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New York court affirms MERS
Posted Date: Monday, March 4, 2013
Among all the headlines about Mortgage Electronic Registration Systems Inc. recently, one stood out to me. It was the one announcing the Supreme Court of the State of New York County of Suffolk affirmed MERS’ role in real estate transactions when it granted MERS summary judgment in a case brought against it by a foreclosed-upon borrower.
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Collecting and disbursing good funds: Defending against the scam artists
Posted Date: Wednesday, February 27, 2013
Mortgage fraud and cybercrimes are rampant across the United States. In a down economy, escrow accounts are an easy target for criminals who want to make some fast cash. In this ever changing environment, it’s important to make sure the funds your agency is handling are good, collected funds in order to protect your company from being left holding the bag. Because this environment is constantly evolving, The Legal Description spoke with several underwriters to provide guidance for agents on steps they need to take at each stage of the process to minimize their exposure to the scam artists.
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Borrower can challenge foreclosure, MERS has right to assign, says First Circuit
Posted Date: Wednesday, February 20, 2013
The U .S. 1st Circuit Court of Appeals has given Mortgage Electronic Registration Systems Inc. a win in the fight over its role in the mortgage process. While the court said a foreclosed upon borrower has a right to challenge the foreclosure process, it upheld MERS’ right to hold and assign the mortgage. Read on for details.
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Additional defendants indicted for extensive Connecticut mortgage fraud
Posted Date: Wednesday, February 20, 2013
Three more defendants were indicted on federal charges related to their alleged participation in in an extensive mortgage fraud scheme involving more than 50 mortgages on numerous residential properties in New Haven, Conn. Read on for more details.
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PRIA approves eRecording Portals white paper
Posted Date: Wednesday, February 20, 2013
The Property Records Industry Association approved for publication a white paper on eRecording Portals. The paper was written to guide public and private organizations on the creation of eRecording portals and help recorders and submitters become more informed customers. Read on for the details.
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LPS, U.S. Department of Justice reach non-prosecution agreement
Posted Date: Wednesday, February 20, 2013
Lender Processing Services Inc. and the U.S. Department of Justice have reached a non-prosecution agreement in which LPS agreed to pay a total of $35 million in criminal penalties and forfeiture, as well as meet a series of conditions, to address its participation in a six-year scheme to prepare and file more than 1 million fraudulently signed and notarized mortgage-related documents. Read on for the details.
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Kentucky legislature considers NAIC title agent model act
Posted Date: Wednesday, February 20, 2013
The Kentucky legislature is considering a bill that would implement the National Association of Insurance Commissioners’ title agent model act. The bill would establish a licensing procedure and the requirements of the business of title insurance, as well as authorize closing protection to indemnify insured persons. Read on for more details.
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Disclosure testing continues at CFPB
Posted Date: Monday, February 18, 2013
The Consumer Financial Protection said it would coordinate a study comparing consumers’ understanding of current federal mortgage disclosures and the disclosures proposed by the bureau. Outside contractors will conduct quantitative testing of the disclosures. Read on for more details.
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Convicted felon, wife sentenced for mortgage fraud
Posted Date: Monday, February 18, 2013
A convicted felon and his wife, a paralegal, have been sentenced for operating a mortgage fraud scheme in Fairfield County, Conn. The couple, a real estate attorney and others formed a development company to conduct their scheme. Read on for details.
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Working group wrangles over development of guaranty fund model law
Posted Date: Monday, February 18, 2013
A year into its assignment, the Title Insurance Guaranty Fund Working Group examined the finding of its research on whether or not there was a need to create a title guaranty model law. After examining the findings, it continued to wrestle over whether to create a model law or guideline. Read on to find out how the group decided to move forward.
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Illinois considers new requirements for title agent registration
Posted Date: Wednesday, February 13, 2013
The Illinois General Assembly is considering a bill that would amend the Title Insurance Act by excluding limited liability companies from certain requirements, requiring that applications for registration as title insurance agents include an affidavit that the applicant hasn’t been convicted of a crime and adding several factors whereby the Secretary of Financial and Professional Regulation may refuse to grant a registration. Read on for details.
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Man sentenced for shredding mortgage fraud evidence
Posted Date: Wednesday, February 13, 2013
A home builder employee was sentenced for shredding documents in an attempt to obstruct an investigation into a mortgage fraud scheme conducted by his employer. Read on for details.
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DocX president pleads guilty for racketeering
Posted Date: Wednesday, February 13, 2013
Lorraine Brown, former president of DocX, pleaded guilty to racketeering for her alleged role in authorizing the fraudulent signing of mortgage documents filed in Michigan. Read on for more details.
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MERS role affirmed by New York district court
Posted Date: Wednesday, February 13, 2013
The Supreme Court of the State of New York County of Suffolk affirmed Mortgage Electronic Registration Systems Inc.’s role in real estate transactions when it granted MERS summary judgment in a case brought against it by a foreclosed-upon borrower. Read on for details.
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Court examines justifiable reliance in bankruptcy case
Posted Date: Monday, February 11, 2013
A title insurer filed an adversary complaint against a Chapter 11 debtor, seeking establishment, liquidation and allowance of a claim based on fraud and other theories, and a determination that the claim was nondischargeable. Calling it a “vexing problem,” the court weighed the debtor’s dishonesty against the title insurer’s responsibility for search and examination of title. Read on for the court’s determination.
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Virginia considers new recording requirements
Posted Date: Monday, February 11, 2013
The Virginia General Assembly is considering a bill that would require those who prepare deeds to fulfill additional requirements in order to have them recorded. Read on for more details about the proposed requirements.
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Title insurer, professional liability insurer debate coverage of CPL
Posted Date: Monday, February 11, 2013
A title insurer and its professional liability insurer argued about whether the title insurer’s professional liability insurance policy covered closing protection letters it issued to cover acts of its agent. The title insurer sought to collect $3 million in coverage after paying out claims on the CPLs. The issue went before the U.S. District Court for the Northern District of Ohio. Read on for the details.
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Illinois considers exception to wire disbursement mandate
Posted Date: Monday, February 11, 2013
The Illinois General Assembly is considering an exception to the prohibition against title insurance companies, title agents and independent escrowees making disbursements in connection with any escrows, settlements or closings out of a fiduciary trust account if the funds are good funds and the title company, title agent or independent escrowee and the financial institution are known to each other and agree to the use of these funds. Read on for details.
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