new deputy director
Posted Date: Monday, November 18, 2019
The Nebraska Department of Insurance announced the appointment of a new deputy director and general counsel. Read on for more details.
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Borrowers allege fraud, negligence, RESPA violations in refinance transaction
Posted Date: Wednesday, November 13, 2019
Borrowers who refinanced their loan filed suit against the parties to the transaction for, among other things, fraud, negligence and RESPA violations, alleging that despite choosing an attorney to conduct the South Carolina closing, the closing was performed by an affiliate of the lender without their notice. Read on for more details.
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Florida man sentenced for mortgage fraud
Posted Date: Wednesday, November 13, 2019
A Naples, Fla., man was sentenced to time in prison for his role in a mortgage fraud scheme. Read on for more details.
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FinCEN reissues GTOs
Posted Date: Monday, November 11, 2019
The Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. Read on for more details.
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Property owner seeks quiet title after foreclosure dispute
Posted Date: Monday, November 11, 2019
After purchasing property that was part of a group of parcels, the buyer’s title agent forwarded payoff funds to the holder of the deed of trust. The lien attached to the property never was released, and the holder of the deed of trust assigned the property to another company, which then sold the property along with the other parcels at a trustee’s sale. The buyer filed suit after discovering she no longer owned the property. Read on for more details.
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MISMO releases taxpayer consent language
Posted Date: Monday, November 11, 2019
MISMO has issued its Taxpayer Consent Language, which permits lenders to share tax information received from the Internal Revenue Service (IRS) with other parties involved in a mortgage transaction. Read on for more details.
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FTC sues second property flipping trainer
Posted Date: Monday, November 11, 2019
The Federal Trade Commission and the Utah Division of Consumer Protection sued Nudge, LLC, and affiliated companies, alleging that they make empty promises about earning money by “flipping” houses, to persuade consumers to buy real estate training packages that cost thousands of dollars. This is the second such action announced in about a month.
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Short sale negotiators charged with fraud
Posted Date: Monday, November 11, 2019
The principals and co-founders of a North Andover, Mass., mortgage short sale assistance company were charged in connection with defrauding mortgage lenders and investors out of nearly $500,000 in proceeds from about 90 short sale transactions. Read on for more details.
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