|
Ready or not, it’s here
Posted Date: Thursday, September 24, 2015
Its officially fall—time for school, pumpkins, cool air…and TRID.
|
|
|
Recording and TRID: Impetus for change?
Posted Date: Thursday, September 10, 2015
Everyone knows that one of the most important parts of a real estate transaction is the recording of the deed to the property, letting everyone know who owns or has rights to the land. Federal regulatory forces are in play that may be an impetus for change in many recording jurisdictions. During the Property Records Industry Association’s Annual Conference, speakers and PRIA members spoke about these changes, coming in the form of the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure Rule (TRID).
|
|
|
Title agency owner challenges license revocation
Posted Date: Thursday, September 10, 2015
A title owner and his agency challenged the revocation of their insurance license by the Arkansas Insurance Department. A trial court affirmed the department’s revocation of the license before the case was appealed to the Court of Appeals of Arkansas. Read on for more details.
|
|
|
Statute of limitations in dispute in Commonwealth claim
Posted Date: Tuesday, September 8, 2015
In a bankruptcy case in Pennsylvania, Commonwealth Land Title Insurance Co. sought to recover an $8,000 claim it paid out to debtors who later filed for bankruptcy, saying the debtors were unjustly enriched. The debtors claimed that Commonwealth’s bid was untimely, filed past the state’s four-year statute of limitations. Read on to find out whether the court ruled that the claim would survive the debtors’ objection.
|
|
|
Court derails Chicago Title’s dispute on former railroad properties
Posted Date: Tuesday, September 8, 2015
A New Jersey federal court recently ruled that Chicago Title Insurance Co., must pay the attorney fees of its policyholders who had to defend their property rights to a former railroad in dispute with local government. The title insurer argued that certain policy exclusions negated its duty to defend the plaintiffs, but the court called its description of the policy “a tortured reading.” Find out why the court considered the title policy’s language to be crystal clear.
|
|
|
Three sentenced for racketeering as Operation Wax House continues
Posted Date: Tuesday, September 8, 2015
Three individuals, including a real estate agent, were sentenced on federal racketeering charges as part of a real estate scam. The convictions are the latest in Operation Wax House, which charged 91 individuals in the mortgage fraud scheme. Two remain at large and two remain to be sentenced.
|
|
|
Is title company liable for damages agreed to by insured?
Posted Date: Wednesday, September 2, 2015
To untangle themselves from a complicated construction project, investors in the project entered into an agreement to sell the property and pay off the mechanic’s liens that had been placed on it. They then filed a claim with the title insurer for damages incurred in resolving the mechanic’s lien issue. Read on to find out whether the Arizona Court of Appeals determined the title company was liable for damages agreed to by the investors under the settlement agreement.
|
|
|
Title agency consents to cease-and-desist order regarding kickbacks
Posted Date: Wednesday, September 2, 2015
A Minnesota title agency and its designated responsible individual producer have consented to a cease and desist order issued by the Minnesota Commissioner of Commerce alleging the company violated state and federal law by providing kickbacks to loan officers and real estate agents in exchange for referrals. Read on for more details.
|
|
|
New York woman convicted of stealing mortgage files, committing identity theft
Posted Date: Wednesday, September 2, 2015
A New York woman was convicted on charges of conspiracy to commit bank and wire fraud, , access device fraud and three counts of aggravated identity theft. She and three others stole mortgage files from East Coast mortgage offices and proceeded to use the information to commit identity theft. Read on for more details.
|
|
|
Court evaluates effect of environmental restrictions
Posted Date: Wednesday, September 2, 2015
After discovering an order of conditions recorded on their property by the Conservation Commission of Ashland that was missed by a title search, owners of a home in Ashland, Mass., sought coverage under a homeowner extended coverage endorsement. Their insurer denied coverage and the homeowners filed suit.
|
|
|
Title company owner pleads guilty to stealing $7.7M in mortgage payoffs
Posted Date: Wednesday, September 2, 2015
New Jersey’s acting attorney general announced that a Pennsylvania title company owner pleaded guilty to stealing $7.7 million in mortgage payoffs to fund business development efforts and a lavish lifestyle. His fraud was first reported to the state’s Department of Banking and Insurance by his title insurer.
|
|
|
RICO charges in 1031 LandAmerica case survive
Posted Date: Thursday, August 27, 2015
A couple who lost more than $800,000 in a 1031 exchange with LandAmerica 1031 Exchange Services Inc. when the company filed suit seeking violations including breach of contract, fraud, and of the Racketeer Influenced and Corrupt Organizations (RICO) Act. Although most of the charges were time-barred and dismissed, the RICO charge against Commonwealth Land Title and Fidelity National Title was upheld. Read on to find out why the court let the charge survive a motion for judgment on the pleadings.
|
|
|
Appellate court finds some class certification in RESPA case vs. First American
Posted Date: Wednesday, August 26, 2015
Eight years after the case was originally filed, a federal appellate court held that there were grounds for class certification in a RESPA case against First American Corp. First American’s claim of protection under Section 8(c)(2) were rejected by the appellate court, which concluded that one subclass had grounds, while remanding the remaining class certification prerequisites to the district court. Read on for the details.
|
|
|
Vegas deal goes bad in dispute over title policy exclusions
Posted Date: Wednesday, August 26, 2015
A Nevada federal court has preserved a court action initiated by Commonwealth Land Title Insurance Co., to exclude its defense and indemnification of a Las Vegas property owner affected by mechanic’s liens from its title policy coverage. Find out why the court denied the property owner’s motions to dismiss and allowed the case to move forward.
|
|
|
Attorney-client emails remain privileged in Commonwealth case
Posted Date: Wednesday, August 26, 2015
A Delaware court recently knocked down a closing agent’s motion to compel Commonwealth Land Title Insurance Co., to produce email communication with its insureds and attorney in connection with a contractual indemnification case, finding that the emails were protected by attorney-client privilege.
|
|
|
Florida men sentenced for fraud, concealing fraud
Posted Date: Wednesday, August 26, 2015
Two Florida men were convicted for their roles in a mortgage fraud scheme. One was convicted of fraud affecting a financial institution. The other was convicted of concealing the massive fraud scheme from financial institutions. Read on for more details.
|
|
|
Florida police warn of fake deed scam
Posted Date: Wednesday, August 26, 2015
Police in a Florida town are warning residents to be on guard for a property and mortgage fraud scheme, one in which the scammer files fake deeds to make it appear as if they own homes that are not theirs. Read on for the details.
|
|
|
Virginia woman pleads guilty to targeted mortgage fraud scheme
Posted Date: Tuesday, August 25, 2015
A Northern Virginia woman who was extradited from Lima, Peru, pleaded guilty to leading a wide-ranging mortgage fraud conspiracy that targeted members of the Hispanic community in Northern Virginia. She operated a real estate firm and title insurance company, which she used to carry out the fraud.
|
|
|
President of California builder pleads guilty to mortgage fraud
Posted Date: Tuesday, August 25, 2015
The president of the builder arm of Discovery Sales Inc. pleaded guilty to conspiracy to commit bank fraud in connection with a mortgage fraud scheme in Northern California during the height of the mortgage crisis. Read on for more details.
|
|
|
FHA creating guidance on energy liens, financing priority
Posted Date: Tuesday, August 25, 2015
The Federal Housing Administration (FHA) announced anticipated guidelines for two initiatives that will support borrowers seeking to make energy-efficient improvements to their homes. The guidance includes provisions regarding the priority of FHA and Property Assisted Clean Energy loans. Read on for more details.
|
|
|
Title insurer sues for indemnity under agency agreement
Posted Date: Tuesday, August 25, 2015
A national title underwriter sued an attorney-agent in Massachusetts, alleging that he violated the terms of his agency agreement in connection with five title policies he issued in the company’s name. The insurer sought reimbursements for losses paid under those policies. Read on for more details.
|
|
|
How do you determine when to calculate diminution of value?
Posted Date: Thursday, August 20, 2015
A title insurer sued its insured, which had obtained a lender’s title insurance policy and later obtained title to the property through foreclosure proceedings after the borrowers discovered title defects. The title insurer sought a declaration that the starting date to calculate the diminution in value was the date of foreclosure. The insured counterclaimed, seeking that the starting date was the date the loans were issued. Read on for more details.
|
|
|
Real estate developer sentenced for role in NC scheme
Posted Date: Thursday, August 20, 2015
A real estate developer from Raleigh, N.C., was sentenced for his role in a mortgage fraud conspiracy in which he fraudulently supplied downpayments to unqualified homeowners and paid kickbacks to those who assisted in the scheme. Read on for more details.
|
|
|
California replaces Uniform Fraudulent Transfer Act
Posted Date: Thursday, August 20, 2015
California Gov. Jerry Brown signed a bill that replaces the state’s Uniform Fraudulent Transfer Act with the Uniform Voidable Transactions Act. Read on for more details.
|
|
|
Is liability insurer responsible for insured title company’s settlement costs?
Posted Date: Thursday, August 20, 2015
After years of litigation over a real estate fraud scheme, all parties entered into a settlement agreement that attempted to shift liability to the title company’s insurance providers. The insurance providers sued for declaratory judgment, arguing that they are not liable. Read on for more details.
|
|