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Virginia BOI seeks clarity in settlement regulation
Posted Date: Thursday, January 28, 2016
Late last year, the Virginia Bureau of Insurance, part of the State Corporation Commission, introduced proposed amendments to its regulation of settlement agents. Since that time, industry members and the Virginia Land Title Association have been submitting comments and meeting with the bureau to ensure the final product meets the bureau’s goals of clarity and accountability.
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Industry tasked with identifying launderers
Posted Date: Wednesday, January 13, 2016
The Financial Crimes Enforcement Network issued Geographic Targeting Orders that will temporarily require U.S. title companies to identify the natural person behind companies used to pay “all cash” for high-end residential real estate in Manhattan and Miami-Dade County. FinCEN is concerned that these purchases are being done to hide the person’s assets and identity, allowing them to conduct money-laundering schemes. Read on for more details.
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Title company sues law firm for malpractice
Posted Date: Monday, January 4, 2016
A title insurer sued a law firm, seeking to recover damages for legal malpractice after the law firm failed to raise a particular defense when representing the insurer’s insured. Read on for more details.
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Insurer seeks indemnity for agent’s late recording
Posted Date: Monday, January 18, 2016
A Pennsylvania agent working for a national underwriter failed to record a mortgage in the county recorder’s office before a home equity line was recorded. After the underwriter negotiated a settlement that allowed the insured mortgage to be in first lien position, it filed suit against the agent for refusing to indemnify it in the original dispute. Read on for more details.
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When is a settlement agreement finalized?
Posted Date: Monday, January 11, 2016
After handling a legal dispute with her neighbors concerning a private road, a Connecticut woman made a claim with her title insurer. After much negotiation, the title insurer sent her a check reflecting what it believed to be the terms of the agreement, which was promptly cashed. When the homeowner received the proposed settlement agreement, she countered with a modified agreement, but kept the check. The title insurer rejected the proposed modification and considered the matter concluded until the woman sued it. Read on for more details.
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Congressional actions to watch in 2016
Posted Date: Wednesday, January 13, 2016
In addition to the adjustment to TRID and how the CFPB will oversee compliance with the rule, there are bills in Congress that will be watched closely by the industry going into 2016. Read on for more details.
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New Hampshire may create registry commission
Posted Date: Thursday, January 21, 2016
The New Hampshire General Court is considering a bill that would establish a commission to study land title registries. The purpose of the commission would be to determine whether New Hampshire should establish a certificate of title based land title registry. Read on for more details.
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Missouri mulls amendments to HoA statutes
Posted Date: Monday, January 18, 2016
The General Assembly of Missouri is considering a bill that would add certain provisions to the statutes governing homeowners associations. Among other things, it would require sellers to disclose the covenants and restrictions on the property at showings and at closing. Read on for more details.
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Virginia considering new statement definition
Posted Date: Monday, January 18, 2016
The General Assembly of Virginia is considering a bill that would amend the definition of settlement statement and require certain information be included on it. Read on for more details.
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Colorado releases report on title insurance
Posted Date: Wednesday, January 13, 2016
In its Annual Report of the Commissioner of Insurance to the Colorado General Assembly on Title Insurance for 2015, the Colorado Division of Insurance highlighted its rulemaking efforts throughout the year, as well as the creation of the Title Insurance Commission. Read on for more details.
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Oregon insurance, finance divisions merge
Posted Date: Monday, January 11, 2016
The Oregon Department of Consumer and Business Services announced the merging of the Insurance Division and Division of Finance and Corporate Securities into one division. The new division, named the Division of Financial Regulation, became effective Jan. 1, 2016. Read on for more details.
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Vermont explains use of federal privacy form
Posted Date: Thursday, January 21, 2016
The Insurance Division of the Vermont Department of Financial Services issued Insurance Bulletin No. 188 to explain how licensees could use the Federal Model Privacy Form for compliance with the privacy notice requirements under state regulation. Read on for more details.
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California man indicted for mortgage liens
Posted Date: Monday, January 11, 2016
A California man was indicted for wire fraud and with engaging in financial transactions involving criminally derived proceeds. He sought to invalidate mortgage liens by defrauding homeowners and mortgage holders. Read on for more details.
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It’s legislative season
Posted Date: Tuesday, February 2, 2016
It’s that time of year again when state legislatures are in session, hurrying to get through agendas before the session ends, which for some is quite soon.
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Michiganders sentenced for conducting mortgage fraud conspiracy
Posted Date: Thursday, January 21, 2016
Five residents of the Detroit area were sentenced to prison for their roles in a multi-year mortgage fraud conspiracy. Four others already have been sentenced for their roles in the scheme. Read on for more details.
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Maryland developer sentenced to prison
Posted Date: Monday, January 18, 2016
An Annapolis, Md., developer was sentenced to time in prison and ordered to pay $1.4 million in restitution for making false statements arising from a real estate closing. Read on for more details.
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Pair of Vallejo fraudsters plead guilty to defrauding troubled homeowners
Posted Date: Monday, January 18, 2016
A pair of fraudsters from Vallejo, Calif. pleaded guilty to conspiracy to make false statements on loan applications. They operated a “foreclosure rescue” company that convinced troubled homeowners to sign over the title to their property, meanwhile getting straw buyers to purchase the properties based on false information provided to lenders. Read on for more details.
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Industry seeks clarification on FinCEN geographic targeting orders
Posted Date: Monday, January 18, 2016
After the Financial Crimes Enforcement Network issued Geographic Targeting Orders requiring title companies to identify the natural person behind companies used to pay “all cash” for high-end residential real estate in Manhattan and Miami-Dade County, industry members sought some clarification from FinCEN. The American Land Title Association wrote a letter to the group, outlining the areas industry members sought clarity on.
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