CFPB letter to Congress says change to title insurance calculation unlikely
In a letter responding to requests from several members of Congress to consider amending the calculation of title insurance as part of its notice of proposed rulemaking on the TILA-RESPA Integrated Disclosure Rule, Consumer Financial Protection Bureau Director Richard Cordray thanked them for their letter, but said it will likely not be looking to require major changes in implementation at this point. Read on for more details.
Does title company owe duty to third parties when recording?
Does a title company owe a duty of care to third parties in the recording of legal instruments? The Washington Supreme Court had to answer that question when the Ninth U.S. Circuit Court of Appeals certified the question to it. Read on for the court’s answer.
Appellate court reviews First American rate filing case
A California homebuyer, representing a class-action lawsuit against First American Title, appealed a trial court ruling that First American was immune from the plaintiff’s ambiguity theory. Because the trial court ruled that First American was in violation of failing to charge its own filed rates, First American also appealed the decision. Read on for details on how the Second District Court of Appeals ruled in the case.
Insurance providers say not liable under title insurer agreement
After a suit regarding a real estate fraud scheme ended in a Coblentz agreement, the settling defendant in that case sought the damages promised under the agreement from the plaintiff title insurer’s insurers. Two of the title insurer’s insurers filed suit for declaratory judgment, arguing they are not liable for those funds. Read on for more details.
Georgia homebuyer alleges price-fixing conspiracy
A Georgia homebuyer brought a class-action suit against the six major title insurers in Georgia, alleging they conspired to defraud buyers of title insurance in violation of the unfair trade practices provisions of state law. Read on for more details.
NAIC considers RESPA-related issues
During a conference call of the National Association of Insurance Commissioners Title Insurance Task Force on June 28, the group discussed whether to issue a companion bulletin to the CFPB’s bulletin of last year to the states regarding RESPA compliance and marketing service agreements. This is not the first RESPA-related issue they are tackling, as a Title Affiliated Business Process Review working group has also been created this year. Read on to find out more about the task force’s efforts.