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.
Title insurer sues agency, operating officer for breach of contract, personal guarantee
After settling a lien priority dispute between its lender policy holder and the holder of a prior mortgage lien on the insured property, a title insurer sued its agent for breach of contract and the agent’s chief operating officer for breach of a personal guarantee. Read on for more details.
On first impression, Supreme Court of Arizona calculates title damages
In a case of first impression in Arizona, the Supreme Court of Arizona determined how to calculate damages under a lender’s title insurance policy that failed to disclose encumbrances that affected the value of the property and prevented its sale. Read on for more details.
Homeowners say title insurer negligent in handling short sale proceeds
After falling behind on their mortgage payments, homeowners arranged for a short sale of their property. The title agency wired the proceeds to the bank after it was required to and the bank sent the funds back. The agency wired the funds to its underwriter, who eventually submitted the proceeds back to the bank, but not before the bank filed a foreclosure action against the homeowners. The homeowners sued, among others, the underwriter for negligence in handling the short sale proceeds. Read on for more details.
Does email exchange constitute written contract?
After being sued by a title insurer regarding an easement in the sale of their property, a couple sued their attorney and his law firm, arguing that he breached the written contract established through an email correspondence regarding how to proceed. Read on for more details.
Colorado title agencies close doors
Two Colorado-based title agencies have shuttered their doors amid Division of Insurance investigations. Read on for more details.