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Florida DFS finalizes anti-inducement rule
Posted Date: Tuesday, February 2, 2016
The Florida Department of Financial Services has finalized a rule interpreting state law which provides that it is an unfair method of competition and unfair or deceptive act or practice to engage in certain activities related to title insurance. Read on to find out what activities are prohibited under the rule, which goes into effect Feb. 9.
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Title rate reform called for in Texas
Posted Date: Wednesday, February 3, 2016
On Feb. 2, the Texas Association of Business and the Texas Public Policy Foundation called for comprehensive reform of the state’s overly regulated title insurance system, arguing that consumers should be able to shop for rates. Read on for more on the initiative and how the Texas Land Title Association responded.
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Insurer seeks to slap down complaint
Posted Date: Tuesday, February 2, 2016
A national underwriter attempted to negotiate with the owners of property adjacent to its insured regarding an easement dispute. When the negotiations fell through, its lender insured filed a quiet title action. The homeowners filed a complaint against the title insurer for its role in the prelitigation negotiations and the filing of its insured’s suit. A California trial court granted the insurer’s special motion to strike the suit pursuant to the anti-SLAPP statute. Read on to find out what happened when the homeowners appealed.
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Underwriter compels discovery in fraud dispute
Posted Date: Wednesday, February 3, 2016
After filing suit against an agent for fraud and unjust enrichment, a national underwriter struggled with the agent to compel discovery in the case. A trial court in Minnesota awarded default judgment to the underwriter after the agent’s failure to provide the requested information, and the agent appealed.
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Defect, fraud risk down for fifth straight month
Posted Date: Thursday, January 28, 2016
In its latest Loan Application Defect Index, First American Financial Corporation noted that December saw the fifth month-over-month decline in defect and misrepresentation risk across the country. Read on for more details.
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Utah considering revised liability statute
Posted Date: Monday, January 25, 2016
The Utah Legislature is considering amending its law governing closing protection to address, among other things, the liability of title insurers under certain circumstances surrounding closings. Read on for more details.
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Maryland considers new requirements
Posted Date: Wednesday, February 3, 2016
The Maryland General Assembly is considering a bill that would, among other things, require secured parties to record instruments of writing, transferring residential property within a certain time after the entry of a court order ratifying a foreclosure sale. Read on for more details.
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Massachusetts squashes appeal to new law
Posted Date: Monday, January 25, 2016
At the request of Secretary of the Commonwealth William Galvin, Massachusetts Attorney General Maura Healey determined that the Act Clearing Titles to Foreclosed Properties was not lawfully the subject of a referendum petition, ensuring the new law remains in effect. Read on for more details.
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Idaho Senate affirms new insurance director
Posted Date: Tuesday, February 2, 2016
The Idaho Senate confirmed the appointment of former Sen. Dean Cameron as the director of the Idaho Department of Insurance. Read on for more details.
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Former Cook County Clerk admits to fraud
Posted Date: Monday, January 25, 2016
A former clerk for the Cook County Recorder of Deeds pleaded guilty to accepting a cash bribe in exchange for preparing a back-dated deed on an Oak Park, Ill., home and agreeing to record it with her office. Read on for more details.
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Cuomo appoints new superintendent, others to DFS posts
Posted Date: Wednesday, February 3, 2016
Gov. Andrew Cuomo announced three appointments to the New York State Department of Financial Services. These appointments follow the governor’s recent nomination of Maria Vullo to serve as the superintendent of DFS. Read on for more information about the three appointees.
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Illinois may create title insurance supervisor
Posted Date: Wednesday, February 3, 2016
The Illinois General Assembly is considering a bill that would, among other things, create a supervisor of title insurance. Read on for more details.
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Texas title agency ordered to be liquidated
Posted Date: Wednesday, February 3, 2016
On Jan. 25, 2016, the Travis County District Court entered an Agreed Order Appointing Liquidator and Permanent Injunction against a Texas title agency, ordering the Texas Department of Insurance (TDI) to liquidate the company. Read on for more details.
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Virginia may amend settlement agent statute to reflect TRID
Posted Date: Tuesday, February 2, 2016
The Virginia General Assembly is considering a bill that would amend its statute regarding real estate settlement agents to include the term “Closing Disclosure,” as well as other amendments to settlement agent law. Read on for more details.
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Pa. attorney guilty of selling invalid title policies
Posted Date: Tuesday, February 2, 2016
The U.S. Attorney’s Office for the Middle District of Pennsylvania announced that a Pennsylvania and title agency owner was convicted of seven counts of mail fraud in connection with the operation of her abstract and title insurance company. She was found guilty of selling title insurance policies after her agency agreement with a national title insurance underwriter had been terminated. Read on for more details.
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New Jersey man sentenced for real estate Ponzi scheme
Posted Date: Thursday, January 28, 2016
A Woolwich Township, N.J., was sentenced to 72 months in prison for scamming distressed homeowners into giving him their houses and then soliciting fake real estate investments from private investors – secured by those same properties – that netted him more than $3 million in illicit profits.
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New York to get new DFS superintendent
Posted Date: Monday, January 25, 2016
Gov. Andrew Cuomo announced his nomination for superintendent of the New York State Department of Insurance. The nominee has an experienced litigator and manager, with more than 25 years of practice in business litigation and investigations. Read on to find out more about the nominee.
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