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Homebuyers accuse lenders of kickback scheme with Genuine Title
Posted Date: Monday, February 12, 2018
In the wake of an enforcement action against Genuine Title LLC, several homeowners filed suit against their lending institutions, alleging they violated RESPA by entering into a kickback scheme whereby they received unearned fees from Genuine Title for referrals. Those cases were recently before the U.S. District Court for the District of Maryland on the defendants’ motion to dismiss in two of those cases. Read on for more details.
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Agency seeks indemnity after underwriter claim
Posted Date: Monday, February 19, 2018
After its underwriter paid out a claim regarding an incorrect legal description that the agency should have found, the underwriter turned to its title agent for coverage and the agent, in turn, sought coverage from its liability insurer. When the liability insurer denied the agent’s claim, the agent filed suit. Read on for more details.
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Couple sues for quiet title after foreclosure dismissals
Posted Date: Monday, February 19, 2018
A couple whose house has gone through three unsuccessful foreclosure attempts by its servicer brought suit for quiet title pursuant to Pennsylvania Rule of Civil Procedure 1601(b). A district court in Pennsylvania examined whether a recording conducted four years late would allow the couple to take quiet title, and whether notice under the Pennsylvania Homeowner’s Emergency Assistance Act was timely issued. Read on for details of the ruling.
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Illinois to hold second town hall on agent compensation
Posted Date: Monday, February 19, 2018
The Illinois Department of Financial and Professional Regulation Division of Financial Institutions will hold a second town hall on proposed guidance for title insurance agent compensation. Read on for the latest on these guidance efforts.
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Cook County judge convicted of fraud
Posted Date: Monday, February 19, 2018
A federal jury convicted a Cook County circuit judge of fraudulently obtaining loans related to the purchase, maintenance and sale of properties on Chicago’s South Side. Read on for more details.
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Long Island mortgage execs plead guilty to $8.9 million fraud
Posted Date: Monday, February 19, 2018
Two top executives from a Long Island mortgage lender pleaded guilty to conspiring to commit wire and bank fraud in connection with their diversion of more than $8.9 million of warehouse loans. Read on for more details.
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MBA urges support as the House votes on TRID bill
Posted Date: Wednesday, February 14, 2018
On the eve of an expected vote on H.R. 3978, the TRID Improvement Act, the Mortgage Bankers Association sent a letter urging all members of the U.S. House of Representatives to vote for the bill. Read on for more from the letter and the vote.
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Maryland issues bulletin on earnest money deposits
Posted Date: Wednesday, February 14, 2018
The Maryland Insurance Administration recently issued a bulletin addressing the trend of title insurance producers holding earnest money deposits in connection with real estate transactions. Read on for more details.
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CFPB releases strategic plan
Posted Date: Wednesday, February 14, 2018
The Consumer Financial Protection Bureau released its five-year Strategic plan. The plan establishes its mission, strategic goals and strategic objectives. Read on for more details.
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Maryland considers escrow trust fund legislation
Posted Date: Wednesday, February 14, 2018
The Maryland General Assembly is considering a bill that would establish certain requirements regarding escrow trust accounts. Read on for more details.
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Arizona appoints interim director
Posted Date: Wednesday, February 14, 2018
Arizona Gov. Doug Ducey appointed a new interim director of the Arizona Department of Insurance. The interim director began work on Feb. 12. Read on for more details.
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Four indicted for scheme in California
Posted Date: Wednesday, February 14, 2018
California Attorney General Xavier Becerra announced the indictment of four individuals on 194 criminal felony counts for allegedly operating a mortgage fraud scheme throughout Southern California. The scheme resulted in a loss of approximately $2 million for 40 victims who were seeking loans to help pay off their mortgages. Read on for more details
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Vullo encourages closers to report companies that don’t pay them
Posted Date: Monday, February 12, 2018
New York Department of Financial Services Superintendent Maria Vullo issued a statement urging independent closers to file complaints with DFS if the companies that hire them fail to pay for the services they perform. The provision of the new title insurance regulations has caused concern for title closers since the regulation’s initial introduction last year. Read on for more details.
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TRID bill nears vote
Posted Date: Monday, February 12, 2018
TRID looks to get its day in the legislative spotlight this week, although it appears it might have to share that spotlight.
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House passes Mortgage Choice Act
Posted Date: Monday, February 12, 2018
The House passed H.R. 1153, the Mortgage Choice Act, bipartisan legislation introduced by Congressman Bill Huizenga with a vote of 280 to 131. The bill changes the way points and fees are calculated by excluding fees paid for affiliated title charges and escrow charges for insurance and taxes, allowing more loans to meet the “Qualified Mortgage” standard. Read on for more details.
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Idaho considers title discount bill
Posted Date: Monday, February 12, 2018
The Idaho Legislature is considering a bill that would provide that title insurers may offer a reimbursement or discount of escrow fees or title insurance premiums in certain instances. Read on for more details.
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Kansas considers mineral interest disclosures
Posted Date: Monday, February 12, 2018
The Kansas State Legislature is considering a bill that would require each contract of sale of real property to provide a notice disclosing any mineral interest on the property. Read on for more details.
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Idaho DOI orders title company to cease and desist
Posted Date: Monday, February 12, 2018
The Idaho Department of Insurance directed a Meridian, Idaho, business, The Closing Source, LLC, to immediately cease and desist operation in the state. Read on for more details.
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English, amici file briefs as date for arguments set
Posted Date: Wednesday, February 7, 2018
Consumer Financial Protection Bureau Deputy Director Leandra English and several amici filed their briefs in an appeal, seeking to reverse a lower court’s denial of her motion for a preliminary injunction in her case against President Donald Trump and acting CFPB director Mick Mulvaney. During this time, the D.C. Circuit Court of Appeal also ordered that the case be scheduled for oral arguments on April 12. Read on for more details.
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NAR urges support for Mortgage Choice Act
Posted Date: Wednesday, February 7, 2018
The National Association of Realtors sent a letter to Congress urging support of H.R. 1153, The Mortgage Choice Act, which would make adjustments to the Truth in Lending Act definition of points and fees under the Ability to Repay/Qualified Mortgage Rule. Read on for more details.
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Wyoming considers title agent duties
Posted Date: Wednesday, February 7, 2018
The Wyoming Legislature is considering a bill that would specify record retention policies for title agents and title insurers as well as the duties of title agents during closing transactions. Read on for more details.
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Homeowner sues for breach of contract in wrongful foreclosure suit
Posted Date: Wednesday, February 7, 2018
A New York man sued the holder of his note and his servicer alleging breach of contract arguing that he should have been notified of the assignment of mortgage before his property was foreclosed upon. Read on for more details.
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