New Jersey construction company owner pleads guilty to conspiring with wife The Blotter
A Belvidere, N.J., man admitted he concealed a mortgage fraud scheme carried out by his wife, a former real estate title agent, in which they obtained seven loans, totaling more than $3.7 million, on two properties located in Belvidere and Wood-Ridge, N.J.
EIC urges changes in fee disclosure on new mortgage forms Industry News, Regulatory Updates
The Escrow Institute of California (EIC), the professional trade association for the California licensed escrow settlement service providers, released a statement from President Nancy Silberberg in response to the Consumer Financial Protection Bureau Director Richard Cordray’s speech at the Brookings Institution on Jan. 13.
CFPB cites Wells, Chase, Maryland title firm for illegal kickbacksIndustry News
The Consumer Financial Protection Bureau and the Maryland Attorney General announced actions against Wells Fargo and JPMorgan Chase for engaging in illegal marketing services with a now-defunct title company, Genuine Title. In addition to the banks, the bureau and Maryland took action against a former Wells Fargo employee and his wife for their involvement. In all, the penalties for the enforcement total more than $35 million.
Who cares about lender liability? Industry News
Over the last few years, the term lender liability has been floated around frequently among members of the title industry. Lenders are under immense scrutiny, while at the same time trying to implement policies and procedures to comply with an ever-changing regulatory landscape. It can be unclear what is expected of title agents who want to continue to receive business from their lender clients. During a session at the Louisiana Land Title Association’s annual convention, Marx Sterbcow, managing attorney at the Sterbcow Law Group, and Charles Cain, senior vice president and agency manager for the Midwest region at WFG National Title Insurance Co., provided some insight into why lenders are concerned about their liability.
Colorado AG sues law firms, affiliated title agencies for foreclosure fraudThe Blotter
Colorado Attorney General John Suthers announced civil law enforcement actions against two foreclosure law firms and their affiliated title companies. They are accused of inflating foreclosure costs charged to homeowners and others in violation of Colorado law. Read on for more details.
Bank of America announces Closing Disclosure plansIndustry News
Bank of America became the second national lender to announce its plans for the new Closing Disclosure forms in 2015. Read on for the details.