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The Legal Description Edition
May 21, 2012
In a victory for the title industry, a California jury found no fault on the part of a title insurer who was sued for allegedly breaching the closing instructions on a $37 million construction loan. The borrower h ad defaulted on the loan before the lender discovered it was not insured for the entire property it thought it had insured. Some are saying this type of suit has become more common in the last few years as lenders try to recoup money they lost in the downturn. In addition, we let you know about a bill in Congress to amend the definition of points and fees under the Dodd Frank Wall Street Reform and Consumer Protection Act to eliminate fees paid to affiliated title companies. Industry groups have been vocal in speaking their approval, or disapproval of the legislation. |
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 Associations examine potential changes to Dodd-Frank ‘points and fees’ definition
Posted Date: Monday, May 21, 2012
The Dodd-Frank Wall Street Reform and Consumer Protection Act makes several significant changes to the financial services landscape. For those involved in the mortgage process, one of the biggest is the mandate for an ability-to-repay rule. Ahead of final rules being released by the CFPB, representatives from both sides of the aisle introduced a bill that would change part of that definition, impacting affiliated businesses in the real estate and mortgage markets. After the bill came out, associations in fa
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It's good to have someone in your corner
Posted Date: Monday, May 21, 2012
With all of the new regulations and legislation being introduced that will impact how the title industry, and its partners, do business, its good to have some heavyweights working for you. As more regulations were introduced in the last few weeks, the American Land Title Association honored two such heavyweights.
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Ga. governor signs foreclosure bill
Posted Date: Wednesday, May 09, 2012
Georgia Gov. Nathan Deal signed a bill that would amend the requirements for providing notice of a foreclosure sale in the state. Read on for more details.
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Stewart names new chief legal officer
Posted Date: Wednesday, May 09, 2012
Stewart Information Services Corp. announced the appointment of a new chief legal officer. Read on for more about the new appointment.
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Associations urge NFIP reauthorization
Posted Date: Wednesday, May 09, 2012
With less than a month until the National Flood Insurance Program lapses again, members of various aspects of the real estate community urged Senate leadership to reauthorize the program. Read on for more details.
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RESPRO voices concerns about potential discrimination
Posted Date: Wednesday, May 09, 2012
The Real Estate Services Providers Council Inc. sent a letter to the Consumer Financial Protection Bureau voicing its concerns about potential additional restrictions on affiliated businesses that it said would exacerbate discriminatory practices against affiliates at the federal level. Read on for more details from the letter.
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New Mexico Insurance Division requests access to New Mexico Title records
Posted Date: Wednesday, May 09, 2012
After a hearing with the public regarding the investigation into New Mexico Title, the New Mexico Insurance Division wrote to the company’s receiver to request access to New Mexico Title’s files in order to address consumer’s title issues. Read on for more details.
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Underwriter successful in limiting liability to lender after borrower default
Posted Date: Wednesday, May 09, 2012
After a borrower in California defaulted on a $37 million construction loan, the lender sued the underwritten title company and the title insurer for allegedly breaching the lenders closing instructions and the title policy and also for alleged fraud, breach of fiduciary duties and bad faith. After almost 2 months of trial, a jury found otherwise, finding no fault on the part of the title company or the title insurer. Read on for details of this case.
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ALTA honors Congress members with Protecting the American Dream Award
Posted Date: Wednesday, May 09, 2012
The American Land Title Association honored Sen. Kay Hagan and Rep. Judy Biggert with the first Protecting the American Dream Award for promoting homeownership, protecting property rights and understanding the value of title insurance. Read on to find out more about the work of these two members of Congress, as well as the award they received.
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Arizona counties embrace eRecording
Posted Date: Monday, May 07, 2012
The Property Records Industry Association announced that Arizona has become the second multi-jurisdictional state in which 100 percent of its counties are eRecordng. Read on to find out more about the other states that are eRecording and a newly formed eRecording eXellence Work Group.
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Louisiana Department of Insurance releases official letter on “thing of value” concerns
Posted Date: Monday, May 07, 2012
After causing a stir by releasing a bulletin late last year concerning what title insurance companies can give and receive from other members of the real estate industry, the Louisiana Insurance Department of Insurance released an advisory letter clarifying questions that were raised after the bulletin was released. Read on for more details.
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Georgia adopts closing protection law
Posted Date: Monday, May 07, 2012
Title insurers in Georgia can now issue closing protection letters for real estate transactions they insure and charge a fee for the service. Gov. Nathan Deal signed a bill approving legislation governing CPLs, which went into effect immediately.
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Governor signs major title insurance bill
Posted Date: Monday, May 07, 2012
Two months after its passage in the Florida legislature, Gov. Rick Scott signed a bill that prepares the way for an effective agent data call and amend other aspects of title insurance regulation. Read on for more details.
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Crafting compliant business arrangements with your clients
Posted Date: Wednesday, May 02, 2012
Do you want to know more about forming alternatives to affiliated business arrangements in a compliant manner? During Real Estate Services Providers Council’s 2012 Annual Conference, speakers shared tips on how to go about making these arrangements and The Legal Description’s sister publication, RESPA News, was on the scene.
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Escrow role examined in improper closing cost case
Posted Date: Wednesday, May 02, 2012
A dispute over allegedly improper closing costs caused a U.S. District Court judge in Washington to examine the role of the escrow agent. Read on to find out what he had to say about the escrow agent’s responsibilities.
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Miswritten lot number leads to negligence suit
Posted Date: Wednesday, May 02, 2012
After spending several months building on property he thought he purchased, a man in Oregon found that he had actually purchased an adjacent lot in the same development. As part of a series of court proceedings, he sued the title company for changing the lot number in the title commitment and deed without informing him or the seller of the property. Read on to find out what the Court of Appeals of Oregon had to say when the case came before it.
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Trade groups urge safe harbor in ability-to-repay rule
Posted Date: Wednesday, May 02, 2012
A group of 22 trade organizations, including the American Land Title Association and American Escrow Association, urged the Consumer Financial Protection Bureau to establish a safe harbor for lenders required to comply with the ability-to-repay rule it is required to write under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read on for details from their letter.
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Senator urges NFIP extension
Posted Date: Monday, April 30, 2012
Sen. David Vitter on the Senate floor urged Senate Majority Leader Harry Reid to bring up for a vote a bill that would extend the National Flood Insurance Program for five years. Read on for details.
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Summit session preview – Voice of the Independent Agent
Posted Date: Monday, April 30, 2012
The speakers for the 2012 National Settlement Services and Compliance Summit are working diligently preparing their presentations. We caught up with the members of the Voice of the Independent Agent panel to see what is on their minds for discussion. Read on for the details.
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CFPB examines impact of arbitration
Posted Date: Monday, April 30, 2012
The Consumer Financial Protection Bureau launched a public inquiry into how consumers and financial services companies are affected by arbitration and arbitration clauses. Read on for more about the investigation.
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Kentucky clerks take aim at MERS, title industry
Posted Date: Monday, April 30, 2012
Fourteen Kentucky clerks filed suit against Mortgage Electronic Registration Systems Inc. and several others, including the American Land Title Association, First American Title Insurance Co. and Stewart Title Guaranty Co. Read on for more details about the suit.
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Maine case moves forward as class action, members notified
Posted Date: Monday, April 30, 2012
A U.S. district court judge in Maine has allowed a lawsuit brought against a national underwriter to move forward as a class action, and also authorized notice to potential class members. Read on to find out more about this reissue rate dispute.
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