News By Edition

The New York State Department of Financial Services adopted amendments to its cybersecurity regulations. The amendments will mandate new controls, require more regular risk assessments and update notification requirements.

The Texas Department of Insurance will hold a hearing on changes to the Basic Manual of Rules, Rates and Forms for the Writing of Title Insurance in the State of Texas on Nov. 15. The proposed changes will update, correct and clarify rules and forms suggested by the Texas Land Title Association and the department.

The owners of adjacent property both claim ownership of a 1.63-acre parcel of land on the Little Red River in Arkansas. After escalating actions, one party filed a quiet title suit to the property. The case eventually went before the Court of Appeals of Arkansas.

As part of extensive litigation between numerous parties, a title insurer and its employee who acted as the escrow agent for the purchases of commercial real estate sought the dismissal of the claims against them. The plaintiff in the case sought to lift the stay of litigation pending arbitration.

A man sued his title company for consumer fraud and breach of contract. In 2021, a district court dismissed his complaint for failure to state a claim. A year later, after the court denied a motion to reconsider, the man filed a series of post-judgment motions. The district court denied those motions and the man appealed the decision to the Seventh U.S. Circuit Court of Appeals.

The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner.

In its Q3 2023 ransomware report, Corvus Insurance noted that ransomware attack frequency is up 11 percent over Q2 2023 and 95 percent year-over-year.

The president of a purpored mortgage investment company was sentenced to more than 25 years in California state prison after being convicted on 100 felony counts for carrying out a scheme targeting vulnerable homeowners in 11 counties across the state.

The plaintiff in a series of cases regarding property in Denver that was titled to the defendant appealed a lower court order striking a notice of lis pendens recorded on the property as a spurious document.

Several organizations, including the Mortgage Bankers Association, National Association of Realtors and National Housing Conference, urged congressional leadership to support the ability to pursue the American dream of property ownership and access to quality, rental housing by extending the authority of the National Flood Insurance Program and ensuring other vital housing programs do not lapse on Nov. 17.

A federal grand jury has indicted four Bay Area real estate professionals with conspiracy to commit wire fraud, wire fraud, and aggravated identity theft in connection with a years-long mortgage fraud scheme.

San Luis Obispo County District Attorney Dan Dow continues to urge property owners and real estate professionals to beware of seller impersonation fraud, noting that to date, district attorney investigators have successfully thwarted nearly $9 million in fraudulent real estate sales.

Mississippi Commissioner of Insurance and State Fire Marshal Mike Chaney appointed a deputy commissioner of the Mississippi Insurance Department.

When a couple purchased property in Woodinville, Wash., from a bank that had acquired the property after foreclosing on the previous owners, it agreed to do so as-is. It also obtained title insurance and later sought coverage for alleged title defects. The insurer denied all but one of the claims, and the couple sued.

A title company settled a lawsuit with a class of plaintiffs that participated in a real estate closing and were charged a separate fee for one of several services.

Michigan Gov. Gretchen Witmer signed HB 4644 into law. The bill amends the Uniform Power of Attorney Act.

The Ohio Department of Insurance reminded agents and agencies that annual filings of their reviews for the 2023 filing period (Sept. 1, 2022- Aug. 31, 2023) are due by Jan. 15, 2024.

A federal grand jury has returned an indictment charging five individuals for a fraud scheme intended to obtain over $35 million from financial institutions by providing false documentation in support of Small Business Administration loan applications for the purchase of hotels.

A party to real estate transactions filed suit against bank and title and escrow entities, alleging they violated her constitutional rights by racially discriminating against her and thwarting her transactions by breaching and interfering with contracts.

CertifID announced new survey data that shows the prevalence and acceleration of seller impersonation fraud attempts against U.S. property owners.

The Louisiana Department of Insurance issued a revised and reissued Bulletin 07-01 Re: Catastrophe Response Plans.

New York Gov. Kathy Hochul signed legislation requiring the disclosure of information concerning flood insurance on property condition disclosure statements.

The Court of Appeals of Georgia considered whether a defective security deed, which does not provide constructive notice to future bona-fide purchasers of the subject property, may provide inquiry notice in view of a purchaser’s failure to inquire into the chain of title prior to purchasing the property.

A Hunterdon County, N.J., man has been charged with defrauding a New Jersey-based title insurance company of approximately $1.5 million.

The Supreme Court of Nevada recently heard an appeal from a district court order granting a motion for summary judgment in an insurance coverage and bad faith dispute arising out of an homeowners’ association foreclosure.

The Financial Crimes Enforcement Network is informing U.S. financial institutions that the Financial Action Task Force (FATF) adopted a report on how terrorist groups like Hamas use crowdfunding techniques to raise money for their attacks. Additionally, the FATF continues to reiterate that all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system.

A Ft. Washington, Md., woman pleaded guilty to bank fraud that resulted in nearly $150,000 of loss to a mortgage lender.