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Title agent seeks coverage after cybertheft
Posted Date: Monday, November 23, 2020
A title agent sued its errors and omissions insurer for losses relating to an email spoofing scheme in which the agent was tricked into sending real estate loan proceeds to a fraudulent account. Read on to find out how a federal district court ruled on the parties’ cross motions for summary judgment.
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Note holder, title insurer debate statute of limitations
Posted Date: Wednesday, December 9, 2020
After purchasing a note as part of a portfolio, the note holder examined the file and found that the deed of trust for the property had not been recorded. It sought coverage from the title insurer to address the issue, but the title insurer denied coverage. The note holder filed suit and the title insurer moved for summary judgment, arguing the note holder’s claims were barred by the three-year statute of limitations. The case eventually went before the Court of Special Appeals of Maryland.
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Florida to consider RON law amendments
Posted Date: Wednesday, December 9, 2020
The Florida Legislature will consider legislation that would amend its remote online notarization law. Among other things, the bill would authorize a notary’s employer to require the use of a particular technology and provider. It also would require the remote online notary technology provider to store the audio-video recordings of remote online notarizations. Read on for more details.
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Bank sues over owner’s fraudulent transfer
Posted Date: Wednesday, December 9, 2020
A bank sued a husband and wife to undo the transfer of their property in St. Petersburg, Fla., via quit claim deed. It alleges the couple quit claimed the property into both of their names to evade the bank’s attempt to collect on a judgment it obtained in federal court in Vermont against the husband. Read on for more details.
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Nevada legislature to consider licensing bill
Posted Date: Wednesday, December 9, 2020
During its 2021 session, the Nevada Legislature will consider legislation to amend its insurance licensing laws. Among other things, the legislation would revise the requirements for renewing an escrow officer license and the bonds required to be provided by title agents and title insurers as a condition of doing business. Read on for more details.
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Property owners dispute easements rights to driveway
Posted Date: Wednesday, December 9, 2020
The owner of property filed suit against an adjoining property owner, alleging the adjoining property owner interfered with the owner’s easement rights under a deed. It specifically argued the adjoining property owner violated the easement by enlarging a loading dock platform and impeding the owner’s vehicles’ ingress and egress to the site. Read on for more details.
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Ex-attorney indicted for wire fraud
Posted Date: Wednesday, December 9, 2020
A former attorney who specialized in elder law and estate planning was indicted on federal wire fraud, mail fraud and false statement charges. Read on for more details.
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Couple sues firm for malpractice after phishing scam
Posted Date: Monday, December 7, 2020
After a couple’s closing funds were stolen by a phishing scam, the couple sued their closing firm for malpractice, arguing the firm should have done more to protect their funds. The case eventually went before the Supreme Court of Appeals of West Virginia. Read on for more details.
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Mr. Cooper, CFPB, settle illegal foreclosure suit
Posted Date: Monday, December 7, 2020
The Consumer Financial Protection Bureau announced it and several states reached a settlement with Mr. Cooper (formerly Nationstar Mortgage LLC) in a suit in which the bureau alleges Mr. Cooper engaged in unfair and deceptive acts and practices by foreclosing on borrowers while loss mitigation efforts were pending. Read on for more details.
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New Jersey adopts redaction bill
Posted Date: Monday, December 7, 2020
New Jersey Gov. Phil Murphy signed legislation to shield the home addresses and telephone numbers of judges, prosecutors and law enforcement officers from public disclosure. The bill is named in honor of a judge’s son, who was the victim of gun violence committed by an individual who had compiled personal information about the judge, including the judge’s home address. Read on for more details.
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New Jersey man pleads guilty in fraud scheme
Posted Date: Monday, December 7, 2020
A Bergen County, N.J., man admitted his role in a scheme to defraud financial institutions of hundreds of thousands of dollars. Read on for more details.
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Illinois director of insurance steps down
Posted Date: Monday, December 7, 2020
Robert Muriel, director of the Illinois Department of Insurance, announced he is leaving his position on Dec. 11, 2020. Read on for more details.
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Owners claim coverage after quitclaim to LLC
Posted Date: Wednesday, December 2, 2020
When the owner of property across the street claimed an easement on commercial property, the owners of the commercial property sought coverage under their title policy. Coverage was denied because the owners had quitclaimed the property to an LLC of which they were the sole members. The couple filed suit for breach of contract. Read on for more details.
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Buyer sues title insurer over erroneous legal description
Posted Date: Wednesday, December 2, 2020
The buyer of property in Bear Lake County, Idaho, believed he was buying more property than he did based on the erroneous legal description provided by the title agent. After litigating a suit against the agent and the seller in state court, the buyer filed suit against the title insurer. Read on for more details.
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IRS, Treasury issue final 1031 exchange regulations
Posted Date: Wednesday, December 2, 2020
The Treasury Department and the Internal Revenue Services issued final regulations relating to section 1031 like-kind exchanges. The final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange. Read on for more details.
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Ohio considers new electronic recording legislation
Posted Date: Wednesday, December 2, 2020
The Ohio General Assembly is considering a bill that would require counties to provide an electronic means of recording instruments and accessing recording instruments. It also would allow recorders to charge a document preservation surcharge. Read on for more details.
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New Jersey Legislature amends restrictive covenant bill
Posted Date: Wednesday, December 2, 2020
The New Jersey Legislature has amended a bill to prohibit deeds recorded after Jan. 1, 2021, from including a restrictive covenant regarding the ownership or use of real property. The current bill would allow owners of real property to release restrictive covenants by recording a certificate of release of certain prohibited covenants. The amendments would require homeowners’ associations, cooperative corporations, condominium associations and planned communities to review their governing documents to determine whether those documents contain restrictive covenants and amend those documents if requested. Read on for more details.
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Wisconsin to adopt electronic license renewal notifications
Posted Date: Wednesday, December 2, 2020
In a bulletin to insurance license registrants, the Wisconsin Officer of the Commissioner of Insurance said it is adopting electronic license/registration renewal notifications as of Feb. 1, 2021. Read on for more details.
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Insurer seeks declaration on indemnity for class action suit
Posted Date: Monday, November 23, 2020
An errors and omissions insurance provider filed suit seeking a declaration that it does not owe a duty to defend or indemnify a title agency in a pending putative class action. The underlying action alleges that the title agency improperly charged a buyer, and perhaps thousands of others, a closing fee that was supposed to be paid by the seller. Read on for more details.
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ALTA, coalition seek streamlined PPP forgiveness
Posted Date: Monday, November 23, 2020
The American Land Title Association and a coalition of associations representing banks, credit unions, financial institutions, nonprofits and businesses of all sizes sent a letter to Congress requesting they pass legislation to streamline Paycheck Protection Program forgiveness for small businesses. Read on for more details.
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PRIA publishes electronic notary paper
Posted Date: Monday, November 23, 2020
The Property Records Industry Association published a paper titled Electronic Notary: How Does It Impact Recording?, regarding the legal foundations of eNotarizations as well as its impact on recording. Read on for more details.
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Kentucky Department of Insurance: industry subject to executive order
Posted Date: Monday, November 23, 2020
The Kentucky Department of Insurance reminded the insurance industry that it is subject to the mandate in the governor’s Executive Order 2020-968 that all professional services and other office-based businesses mandate all employees that are able to work from home do so and close their businesses to the public when possible. Read on for more details.
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Nine arrested for $6 million mortgage relief scam
Posted Date: Monday, November 23, 2020
Nine individuals have been arrested an arraigned on 136 felony counts for allegedly operating an advance fee mortgage relief scam that claimed to prevent the foreclosure of properties throughout Southern California. The alleged scheme impacted multiple victims, resulted in a loss of approximately $6 million and affected more than 200 properties. Read on for more details.
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