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Borders & Borders decision won’t be appealed
Posted Date: Wednesday, May 23, 2018
The Consumer Financial Protection Bureau is going to allow the U.S. District Court for the Western District of Kentucky’s decision in its case against Borders & Borders to stand, informing attendees’ at the American Land Title Association’s Advocacy Summit that it will not repeal the decision, according to a report from ALTA. Read on for more details.
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NS3 Preview: Blockchain, Bitcoin and You
Posted Date: Wednesday, May 23, 2018
Blockchain technology is expected to revolutionize the real estate industry as it becomes better understood and more widely implemented. It seems only fitting to have the 2018 National Settlement Services Summit (NS3) close with a lively discussion of this topic.
During the session titled “Blockchain, Bitcoin and You,” three industry insiders will discuss how the growth of Blockchain and cryptocurrency stands to benefit title agents, lenders, Realtors and borrowers.
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Property owner sues for breach of fiduciary duty, RICO after settlement
Posted Date: Wednesday, May 23, 2018
After an undisclosed first lien holder on property purchased in Astoria, Ore., foreclosed on the property and requested he vacate the property, the property owner had no interest in getting title to the property. However, he got the property back in a global settlement of two suits involving the property, which his underwriters negotiated on his behalf. After receiving title to the property, he sued his underwriters for fraud, breach of fiduciary duty and violations of the Oregon Racketeering Influence and Corrupt Practices Act. Read on for more details.
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Purchaser appeals order on negligence suit
Posted Date: Wednesday, May 23, 2018
Seeking to recover damages for negligence, the purchaser of property in Brooklyn appealed a trial court’s decision in favor of the defendant’s title agency. Read on for more details.
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New York considers mortgage release for public assistance recipients
Posted Date: Wednesday, May 23, 2018
The New York State Assembly is considering a bill that would prevent social services districts from requiring public assistance recipients to execute a mortgage in favor of the county in the amount of public assistance received as a condition for eligibility for public assistance. Read on for more details.
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Four New Yorkers indicted for alleged $167.6 mortgage fraud scheme
Posted Date: Wednesday, May 23, 2018
A federal grand jury indicted four defendants from western New York with conspiracy to commit, and substantive charges of, wire fraud and bank fraud for their roles in a scheme that led to $167.6 million in fraudulent mortgages being issued. Read on for more details.
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D.C. Tenant Opportunity to Purchase Act amendments cause concern
Posted Date: Monday, May 21, 2018
The Council of the District of Columbia has introduced legislation that would amend the Tenant Opportunity to Purchase Act of 1980 to no longer exempt bankruptcy sales of housing accommodation from transfers subject to the act. The proposed amendment also would require owners of rental housing accommodation that the owner acquired pursuant to a court-ordered sale to give tenants the opportunity to purchase the property. Read on to learn why the D.C. Land Title Association opposes the measure.
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Attorneys bring RESPA, reg compliance to NS3 stage
Posted Date: Monday, May 21, 2018
Top compliance attorneys from around the country will take the stage June 6-8 at the National Settlement Services Summit (NS3) to provide the latest updates in RESPA and regulatory compliance to attendees.
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Appellate court rules foreclosure title charges deceptive
Posted Date: Monday, May 21, 2018
In a case of first impression in the Colorado courts, the Colorado Court of Appeals addressed whether the Colorado Consumer Protection Act (CCPA) and the Colorado Fair Debt Collection Practices Act (CFDCPA) prohibited foreclosure attorneys and title companies from billing mortgage servicer clients foreclosure commitment charges when those full costs were not actually incurred, despite knowing that these fraudulent costs would be assessed against homeowners in foreclosure. A district court ruled against the law firm and title companies, saying they violated the CCPA and the CFDCPA by engaging in the billing practice described above. Upon review, the appellate court affirmed. Read on to learn why the appellate court rejected the defendants’ argument that the filed rate doctrine restricted their payment practices.
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Louisiana passes bill on inferior lien cancellation
Posted Date: Monday, May 21, 2018
The Louisiana Legislature passed a bill that provides for the cancellation of inferior liens and mortgages on property sold at sheriff’s sales. The bill awaits the governor’s signature. Read on for more details.
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Title company claims MRTA extinguishes use restrictions
Posted Date: Monday, May 21, 2018
In a dispute over land restrictions thought to have been extinguished from a 2007 acquisition, Chicago Title alleged that the use restrictions at issue actually were extinguished by the Oklahoma Marketable Record Title Act (MRTA). An Oklahoma district court looked into the 1956 and 1954 deeds at issue to determine whether MRTA extinguished the restrictions. It found that the 1956 restrictions were voluntarily released, but ruled against Chicago Title’s judgment on the pleadings. Read on to learn why.
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Floridians sentenced for bank, wire fraud
Posted Date: Monday, May 21, 2018
Two Floridians were sentenced to time in prison for conspiracy to commit bank and wire fraud in connection to a scheme to sell condominium units in Tampa, Fla. Read on for more details.
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Texas secretary of state proposes remote notary regulations
Posted Date: Wednesday, May 16, 2018
The Texas Secretary of State has published in the May 4, 2018 issue of the Texas Register proposed rules to implement statutory revisions enacted in HB 1217, which allows for remote notarization. Read on for more details on the proposed regulation.
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Title company seeks exemption in seller’s bankruptcy case
Posted Date: Wednesday, May 16, 2018
A title insurer brought an adversary proceeding to except debt from discharge in a bankruptcy case by the seller of property who the company said lied about competing encumbrances on the property during the sale of property insured by the company. Read on for more details.
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Michigan issues bulletin on insurance ’sliding’
Posted Date: Wednesday, May 16, 2018
Patrick McPharlin, director of the Michigan Department of Insurance and Financial Services, issued a bulletin on insurance sliding, defined as an agent’s failure to fully disclose the details of and obtain informed consent to, the purchase of all products and services being included in an insurance transaction. Read on for more details.
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NS3 Keynote: Surviving, thriving in new regulatory world
Posted Date: Wednesday, May 16, 2018
Flagstar Bank President and CEO Alessandro DiNello helped build Flagstar into the fifth-largest mortgage bank in the country, as well as one of the few to grow its servicing business in subsequent years. He will bring an expansive knowledge base to the stage as the keynote speaker at the 2018 National Settlement Services Summit (NS3) in Detroit, discussing collaboration with industry partners and new regulatory challenges to face.
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Colorado gets new deputy executive director
Posted Date: Wednesday, May 16, 2018
Colorado Department of Regulatory Agencies (DORA) Executive Director Marguerite Salazar has appointed Chris Myklebust to serve as deputy executive director of DORA. Read on for more details.
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South Carolina adopts Insurance Data Security Act
Posted Date: Monday, May 14, 2018
South Carolina Gov. Henry McMaster signed the South Carolina Department of Insurance Data Security Act into law. South Carolina will be the first in the nation to pass a cybersecurity bill that requires insurers to establish a strong and aggressive cybersecurity program to protect their companies and their consumers from a data breach, the release announcing the new law stated. Read on for more details.
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NS3 Preview: Meridian CEO discusses life after CFPB enforcement
Posted Date: Monday, May 14, 2018
Sept. 27, 2017, was undoubtedly one of the toughest days ever for South Bend, Ind.-based Meridian Title Corp. It was that day that Consumer Financial Protection Bureau (CFPB) publicly announced a consent order (CO) entered into between it and Meridian. Athough Meridian denied any wrongdoing from that day on the company was tasked with complying with the CFPB’s consent order and simultaneously working to reaffirm its hard-earned reputation within the title industry. Meridian CEO Mark Myers will take the stage on the first day of the National Settlement Services Summit (NS3) in Detroit (June 6-8) in an aptly focused session “Life After Enforcement” to discuss the CFPB’s action and its aftermath.
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Parties dispute disbursement of escrow funds
Posted Date: Monday, May 14, 2018
A purchase agreement required the seller to complete improvements to property it was selling and put funds into an escrow account. If the seller completed the work, the funds would be returned. But if the seller failed to complete the improvements, the buyer could complete the improvements and get reimbursed from the escrow funds. The seller never completed the improvements and eventually filed for bankruptcy. The buyer filed an adversary proceeding in bankruptcy court to declare that the escrow funds were not part of the bankruptcy estate. Read on for more details.
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Maryland adopts new law on tax sales of vacant land
Posted Date: Monday, May 14, 2018
A new law in Maryland authorizes the governing body of a county or municipal corporation to release liens for unpaid real property taxes or other charges and assessments to facilitate a transfer of real property under certain conditions and authorizes those governing bodies to withhold certain real property from tax sale under certain circumstances. Read on for more details.
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Former Nevada woman arrested for mortgage fraud
Posted Date: Monday, May 14, 2018
A woman formerly of Las Vegas was arrested in Cloverdale, Calif., and charged by the Nevada Attorney General with mortgage fraud. She is allegedly conspired with her husband to mislead victims whose homes were at risk of foreclosure. Read on for more details.
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Texas promotes deputy commissioner
Posted Date: Monday, May 14, 2018
Texas Insurance Commissioner Kent Sullivan promoted Doug Slape to second-in-command at the Texas Department of Insurance. Slape has been at the agency since 1988 and has served as deputy commissioner for the Financial Regulation Division the past three years. Read on for more details.
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