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Posted Date: Monday, April 21, 2014
The mortgage closing process will be the subject of a public forum this week at Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C. The event will feature remarks from Director Richard Cordray, as well as a discussion with consumer groups, industry representatives and members of the public.
The forum is scheduled for April 23 at 2:30 p.m. EDT.
The Legal Description will provide live coverage from the event, as well as insights from industry insiders.
Posted Date: Wednesday, April 02, 2014
The Florida Department of Financial Services has clarified its position on title agents providing inducements for title insurance. Read on for the department’s explanation of when a title agent crosses the line.
Posted Date: Friday, March 28, 2014
Mineral rights have become a tricky issue for title industry members and consumers. States have tackled the issue in different ways, and Colorado has come up with another one. The Colorado General Assembly voted to adopt a bill requiring the disclosure of possible separate ownership of mineral estates during the sale of real property. It outlines the disclosure that would be given to each buyer and outlines other requirements. The bill awaits the governor’s signature.
Posted Date: Friday, March 28, 2014
Increased regulatory scrutiny of title insurance rates and a shift to strict liability standards were some of the hot topics of conversation before a panel of underwriter counsel at the recent American Land Title Association (ALTA) Business Strategies Conference. During the discussion, panelists from national underwriters dialogued about a wide range of issues, from the impact of the National Association of Insurance Commissioners (NAIC) to changes in market conduct examinations and a shift to strict liability standards.
Posted Date: Monday, March 24, 2014
CoreLogic Inc. has agreed to settle Federal Trade Commission charges that its proposed $661 million acquisition of DataQuick Information Systems, Inc. from TPG VI Ontario 1 AIV L.P. would likely substantially lessen competition in the market for national assessor and recorder bulk data.
Posted Date: Monday, March 17, 2014
During the last several months, the National Association of Insurance Commissioners’ (NAIC) Title Consumer Shopping Tools Working Group has been hard at work crafting a guide to help consumers shop for title insurance and going through the real estate closing process. It unveiled its initial draft of the consumer shopping guide earlier this year and held a conference call on Feb. 26 to review the draft.
Posted Date: Thursday, March 13, 2014
The Consumer Financial Protection Bureau announced that three experts have been named to senior positions within the bureau. These positions are: the assistant director for the Office of Research; the assistant director for the Office of Financial Empowerment; and the assistant director for the Office of Installment and Liquidity Lending Markets.
Posted Date: Tuesday, March 11, 2014
Following a public comment period, the Federal Trade Commission has approved a final consent order settling charges that Fidelity National Financial’s acquisition of Lender Processing Services was anticompetitive.
Posted Date: Wednesday, March 05, 2014
The Alaska Department of Commerce, Community and Economic Development appointed a new director of the Division of Insurance. Read on for more about the new hire.
Posted Date: Friday, February 28, 2014
Several high-profile data breaches that occurred in the last year have highlighted the importance of data security to consumers and regulators in a variety of areas. The importance of data protection to lenders has been highlighted in the last few years by several moves by their regulators — the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Federal Trade Commission.
These safeguard requirements are trickling down to the settlement services industry and it’s important to be prepared for new lender expectations when they come down the pike.
During a recent October Research LLC webinar, "Data Security Compliance: Taking the Fear Out of Implementation," Christopher Gulotta, founder and chief executive officer of Real Estate Data Shield, led a discussion with Matthew Froning, chief information officer, Security Compliance Associates; Richard Purcell, chief executive officer, Corporate Privacy Group; and Paul Schwartz, professor, Berkeley Law School and director, Berkeley Center for Law and Technology to discuss things agents can do now to protect consumer data, as well as what to expect from a data security assessment.
Industry News, Regulatory Updates