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Complaint management: The who, the how and the what to make your system successful
Posted Date: Thursday, May 28, 2015
Consumer complaint management is a critical component of managing compliance risk in your business practice. Not only does the Consumer Financial Protection Bureau (CFPB) expect that you capture and address every complaint that comes across your desk, but it can also be a tool you can use to identify ways to improve your business operations. There has been confusion over the years, however, regarding CFPB’s specific expectations, the definition of complaint, and how to properly handle consumer complaints. Several industry experts got together at ALTA’s Business Strategies Conference to provide attendees with insights into the CFPB’s expectations and the lessons they have learned to make their consumer complaint management process successful.
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Title insurer sues seller for lien payoff
Posted Date: Monday, February 9, 2015
Despite having their debt discharged during a bankruptcy proceeding, the sellers of property in Texas sold their home with the lien attached. When the title company discovered the lien, it sued the sellers. Read on for more details.
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Timing everything in CPL claim
Posted Date: Thursday, February 19, 2015
When an insured bank went to foreclose on its mortgage, it discovered that it did not have a valid lien on one of the properties the borrower had put up as collateral. It sought a claim on the closing protection letter, but was denied. This suit in federal court followed.
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Bank, title company dispute extent of coverage
Posted Date: Monday, February 16, 2015
After litigation was finished regarding property it held a mortgage on in Illinois, a bank went after its title company, arguing that the title company was required to defend any claim or counterclaim indicating the validity of the mortgage it insured. Read on for more details.
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Congress joins to push for TRID restraint
Posted Date: Thursday, May 28, 2015
Hundreds of Congressional members last week signed on to a letter to the Consumer Financial Protection Bureau, urging a restrained enforcement of the TILA-RESPA Integrated Disclosure rules set to take effect Aug. 1, 2015. Read on to see what they had to say.
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Illinois bill details requirements of property fraud alert systems
Posted Date: Thursday, May 28, 2015
The Illinois General Assembly has passed a bill that allows county recorders to create a registration form to register a property owner on the county’s property fraud alert system. It would allow real estate professionals to file the registration form on the owner’s behalf. The bill awaits the governor’s signature. Read on for more details.
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Leading title law firm shuts doors
Posted Date: Monday, May 18, 2015
One of the largest title law firms in the country has shuttered its doors, filing an Assignment for the Benefit of Creditors in Florida state court. It said it grew too fast, resulting in short-term cash crunches. Read on for more details.
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Title agency ordered to refund $42,000 to Indiana consumers
Posted Date: Tuesday, May 19, 2015
Following an audit of its title insurance accounts, the Indiana Department of Insurance ordered a Cincinnati-based title agency to refund consumers $42,000 it overcharged them. Read on for more details from the order.
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Lawsky to step down as head of DFS
Posted Date: Thursday, May 21, 2015
Benjamin Lawsky announced he will step down as superintendent of the New York State Department of Financial Services next month. Read on for more details.
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Utah man pleads guilty to embezzling $4M in escrow funds
Posted Date: Tuesday, May 19, 2015
A Utah man who owned a title and escrow company that operated in Nevada has pleaded guilty to wire fraud for embezzling almost $4 million from company escrow accounts for his own personal use. Read on for more details.
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New Jersey man sentenced for $15M condo fraud
Posted Date: Tuesday, May 26, 2015
An Essex County, N.J., man was sentenced to 84 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos. Read on for more details.
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SCOTUS denies CPL petition
Posted Date: Thursday, May 28, 2015
The U.S. Supreme Court will not determine whether a party may bring a breach of a closing protection letter after it has given up its rights under the title insurance policy. It denied without comment a title insurer’s petition to hear one of several similar cases being heard at the appellate level. Read on for more details.
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Operation Wax House leaders sentenced
Posted Date: Thursday, May 28, 2015
Senior U.S. District Judge Graham C. Mullen sentenced four defendants involved in mortgage and investment fraud schemes codenamed “Operation Wax House,” including three of the conspiracy’s leaders. Read on for more details.
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Michigan attorney indicted for mortgage modification fraud
Posted Date: Thursday, May 28, 2015
Michigan Attorney General Bill Schuette announced that his Homeowner Protection Unit has filed 30 felony charges, including racketeering, against attorney Steven Barry Ruza, 52, of Orchard Lake Mich.,and his company, Home Legal Group, Inc., for stealing hundreds of thousands of dollars from Michigan victims that were facing mortgage foreclosures. Read on for more details.
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11th Circuit determines whether FDIC has right to sue under CPL
Posted Date: Tuesday, May 26, 2015
As the U.S. Supreme Court determines whether it will hear a similar case regarding rights under a closing protection letter once the letter has been sold, the 11th U.S. Circuit Court of Appeals made its own determination on the issue. Read on for more details.
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ATG president appointed chief justice, Illinois Court of Claims
Posted Date: Tuesday, May 26, 2015
Illinois. Gov. Bruce Rauner has appointed Peter Birnbaum, president and CEO of Attorneys’ Title Guaranty Fund, Inc., as chief justice of the Illinois Court of Claims. Birnbaum has served as a judge on that court since 2004. Read on for more details.
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Panel to discuss TRID compliance as Aug. 1 approaches
Posted Date: Thursday, May 21, 2015
Harry Gardner, vice president of eStrategies at Ellie Mae, will discuss how settlement agents and their partners can comply with the changing TILA-RESPA Integrated Disclosure rule at the National Settlement Services Summit (NS3) June 10 in Atlanta. Keep reading to learn more about what Gardner and his fellow panel members will be touching on in the run up to Aug. 1.
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New Jersey title agent sentenced for mortgage fraud conspiracy
Posted Date: Thursday, May 21, 2015
A former real estate title agent was sentenced to 66 months in prison for carrying out a mortgage fraud scheme in which she obtained seven loans, totaling more than $3.7 million, on two properties located in Wood-Ridge, N.J., and Belvidere, N.J.
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New York releases foreclosure report, announces plan to combat zombie property problem
Posted Date: Thursday, May 21, 2015
Every state has had problems after the foreclosure crisis was revealed. New York was among them. It recently released its Report on New York’s Foreclosure Process, providing insights into the problem in the state and how to fix it. It also announced that several large banks and mortgage companies agreed to adopt a set of best practices to help combat the neighborhood blight and economic damage caused by vacant and abandoned zombie properties. Read on for more details.
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TRID concerns surface at Congressional hearing
Posted Date: Tuesday, May 19, 2015
During a hearing of the House Subcommittee on Housing and Insurance, representatives from the banking, real estate, title and consumer advocacy arenas came together to share their thoughts on how the TILA-RESPA Integrated Disclosure Rule is impacting their industry and how they feel it will impact consumers. Read on to hear about some of the concerns they had to share and how they suggested these concerns be addressed.
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