CFPB tests latest round of closing disclosures Regulatory Updates
The Consumer Financial Protection Bureau’s mortgage disclosure team is back on the road testing mortgage closing disclosure prototypes, this time in Philadelphia. They are asking interested parties to tell them how the new prototypes work with the current version of the application disclosure. Read on to find out more about their process and to see the forms.
Colorado annual report shows stabilizing market, continued defalcations Regulatory Updates
Each year, the Colorado Division of Insurance presents a report on title insurance enforcement actions, market trends and consumer complaints to the state’s general assembly. This year’s report showed that the industry was stabilizing, but that the division had to address significant defalcations in the state. Read on for more from the report.
Utah Attorney General moves to intervene in federal foreclosure case Court Report
After a federal judge ruled that ReconTrust had the right to conduct a foreclosure sale on a Utah home, Utah Attorney General Mark Shurtleff has filed a motion to intervene. Read on to find out why he felt the need to step in.
Mechanic’s liens continue to cause hurdles as economic slump continuesIndustry News
The down economy has affected many aspects of the real estate market and changed the way title industry members have to do business. Right after the crash, one thing that triggered a portion of the industry’s losses was mechanic’s lien claims, as is often the case at the beginning of an economic downturn. While these claims have subsided in some areas, others are still struggling with claims. In the last few years, some states have amended their laws to curb these kinds of losses, yet new areas of mechanic’s liens may be poised to appear.
Settlement services associations voice opinion in unearned fee case Court Report
Ahead of oral arguments in the U.S. Supreme Court on Feb. 21, several settlement services associations have filed a amicus brief in a case that will settle a dispute regarding whether it is a violation of REPSA Section 8(b) to charge an unearned fee if the fee is not divided between two or more parties. Read on for their argument.
Indiana introduces bill to protect interested parties at foreclosure Legislative Developments
A bill has been introduced in the Indiana General Assembly that would add a new section of the state’s foreclosure statutes that would protect interested and omitted parties when property gets sold at foreclosure. It also shortens the time mortgages can stay in the public record after the last installment of the secured debt before becoming expired.