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MBA, ALTA collaborate on model online notary bill
Posted Date: Thursday, December 28, 2017
During a legislative session where many state legislatures are likely to continue to introduce and pass online notary legislation, the Mortgage Bankers Association and the American Land Title Association have introduced a collaborative model bill for states to consider. Read on for more information.
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New York to hold hearing on new title insurance regulations
Posted Date: Wednesday, January 3, 2018
The New York Assembly Standing Committee on Insurance is holding a public hearing to examine new title insurance regulations in the state. The hearing comes after several legislators wrote to the state’s Department of Financial Services seeking a delay in implementation of the regulation for six months and the department’s subsequent announcement that it would delay enforcement of portions of the new regulation until February. Read on for more details.
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PHH enters multistate servicing settlement
Posted Date: Wednesday, January 3, 2018
Forty-nine state attorneys general, the District of Columbia and more than 45 state mortgage regulators announced Jan. 3 a $45 million settlement reached with PHH Mortgage Corp. Read on for more details.
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Assignee, mortgagor dispute right to sales proceeds
Posted Date: Wednesday, January 3, 2018
The title insurance company assignee of a mortgagee sued the former owners of property in Teaneck, N.J. for, among other things, fraud and conversion as part of a seven-year dispute over the sale of the property and the use of the proceeds of that sale. Read on for more details.
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Indiana introduces escrow distribution bill
Posted Date: Wednesday, January 3, 2018
The Indiana General Assembly is considering a bill that would repeal certain requirements regarding distribution from escrow accounts. Read on for more details.
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Oregon Division of Financial Regulation gets new administrator
Posted Date: Wednesday, January 3, 2018
The Oregon Department of Consumer and Business Services has hired a new administrator of the Division of Financial Regulation to replace the current administrator, who is leaving for a new role. Read on for more details.
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Illinois seeks input on guidance for title agent compensation
Posted Date: Thursday, December 28, 2017
The Illinois Department of Financial and Professional Regulation, Division of Financial Institutions, is seeking input on Proposed Guidance for Title Insurance Agent Compensation. The proposed guidance was circulated on Dec. 21, with a town hall meeting to be held on Jan. 3. Read on for more details.
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Mortgage brokers charged with fraudulently operating appraisal management co.
Posted Date: Thursday, December 28, 2017
The U.S. Attorney’s Office in Chicago has charged two suburban mortgage brokers with fraudulently operating a purportedly independent appraisal management company to control property valuations, and brokering fraudulent loans to finance real estate transactions between themselves and nominees. Read on for more details.
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Maryland Insurance Administration releases bulletin on inducements
Posted Date: Friday, December 22, 2017
The Maryland Insurance Administration recently issued Bulletin No. 17-16 regarding the prohibition of rebates discounts and inducements by the title insurance industry. Specifically, it regarded the practice of offering consumers free home warranties as an inducement to purchase a title policy. Read on for more details.
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Bill would establish assurance deed, procedures
Posted Date: Friday, December 22, 2017
A bill pre-filed in the New Hampshire House of Representatives is set to establish an assurance deed and procedures and requirements for granting marketable title for the conveyance of legal ownership in real property using an assurance deed. Read on for details about the bill.
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Colorado appoints interim insurance commissioner
Posted Date: Friday, December 22, 2017
Colorado Department of Regulatory Agencies Executive Director and Colorado Insurance Commissioner Marguerite Salazar announced Gov. John Hickenlooper has made an official appointment regarding the position of the state’s interim insurance commissioner. Read on for more details.
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