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News By Edition
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The Legal Description Edition
May 13, 2013
What constitutes the unauthorized practice of law has been a contentious issue when it comes to real estate conveyances in Massachusetts. Two years ago, the Massachusetts Supreme Judicial Court provided guidelines on this issue in REBA v. NREIS. The case was then handed back to the federal district court for rulings based on the court’s guidelines. We give you the inside scoop of how the case ended recently and the impact the case has had two years later. In addition, we share the Pennsylvania Supreme Court’s decision in a significant mineral rights case and a court’s decision in a RESPA suit brought by a title agent against its former lender. |
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 Pa. Supreme Court affirms rights of property owners to Marcellus Shale oil and gas
Posted Date: Wednesday, May 01, 2013
The Pennsylvania Supreme Court affirmed the rights of property owners to natural gas found underneath their property, part of the Marcellus Shale. Lower courts wrestled between two legal theories before the court handed down its opinion affirming the owners’ rights. Read on for more details.
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Mortgage satisfaction bill awaits Wash. governor’s signature
Posted Date: Wednesday, May 01, 2013
The Washington legislature is awaiting the governor’s signature on a bill that establishes an alternative reconveyance procedure for mortgages that have been paid in full. Under the passed bill, title agents, escrow agents, title insurers and attorneys would be able to conduct the reconveyance. Read on to find out more.
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Major UPL case ends with whimper
Posted Date: Wednesday, May 01, 2013
A case that, two years ago, was much watched as the Massachusetts Supreme Judicial Court provided guidelines as to what is considered the unauthorized practice of law in the real estate conveyancing process, has ended in federal district court with the granting of an unopposed motion to dismiss. Read on to find out more about what has happened in the case, REBA v. NREIS.
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Mortgage fraud risk up in 2012, says Interthinx
Posted Date: Wednesday, May 01, 2013
According to the annual Mortgage Fraud Risk Index, released by Interthix, the risk index increased from 2011, reflecting a rising trend in mortgage fraud risk. Read on for more from the report.
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Nine more indicted in Operation Wax House
Posted Date: Monday, April 29, 2013
A federal superseding indictment charged nine additional defendants with racketeering, investment fraud, mortgage fraud, bank bribery and money laundering. The latest indictment resulting from Operation Wax House, a mortgage fraud investigation which began in 2007, brings the total number of defendants charged to 92. Read on for more details.
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Maine may allow closing protection
Posted Date: Monday, April 29, 2013
The Maine legislature is considering a bill that would permit title insurers in the state to issue closing or settlement protection in the state. Read on for more details.
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Is bank responsible for theft by title agent customer?
Posted Date: Monday, April 29, 2013
Should a bank be responsible for the misappropriation of funds held in escrow by a title agent customer? The U.S. District Court for the Eastern District of Wisconsin issued an opinion in a case seeking to answer that question. After discovering its agent had misappropriated escrow funds, a title insurer sued the bank where the agent held its escrow funds, arguing the bank knew or should have known about the theft.
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MERS’ role in foreclosure upheld by Idaho Supreme Court
Posted Date: Monday, April 29, 2013
The Idaho Supreme Court became the latest state supreme court to enter its opinion in the national debate regarding the validity of the role Mortgage Electronic Registration Systems Inc. plays in the mortgage securitization and foreclosure process. Read on for the reasoning behind its decision to uphold MERS’ role.
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Republicans stand firm, refuse Cordray’s testimony
Posted Date: Monday, April 29, 2013
After providing testimony to the Senate Banking Committee on the Consumer Financial Protection Bureau’s semi-annual report, Director Richard Cordray was informed that he would not be received by the House Financial Services Committee because of the continued controversy regarding Cordray’s appointment. Read on for the details.
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Court affirms award to title insurer in negligence case
Posted Date: Wednesday, April 24, 2013
A defendant in a negligent misrepresentation/nondisclosure case appealed the award of damages to a title insurer, arguing the company could have mitigated its damages. But the appellate court disagreed, affirming the final judgment, except for the award of prejudgment interest. Read on for the details.
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Fla. title attorney, mortgage brokers sentenced for mortgage fraud roles
Posted Date: Wednesday, April 24, 2013
A Florida title attorney and two mortgage brokers were sentenced for wire fraud convictions connected to a mortgage fraud scheme they were a part of. The three participated in the scheme with three others who previously plead guilty to their roles in the scheme. Read on for more details.
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Closing protection letter legislation moves to Nevada Senate
Posted Date: Wednesday, April 24, 2013
A bill that proposes to redefine the parameters of a closing protection letter in a real estate closing has passed the Nevada House and is moving to the Nevada Senate for consideration. The bill specifically addresses what should be charged for a CPL and what the letter can indemnify. Read on for the details.
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New escrow licensing law adopted in Montana
Posted Date: Wednesday, April 24, 2013
Montana Gov. Steve Bullock signed a new escrow licensing statute. The new law modifies the current statutes by providing certain additional exemptions, establishing annual license renewal fees, requiring annual financial statements and establishing civil penalties. Read on for more details.
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Title agency sues bank for alleged illegal referral scheme
Posted Date: Wednesday, April 24, 2013
An Ohio title agency sued a bank it worked with, alleging that it used an affiliated business arrangement to engage in an illegal referral scheme. The agency made claims under RESPA and the Racketeer Influenced and Corrupt Organizations Act. Read on to find out what the U.S. District Court for the Northern District of Ohio had to say when the case went before it on the bank’s motion to dismiss.
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Could Noel Canning decision invalidate CPFB rules, enforcement?
Posted Date: Monday, April 22, 2013
A report by the Congressional Research Service indicated that the U.S. Court of Appeals for the District of Columbia Circuit’s decision in Noel Canning v. National Labor Relations Board could have a serious impact on the actions the Consumer Financial Protection Bureau has taken since Richard Cordray’s recess appointment. Read on for the details.
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Court shoots down work product doctrine in coverage dispute
Posted Date: Monday, April 22, 2013
A title insurance underwriter filed a lawsuit seeking a declaratory judgment that it owed no duty to defend a lender in a lien priority case. When the lender countersued and demanded access to work product and communications related to the case, the underwriter denied access based on the work product doctrine and attorney/client privilege, but an Idaho court took issue with the defense.
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Five more indicted in Philadelphia property fraud
Posted Date: Monday, April 22, 2013
Five more people were indicted for their alleged involvement in a mortgage fraud scheme that involved 100 properties in Philadelphia and $20 million in fraudulent loans. The scheme centered around KREW Settlement Services. Read on for more details.
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Number of eRecording counties reach 900
Posted Date: Monday, April 22, 2013
The Property Records Industry Association announced that the number of recording jurisdictions that are electronically recording documents reached 900. Read on for more details.
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Wash. statistical reporting agent bill sent to governor
Posted Date: Monday, April 22, 2013
The Washington legislature has sent a bill to Gov. Jay Inslee that requires the state commissioner of insurance to designate a statistical reporting agent to gather title insurance statistics on policies and expenses. Read on to find out more about the new regulatory agent and its role.
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R.I. Supreme Court affirms MERS as foreclosing entity
Posted Date: Monday, April 22, 2013
The Rhode Island Supreme Court affirmed Mortgage Electronic Registration Systems Inc.’s role as a foreclosing entity when it was the nominee of the mortgage lender. Read on for the court’s reasoning.
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