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Does bona fide purchaser take property free of liens?
Posted Date: Wednesday, March 29, 2017
The plaintiff/respondent in a California appellate court case purchased real property while knowing about a recorded default judgment in the chain of title that vacated the lien interest of the defendants/appellants. The default judgment was adjudicated as void. The trial court determined that the plaintiff/respondent was a bona fide purchaser for value that took title to the property free of the defendant/appellant’s lien. The decision was then appealed.
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N.Y. requires insurance companies to provided updated disaster recovery plans
Posted Date: Wednesday, March 29, 2017
The New York Department of Financial Services is requiring all insurance companies licensed to conduct business in New York State to submit updated disaster response and recovery plans and responses to online questionnaires to the department by June. Read on for more details.
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California bill addresses vacant property, trustees
Posted Date: Wednesday, March 29, 2017
The California General Assembly has introduced a bill that would clarify that a trustee shall not be a legal owner for purposes of state requirements to maintain vacant property. Read on for more details.
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Illinois businessmen convicted on bank fraud
Posted Date: Wednesday, March 29, 2017
Two businessmen have been convicted on bank fraud charges for falsifying loan documents to prevent foreclosure on a nearly $2 million parcel of land in Aurora. The fraud left one couple out of $450,000, and an elderly couple out of $300,000. Read on for more details.
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Colorado bill would convey vacated alleys with property
Posted Date: Wednesday, March 29, 2017
A bill in the Colorado General Assembly would create a presumption that a conveyance of an interest in land also conveys an interest in adjoining property consisting of a vacated right-of-way. Read on for more details.
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Tax lien foreclosure leads to recording dispute
Posted Date: Monday, March 27, 2017
After filing an action to foreclose on two tax liens in Yonkers, N.Y., the bank that held the tax liens filed a motion for leave to file a late motion for summary judgment and the owners of the property filed a motion for summary judgment. Read on for more details.
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Conflicting legal descriptions lead to priority dispute
Posted Date: Monday, March 27, 2017
A Pennsylvania bank appealed a second time from a bankruptcy court order directing the proceeds from the sale of the debtors’ property to another bank. The court had to determine whether the second bank released its mortgage on the debtors’ property before the appellant bank recorded its interest in the same property. The release contained conflicting legal descriptions of the property. Read on for more details.
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Nevada introduces real property recording statute
Posted Date: Monday, March 27, 2017
The Nevada Assembly has introduced legislation that would authorize the recording of certain real documents and limit actions constituting easements by prescription under certain circumstances. Read on for more details.
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Latest Loan Application Defect Index shows increase
Posted Date: Monday, March 27, 2017
The First American Loan Application Defect Index for February 2017 showed that the frequency of defects increased from both the month before and a year prior. Read on for more details.
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Mass. attorney, loan officer, plead guilty to conspiracy
Posted Date: Monday, March 27, 2017
A Methuen attorney and a Methuen loan officer pleaded guilty in connection with a sweeping conspiracy to defraud banks and mortgage companies by engaging in sham “short” sales of residential properties in Merrimack Valley. This follows charges being filed against a real estate broker and another attorney earlier in the week.
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Minnesota title company, real estate agent fined for kickback scheme
Posted Date: Wednesday, March 22, 2017
Minnesota Commerce Commissioner Mike Rothman announced that his department has fined an Elk River title insurance company and a Maple Grove real estate agent for a kickback scheme in which the agent steered nearly all of his clients to the company in exchange for valuable perks for himself. Read on for more details.
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Vermont appoints deputy commissioner of insurance
Posted Date: Wednesday, March 22, 2017
Vermont Department of Financial Regulation Commissioner Michael S. Pieciak announced the appointment of Christina R. Rouleau as deputy commissioner of the Insurance Division. Read on for more details.
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OCC provides draft licensing supplement for fintech
Posted Date: Wednesday, March 22, 2017
The Office of the Comptroller of the Currency provided additional detail on evaluating national bank charter applications from financial technology companies that engage in the business of banking. Read on for more details.
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Florida DFS opens comments on title insurance inducement rule
Posted Date: Monday, March 20, 2017
The Florida Department of Financial Services has opened its comment period for a rule entitled Unlawful Inducements Related to Title Insurance Transactions. The rule is designed to clarify that “the reimbursement of any premium, fees, or costs relating to title insurance transactions, or the provision of any non-specified valuable consideration or benefit that also serves as an inducement in the placement of title insurance, is an unlawful rebate.” Read on for more details.
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New York allows electronic signatures for mortgages
Posted Date: Monday, March 20, 2017
The New York State Assembly has adopted a bill that clarifies that electronic signatures may be utilized in relation to the definition of the term “consummation of mortgage.” Read on for more details.
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Florida DFS issues consent order against title agency
Posted Date: Monday, March 20, 2017
Florida Chief Financial Officer Jeff Atwater issued a consent order against a title agency after an investigation alleged that the agent misstated settlement closing fees, among other things. Read on for more details.
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