News By Edition

The Office of the Attorney General for the District of Columbia recently settled with four title insurance companies after the office alleged an investigation into the joint ventures indicated they engaged in illegal kickback schemes. Industry members shared their thoughts on how these settlements could impact the industry, including if it indicates increased oversight of title insurance premiums.

The American Land Title Association (ALTA) published Title Insurance and Settlement Company Best Practices Version 4.1 on Sept. 17. The new version revises ALTA’s best practices on password management and recommended due diligence for closing transactions that do not involve title insurance policies, among other things.

A title agency and its holding company filed suit against its bank for breach of contract regarding a credit the bank placed in the company’s account and later reversed.

During the Geneva Association’s Programme on Regulation and Supervision Seminar 2024, Treasury Acting Assistant Secretary for Financial Institutions Laurie Schaffer spoke on a number of topics, including title insurance, artificial intelligence and climate change’s impact on homeowner’s insurance.

Pennsylvania Attorney General Michelle Henry launched an online portal to streamline the process for companies and other entities reporting data breaches impacting more than 500 Pennsylvania residents, which is required under Pennsylvania law beginning Sept. 26.

The California Privacy Protection Agency issued an enforcement advisory on the importance of avoiding dark patterns.

A Providence, R.I., man pleaded guilty to participating in an international fraud scheme to defraud the federally funded pandemic unemployment compensation program of more than $70,000, and to defraud an Alabama-based property title company of an additional $80,000.

In light of the U.S. Supreme Court’s opinion in Tyler v. Hennepin County, the Nebraska Supreme Court held genuine issues of material fact existed precluding summary judgment in favor of a tax investor on a property owner’s claim for just compensation.

A Texas appellate court heard a dispute about whether an oil and gas lease terminated.

The Hawaii Legislature adopted a bill relating to the disclosure of personal information associated with certain public servants.

The Internet Crime Complaint Center (IC3) issued an updated public service announcement, I-091124-PSA, Business Email Compromise: The $55 billion Scam. It includes new IC3 complaint information and updated statistics from October 2013 to December 2023.

Michigan Gov. Gretchen Whitmer signed legislation regarding right-to-list home sale agreements.

A former New York real estate attorney was indicted for stealing more than $260,000 from two clients he represented in Manhattan and Brooklyn real estate transactions.

A homebuyer in Pennsylvania filed a class action against a settlement services company and its employees for overcharging for notary services, claiming violations of Pennsylvania’s Revised Uniform Law on Notarial Acts and the state’s Unfair Trade Practices and Consumer Protection Law. The company and its employees moved to dismiss the case and strike the class allegations.

In one of a series of cases alleging violations of RESPA where a bank allegedly received kickbacks in exchange for referring business to a now-defunct title company, the plaintiff homebuyer moved to remand the case to state court.

The Financial Crimes Enforcement Network issued a Financial Trend Analysis on mail theft-related check fraud incidents based on Bank Secrecy Act data filed in the six months following FinCEN’s issuance of its 2023 alert on the topic.

A property owner and its title insurer sued the seller of the property after receiving a notice that the property was to be sold at auction after the default of an undisclosed deed of trust executed by a prior owner.

The Utah Insurance Department adopted amendments to R592-9, Assessment for the Title Insurance Recovery, Education, and Research Fund, and R592-10, Assessment for the Title Licensee Enforcement Restricted Account, to replace references to a rule which was recently repealed.

The Texas Department of Insurance issued a mandatory data call, requiring title agents engaged in the business of title insurance in Texas to annually submit business data to the department.

The Louisiana Department of Insurance issued Advisory Letter 2024-02, regarding auditing requirements. It advised title insurers and title insurance producers to be mindful of La. R.S. 22:532.

The widow of a property owner in Philadelphia appealed an order denying her petition for the distribution of excess proceeds following a 2012 tax sale of her deceased husband’s property. The city filed an application to quash the appeal.

The California Legislature passed legislation to prohibit the filing of fraudulent documents with the county recorder and to amend the definition of mortgage fraud. The bill awaits the governor’s signature.

The Utah Insurance Department issued regarding filing a complaint against another title licensee, requiring documentation and evidence to investigate such complaints.

Three New Jersey residents were indicted for their role in a multimillion-dollar mortgage fraud scheme. Two of them were also indicted for fraudulently obtaining approximately $3 million of federal Economic Injury Disaster Loans meant for COVID-19 relief.