News By Edition

Get out your highlighter, call your attorney and get your technology company on the phone. The Consumer Financial Protection Bureau (CFPB) has released a massive, 1,099-page proposed rule to accompany its proposed integrated mortgage disclosures under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA).

Weeks after the Fidelity family of title insurance companies reversed its decision to stop providing mechanic’s lien coverage in North Carolina due to concerns about the additional risk they could be taking on, the North Carolina General Assembly ratified a statutory solution to the mechanic’s lien problem — the creation of lien agents in the state. Read on for more details.

A former Alabama attorney was sentenced to four years in prison for stealing $2.3 million in closing funds over the course of six years. Read on for more details.

Last week, we reported on a settlement between a bank and a California escrow company that had been a victim of escrow fraud. Shortly after the announcement, The Legal Description had the opportunity to talk with one of the escrow company’s attorneys, who provided some insight about how best to protect yourself and your company, before and after cyber fraud.

After several short-term extensions that left many in flood-prone areas uncertain about when their closing would happen, Congress passed a five-year reauthorization of the National Flood Insurance Program. The bill now goes to the president for his approval.

Arizona Gov. Jan Brewer named Germaine Marks the acting director of the Arizona Department of Insurance. Among other duties, Marks will lead the department in monitoring and promoting the financial safety and soundness of insurers transacting business in Arizona.

A Maryland man was sentenced to four years in prison for diverting settlement funds in connection with a five-year mortgage fraud scheme involving 17 Maryland properties. Read on to find out more about the sentence.

The U.S. Supreme Court released its opinion in First American v. Edwards today, sending a troubling but clear message not only to settlement services providers, but potentially all industries covered under consumer statutes. Read on for the decision and First American's reaction.

A California escrow company has recovered funds stolen by cyber thieves in a wire transfer fraud lawsuit brought against the bank that held the funds. The escrow company held the bank liable, alleging negligence, concealment, misrepresentation and three other claims. Read on for the details.

On July 1, the definition of settlement agent in Georgia will change, eliminating anyone who is not a lender or lawyer to participate in the settlement process. Read on for more details.

After signing a natural gas release, allowing the exploration and removal of natural gas from their land, property owners found they did not have ownership on the subsurface estate of their property. The individuals then sued First American due to the prior restraint on the land.

Ten Phoenix, Ariz., area residents were indicted on charges of conspiracy, wire fraud, false statements and identity theft in the purchase of several properties in the Phoenix area. Read on for more details.

When a home owner’s condominium unit was destroyed by a flood, the owner looked towards the condominium’s insurance agency to pay for damages. The agency, however, denied the resident flood insurance and stated that he was unable to rebuild the unit according to the applicable building code requirements. The unit owner then filed suit. Read on for more information about the case.

The constitutionality of the Consumer Financial Protection Bureau was questioned by a bank and two associations in a lawsuit filed on June 21 in U.S. District Court for the District of Columbia. Read on for more information about their claims.

Appearing before U.S. District Judge Dolly Gee, a Las Vegas man admitted to conspiring to defraud residential mortgage lenders of hundreds of thousands of dollars by fabricating loan documents for the purchase and improvement of two properties located in Riverside County.

New York Attorney General Eric Schneiderman announced the introduction of legislation that would protect New Yorkers from fraudulent business practices like robo-signing in the foreclosure process. Read on for more about the bill.

Think you have many changing regulations to deal with? The grass may not be greener on the other side, or state as the case may be. Agents everywhere are experiencing legislative and regulatory changes. During the 2012 National Settlement Services and Compliance Summit, a panel of title agents from different states shared some of the changes they are experiencing.

WFG National Title Insurance Co. has named a new state counsel for its Florida office. Read on to find out more about the new hire.