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CFPB issues policy statement on compliance aids
Posted Date: Wednesday, January 29, 2020
The Consumer Financial Protection Bureau recently published a policy statement in the Federal Register regarding the use of compliance aids, announcing the new designation of bureau guidance and explaining compliance aids’ legal status and role of guidance. Read on for more details.
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CFPB seeks responses to TRID survey
Posted Date: Wednesday, January 29, 2020
The Consumer Financial Protection Bureau has released three surveys for various industry members to assess the TRID rule, including one specifically for closing companies. Read on for more details.
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Indiana considers principal dwelling land contract bill
Posted Date: Wednesday, January 29, 2020
The Indiana General Assembly is considering a bill that would define a principal dwelling land contract and provides for certain disclosures sellers must provide buyers under that contract. Read on for more details.
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California DOI to use discretion with cannabis-related convicts
Posted Date: Wednesday, January 29, 2020
California Insurance Commissioner Ricardo Lara announced the Department of Insurance will use its discretion in deciding whether to issue licenses to those with cannabis-related convictions in support of Proposition 64, the Adult Use of Marijuana Act, approved by voters in 2016. Read on for more details.
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New York AG reaches settlement with lender
Posted Date: Wednesday, January 29, 2020
New York Attorney General Letitia James and New York Superintendent of Financial Services Linda Lacewell announced an agreement, subject to court approval, with a South Carolina-based real estate company, its CEO and a number of affiliated companies for more than $3.75 million in consumer restitution for engaging in and operating an illegal, deceptive, and unlicensed mortgage-lending business. Read on for more details.
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Settlement associations report confusion over calculation, ‘optional’ owner’s policies
Posted Date: Monday, January 27, 2020
In letters responding to the Consumer Financial Protection Bureau’s request for information regarding its plan to assess the TRID rule, title and settlement industry associations reported continued confusion among consumers regarding the disclosure of title premiums, particularly when owner’s and lender’s policies are simultaneously issued. They also reported confusion over the use of the word “optional” to describe owner’s title insurance. Read on for more details.
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Oregon issues continuing education bulletin
Posted Date: Monday, January 27, 2020
The Oregon Division of Financial Regulation issued Bulletin No. DFR 2020-2, providing guidance to title companies offering continuing education classes to intermediaries on how to comply with title insurance marketing rules. Read on for more details.
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Report: FTC received 3.2 million consumer reports
Posted Date: Monday, January 27, 2020
In its Consumer Sentinel Network Data Book 2019, the Federal Trade Commission reported that it received 3.2 million reports through the database, including 1.7 million fraud reports. Read on for more details about the reports received by the Consumer Sentinel Network last year.
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Three indicted for deed fraud
Posted Date: Monday, January 27, 2020
A federal grand jury indicted three defendants from Oklahoma City for conspiracy, fraud, identity theft, and other crimes, based on allegations that they used fraudulent legal documents to take ownership of more than a dozen homes without the consent or knowledge of the actual owners. Read on for more details.
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Former real estate closer sues for overtime pay
Posted Date: Wednesday, January 22, 2020
A former real estate closer sued the firm for which she worked for failure to pay overtime pay and violating the Fair Labor Standard Act, seeking overtime pay as well as liquidated damages, fees and costs. The firm moved for summary judgment, arguing that she was except from FLSA’s overtime pay provision. Read on for more details.
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Bank, conveyees dispute ownership under survivorship deed
Posted Date: Wednesday, January 22, 2020
After the conveyor of a survivorship conveyance deed defaulted on a reverse mortgage loan, the mortgagee filed a foreclosure action, naming the borrower and the conveyees under the deed. The conveyees counterclaimed against the mortgagee, arguing that their interests in the property were superior to its interest. Read on to find out what happened when the case reached the Court of Appeals of Washington.
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Maryland considers refinance mortgage lien priority exception
Posted Date: Wednesday, January 22, 2020
The Maryland General Assembly is considering a bill that would establish that the provision authorizing a mortgagor or grantor to refinance the indebtedness secured by a first mortgage or deed of trust without obtaining permission from the holder of a junior lien does not apply to government junior liens. Read on for more details.
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D.C. mayor appoints acting commissioner
Posted Date: Wednesday, January 22, 2020
Washington D.C. Mayor Muriel Bowser announced the appointment of an acting commissioner of the city’s Department of Insurance, Securities and Banking. Read on for more about the new appointment.
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New leadership named for NAIC committees
Posted Date: Wednesday, January 22, 2020
The National Association of Insurance Commissioners (NAIC) has named its 2020 committee chairs and vice chairs. Read on for more details.
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Colorado man found guilty of bank fraud
Posted Date: Wednesday, January 22, 2020
A Colorado Springs, Colo., man was found guilty following a four-day jury trial for bank fraud related to a mortgage application with the Navy Federal Credit Union. Read on for more details.
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OCC, FDIC issue statement on cybersecurity risk
Posted Date: Monday, January 20, 2020
The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency issued a joint statement reminding supervised financial institutions of sound cybersecurity risk management principles. They noted that heightened risk from cybersecurity threats may result in cyberattacks against U.S. targets and interests. Read on for more details.
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FHFA seeks input on PACE program
Posted Date: Monday, January 20, 2020
The Federal Housing Finance Agency issued a Request for Input regarding potential changes to changes to its policies for its regulated entities based on safety and soundness surrounding residential Property Assessed Clean Energy (PACE) programs. Read on for more details.
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Oklahoma considers new CCR requirements
Posted Date: Monday, January 20, 2020
The Oklahoma Legislature is considering legislation that would impose time requirements for the provision of copies of recorded covenants and restrictions to buyers. Read on for more details.
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Alabama man sentenced for wire fraud
Posted Date: Monday, January 20, 2020
A Mobile, Ala., man who was convicted of conspiracy to commit wire fraud affecting a financial institution was sentenced and ordered to pay $1.5 million in restitution to the U.S. Department of Housing and Urban Development and two national banks. Read on for more details.
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