LandAmerica settles retirement plan dispute
After LandAmerica Financial Group and its 1031 exchange subsidiary filed for bankruptcy in 2008, employees filed suit under the Employee Retirement Income Security Act, alleging several of the company’s directors and officers violated their fiduciary duties by allowing investment of LandAmerica Financial Group Employee Savings and Stock Ownership Plan assets in LandAmerica stock when they knew those investments would lose money. After a lengthy court process and settlement negotiations, the parties have reached a settlement.
Title insurers dispute responsibilities under reinsurance agreement
Two national title insurers entered into a reinsurance agreement after one of them provided an owner and a lender title insurance policies to finance the acquisition of property and the construction of a power plant on that property. Later the buyer and lender made claims under the title policies because mechanic’s liens recorded against the property had priority over their interests in the property. The title insurer who provided the policies entered a settlement with the parties and sought repayment from the other insurer for the insurer’s proportionate share of the sum.
Title insurer creates calculator to tackle simultaneous issue under TRID
One title insurer has taken a unique approach to calculating the simultaneous issue rate under the TILA/RESPA Integrated Disclosure Rule by placing a CFPB Quick Quote feature on its website. Read on for more details.
CFPB talks TRID restraint
Consumer Financial Protection Bureau Deputy Director Steven Antonakes was asked about a restrained enforcement period for the TILA-RESPA Integrated Disclosure (TRID) rule at a trade show in Orlando, Fla. See what he said, and what the bureau later felt the need to clarify.
Bank of America details new TRID closing timeline
In a letter to settlement agents, Bank of America announced the new TRID timeline it plans for preparing and delivering the Closing Disclosure. In December, Bank of America said it would be responsible for preparing and delivering the Closing Disclosure starting Aug. 1; read on to find out its latest plans and how they affect settlement agents.
Does violation of state UPL constitute fee split under RESPA?
After a Georgia homeowner refinanced a mortgage, she sued her title company, the law firm that the title company hired to witness the closing and the firm’s attorney, alleging violations of RESPA and Georgia law. The case eventually went before the 11th U.S. Circuit Court of Appeals.