News By Edition

The FBI’s Internet Crime Complaint Center issued an updated public service announcement regarding the threat of ransomware on U.S. businesses and organizations. Read on for more details.

The U.S. Judicial Panel on Multidistrict Litigation issued an order denying transfer to centralize pretrial proceedings in a total of 21 actions and potential tag-along actions against First American Financial Corp. arising from the exposure of records relating to real estate transactions dating back 16 years. Read on for more details.

Moody’s Investor’s Service did an in-depth study of the impact ransomware attacks have had and could have on local governments, highlighting the importance of IT investment and response planning. Read on for more details.

A Maryland borrower was found to have made a claim against a title company for constructive fraud and was awarded damages. The title company and borrower appealed, challenging the amount of the damages award. The appellate court found that the damages suffered were not, as a matter of law, the result of constructive fraud.

An in-depth investigative study by Better Business Bureau finds that business email compromise scams have cost businesses and other organizations more than $3 billion since 2016. Read on for details from the report.

After refinancing his mortgage and arranging for a title company to hold funds to satisfy an obligation to his ex-wife, a borrower discovered that the funds were unaccounted for. He filed suit against the title company, the company’s president and vice president. The trial court found that the vice president was not liable for the funds and the borrower appealed. Read on for more from the appellate court’s ruling.

California Gov. Gavin Newsom vetoed two bills regarding title company and escrow agent asset requirements. Both bills had passed soundly through both the California Assembly and California Senate.

The ex-wife of a property owner in New Jersey appealed a foreclosure judgment against property owned by her former husband during their marriage, claiming a priority interest over the refinanced mortgage being foreclosed. Read on for more details.

The Coalition to Stop Real Estate Wire Fraud announced a new partner in the battle against mortgage closing scams and real estate wire fraud. Read on for more details.

The California Department of Business Oversight (DBO) issued guidance to state-chartered financial institutions regarding banking relationships with cannabis-related businesses as more banks and credit unions choose to bank the industry. Read on for more details.

The American Land Title Association’s Real Property Records Committee released a whitepaper titled “Privacy, Redaction, and Public Land Records,” giving guidance regarding the redaction of personal information in the public land records. Read on for more details.

A Hazlet, N.J., attorney has been arrested for stealing funds from four clients in the course of five months. Read on for more details.

A federal court has entered a temporary restraining order against Utah-based Zurixx, LLC and affiliated companies, which the Federal Trade Commission (FTC) and the Utah Division of Consumer Protection (DCP) allege have used deceptive promises of big profits to lure consumers into real estate seminars costing thousands of dollars. Read on for more details.

In a case of first impression, the second owners of property in Florida sued the homebuilder for violating state law when they installed the stucco system on the home. The homebuilder sought to stay the case and compel arbitration pursuant to the language of the original special warranty deed they executed to the previous owners. The trial court granted the motion and the homeowners appealed, arguing that the arbitration provision was a personal covenant binding upon the previous owners, not a covenant running with the land.

The U.S. House of Representatives passed landmark legislation to reform federal cannabis laws, with the support of many in the real estate and banking industries. Read on for more details.

The U.S. Senate Appropriations Committee recently approved the FY 2020 Commerce, Justice, Science Appropriations bill for Senate consideration. Included in that bill is language raising awareness of business email compromise and emphasizing the need for cybersecurity. Read on for more details.

In the latest First American Loan Application Defect Index, Chief Economist Mark Fleming notes that stronger buyers’ market conditions and a rising share of refinance transactions are needed to maintain the declining fraud risk momentum. Read on for more details.

Three Californians were sentenced for conspiring to commit wire fraud in a mortgage fraud scheme. Read on for more details.