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FinCEN issues advisory on COVID-19 related schemes
Posted Date: Monday, July 13, 2020
The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to potential indicators of imposter scams and money mule schemes, which are two forms of consumer fraud observed during the COVID-19 pandemic. The advisory contains descriptions of these scams and schemes, financial red flag indicators for both, and information on reporting suspicious activity. Read on for more details.
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Nebraska extends proctor requirement waiver
Posted Date: Wednesday, July 29, 2020
The Nebraska Department of Insurance extended the waiver for continuing education self-study online courses. Read on for more details.
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Maryland proposes required use bulletin, seeks comment
Posted Date: Monday, July 27, 2020
The Maryland Insurance Administration proposed a bulletin regarding seller’s closing assistance and the required use of a specific title company, seeking comment on its proposal. MIA withdrew its June bulletin on the matter. Read on for more details.
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Fraud Risk Index down in second quarter
Posted Date: Monday, July 27, 2020
CoreLogic released its second quarter National Mortgage Application Fraud Risk Index, showing that the index decreased from both the first quarter and year-over-year. Read on for more details.
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Maryland temporarily suspends in-person audit requirement
Posted Date: Monday, July 27, 2020
The Maryland Insurance Administration issued Bulletin 20-29, providing a temporary suspension of a title insurer’s obligation to conduct in-person audits of title insurance producers during the 2020 calendar year. Title insurers may conduct virtual audits instead as long as they meet certain conditions. Read on for more details.
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Oregon law sets temporary limitations on default enforcement
Posted Date: Monday, July 27, 2020
Oregon passed legislation establishing temporary limitations on lenders being able to enforce default remedies on obligations secured by mortgages, trust deeds, land sale contracts or other instruments. The bill became effective upon the governor’s signature June 30. Read on for more details.
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Canadian arrested for long-term mortgage fraud
Posted Date: Monday, July 27, 2020
The Guelph, Ontario, Canada Police Service announced the arrest of a man in connection with an investigation responding to multiple complaints of deceitful conduct by a local mortgage broker over nearly 20 years. Read on for more details.
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NYSDFS announces cybersecurity charges against title insurer
Posted Date: Wednesday, July 22, 2020
The New York State Department of Financial Services announced cybersecurity charges against a title insurer for exposing millions of documents with consumers’ personal information. This is the first cybersecurity enforcement action filed by the department since it adopted its cybersecurity regulation in 2017. Read on for more details.
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NS3 Preview: Compliance Track features RESPA experts, regulators
Posted Date: Wednesday, July 22, 2020
The 16th annual National Settlement Services Summit (NS3), slated for Sept. 1-3, will feature an entire compliance track this year, one of three tracks featured at the show.
Four top regulators will kick things off by participating in a panel discussion about how many of the regulations affecting the industry recently are coming from the state level.
Read on to see who is speaking, what other compliance topics will be discussed and how you can register.
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Successor appeals judgment in case regarding forged deed
Posted Date: Wednesday, July 22, 2020
After a buyer defaulted on a mortgage, its lender discovered that the seller was part of a mortgage fraud scheme and that the recorded trustee’s deed the seller held was a forgery. Its title insurer became its successor-in-interest in a case suing the holder of the senior lien, arguing that the lienholder was required to discovered the forged deed and record a rescission to protect unknown third parties from possibly being defrauded. Read on for more details.
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Connecticut Insurance Department issues security law bulletin
Posted Date: Wednesday, July 22, 2020
The Connecticut Insurance Department issued a bulletin providing licensees with guidance on complying with the Connecticut Insurance Data Security Law, which goes into effect Oct. 1. Read on for more details.
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New York considers lead-based paint disclosure
Posted Date: Wednesday, July 22, 2020
The New York Senate introduced legislation that would require a disclosure of lead-based paint test reports in residential real estate transactions. Read on for more details.
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Former Georgia attorney sentenced for escrow theft
Posted Date: Wednesday, July 22, 2020
A former Georgia attorney was sentenced to federal prison for stealing funds that was to be held in escrow from Clayton County, Ga., to purchase a right-of-way through property in College Park, from a Georgia business. Read on for more details.
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Policy holder sues for breach of contract over alley dispute
Posted Date: Wednesday, July 22, 2020
When a company discovered that the property it purchased did not include part of the alley abutting it, the company sued not only the owner of the abutting property who did own the alley, but also its title insurer and title agency. Read on for more details.
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Property holder sues title insurer over denial of coverage
Posted Date: Monday, July 20, 2020
After a foreclosure action was launched against its property, a company submitted a request for defense to its title insurer. When the title insurer denied the claim, the company sued for alleged violations of the New Mexico Unfair Insurance Practices Act. Read on for details.
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California attorney general issues CCPA FAQs
Posted Date: Monday, July 20, 2020
California Attorney General Xavier Becerra issued a set of frequently asked questions regarding the California Consumer Privacy Act. Read on for what questions he answered.
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Hawaii passes RON legislation
Posted Date: Monday, July 20, 2020
The Hawaii legislature passed a bill updating state law to conform to the Revised Uniform Law on Notarial Acts, the Hawaii Uniform Electronic Transactions Act and other state notary laws to allow for the use of remote online notarization. Read on for more details.
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Title insurer sues developer to recover payment
Posted Date: Monday, July 20, 2020
A commercial developer in Nevada was required to pay a fee to the city as part of a water drainage facility in its mixed-use community. The developer did not pay the fee, and sold the property. The city settled with the new owner, whose title insurer paid the fee before suing the original property owner for breach of contract.
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Buyer alleges fraud, disclosure violations against lender, counsel
Posted Date: Monday, July 20, 2020
After receiving notice of a non-judicial foreclosure and notice of trustee’s sale, the buyer of property in Seattle filed suit against the lender and lender’s counsel, alleging that the lender structured the loan improperly, making some of the terms illegal and that the lender accelerated the loan, increased the interest rate, and carried out wrongful non-judicial foreclosure of the property. Lender’s counsel moved to dismiss the claims against him. Read on for more details.
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New York remote notarization order extended to August
Posted Date: Wednesday, July 15, 2020
New York Gov. Andrew Cuomo issued executive order 202.48, which extends several executive orders, including executive order 202.7 allowing for electronic notarization, until Aug. 5, 2020. Read on for more details.
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NS3 Preview: Regulators, largest underwriter panel yet featured
Posted Date: Wednesday, July 15, 2020
The 16th annual National Settlement Services Summit (NS3), slated for Sept. 1-3, will be highlighted in part by a pair of featured speakers from Washington regulators and the largest underwriter panel in the show’s history.
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FHFA extends COVID-related flexibilities, including RON
Posted Date: Wednesday, July 15, 2020
The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac with extend several loan origination flexibilities until Aug. 31, 2020, including the expanded use of remote online notarizations to assist with loan closings. Read on for more details.
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Appellate court reverses summary judgment granted to title insurer
Posted Date: Wednesday, July 15, 2020
A South Carolina court granted summary judgment to a title insurer on a dispute over whether the reservation of a right-of-way constituted a defect or encumbrance on title. The borrower appealed and the Court of Appeals of South Carolina reversed the ruling of the special referee. Read on for details of why.
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MIA names chief of staff
Posted Date: Wednesday, July 15, 2020
Maryland Insurance Commissioner Kathleen A. Birrane named a new chief of staff for the Maryland Insurance Administration. Read on for more details.
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Insured sues title agency over condominium issues
Posted Date: Monday, July 13, 2020
After a man purchased a condominium in Washington, D.C., the man learned of various housing and D.C. code violations that encumbered his ability to enforce the rental agreement or sell the property. He sued his title company, arguing that the company and settlement agent breached their duties, resulting in his purchase of the property. Read on for more details.
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Georgia will continue RIN into August
Posted Date: Monday, July 13, 2020
With the extension to Aug. 11 of both the public health emergency by Gov. Brian Kemp and judicial emergency by the Georgia Supreme Court, Georgia notaries are permitted to perform remote in-person notarizations and attorneys are permitted to conduct remote closings to that date. Read on for more details.
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Kansas notarization order extended to September
Posted Date: Monday, July 13, 2020
Kansa Gov. Laura Kelly extended the state’s executive order temporarily allowing notaries and witnesses to act via audio-video communication technology to Sept. 15. This is the second extension of the order, which initially was issued April 9. Read on for more details.
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Arizona gets new insurance department director
Posted Date: Monday, July 13, 2020
Arizona Gov. Doug Ducey announced the appointment of a new director of the Arizona Department of Insurance and Financial Institutions. Read on for more details.
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U.S. Secret Service creates cyberfraud task force
Posted Date: Monday, July 13, 2020
The U.S. Secret Service announced it is formally merging its Electronic Crimes Task Forces and Financial Crimes Task Forces into a single, unified network, known as the Cyber Fraud Task Forces. The mission of these task forces is to prevent, detect, and mitigate complex cyber-enabled financial crimes, with the goal of arresting and convicting the most harmful perpetrators. Read on for more details.
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Former title employee sues for gender discrimination
Posted Date: Wednesday, July 8, 2020
After her position was terminated at the title agency where she was employed, a woman filed suit against the agency, claiming employment discrimination on the basis of gender and age, as well as retaliatory termination and hostile work environment. Read on for more details.
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Remote notarization know-how and considerations
Posted Date: Wednesday, July 8, 2020
Remote notarizations have been gaining popularity for the last couple years, but interest in them soared as states put their stay-in-home orders in place. During a two-part webinar series, experts shared their thoughts on the landscape as well as considerations for those just starting the eClosing journey. Read on for more details.
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North Carolina extends emergency video notarization act
Posted Date: Wednesday, July 8, 2020
The North Carolina General Assembly passed legislation that would extend the sunset date for conducting emergency video notarizations from Aug. 1, 2020, to March 1, 2021. Read on for more details.
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Senators introduce E-SIGN Modernization Act
Posted Date: Wednesday, July 8, 2020
Three members of the Senate Committee on Commerce, Science and Transportation introduced the E-SIGN Modernization Act, legislation that would streamline how consumers consent to receiving electronic documents such as bank statements, account information and contracts. Read on for more details.
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CFPB issues proposed rule on escrow exemptions
Posted Date: Wednesday, July 8, 2020
The Consumer Financial Protection Bureau issued a notice of proposed rulemaking that would amend Regulation Z to provide a new exemption available to certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans. Read on for more details.
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MISMO certifies first remote notary products
Posted Date: Wednesday, July 8, 2020
MISMO announced that two companies have completed MISMO’s new remote online notarization certification program. Read on for more details.
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