News By Edition

In the latest developments regarding federal title insurance moves, Fannie Mae is seeking to issue a request for proposals to identify potential suppliers for participation in the title acceptance pilot and the Consumer Financial Protection Bureau is seeking information from homeowners on how junk fees are impacting homeowners.

The Utah Department of Insurance issued proposed amendments to its rule regarding unfair inducements and marketing practices in obtaining title insurance business.

In a case originally brought by a title insurer related to a fraudulent wire transfer, a group of defendants sought dismissal from the suit, arguing that the court lacked jurisdiction over them.

Qualia Labs Inc., d/b/a Qualia Software Inc., filed an appeal in the Fourteenth Court of Appeals of a decision handed down last month by the District Court of Harris County, Texas, granting Stewart Title Co.’s motion for summary judgment in their software licensing dispute.

The U.S. Department of the Treasury released a report on managing artificial intelligence-specific cybersecurity risks in the financial services sector. The report was written under the direction of Presidential Executive Order 14110 on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.

Several associations, including the American Land Title Association and Mortgage Bankers Association, wrote to the chairs and ranking members of the House Committee on Ways and Means and Senate Committee on Finance to express their support for preserving the like-kind exchange rules under Internal Revenue Code Section 1031.

The Ninth U.S. Circuit Court of Appeals recently heard an appeal of a district court’s grant of summary judgment to a title insurer on a lender’s claims for coverage under its title policy when its deed was extinguished after a homeowners association enforced its superpriority lien for delinquent assessments.

Freddie Mac Multifamily announced a series of policy and process enhancements that aim to further strengthen underwriting due diligence, bolster fraud detection and deterrence, and mitigate other risks.

Several national and international cybersecurity and enforcement agencies issued a report on the best practices for deploying secure artificial intelligence systems.

The Alaska Division of Insurance issued Bulletin B 24-05, clarifying the filing requirements of a closing protection letter under state law.

The California General Assembly is considering legislation that would require a conventional home mortgage loan on residential property with multiple borrowers to be assumable by an existing borrower.

The Idaho Legislature passed legislation that seeks to close a loophole of government taking surplus proceeds in excess of debts owed.

The Nebraska Legislature adopted legislation that amends the state’s good funds statutes and adopts a right-to-list home sale agreement statute.

House Committee on Energy and Commerce Chair Cathy McMorris Rodgers (R-WA) and Senate Committee on Commerce, Science and Transportation Chair Maria Cantwell (D-WA) unveiled the American Privacy Rights Act, which establishes national data privacy rights and protections.

A federal jury convicted a Scott Depot, W.Va. man of making a false statement to federal agents, willfully overvaluing property on a loan application, and three counts of making a false statement to the U.S. Department of Housing and Urban Development.

The Mortgage Bankers Association wrote to Federal Housing Finance Agency (FHFA) Director Sandra Thompson to voice its concerns regarding the FHFA’s title acceptance pilot.

The California General Assembly is considering legislation that would prohibit the filing of fraudulent documents with the county recorder and amend the definition of mortgage fraud.

The New York State Legislature is considering legislation that would prohibit mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits.

The Pennsylvania Insurance Department announced guidance for insurers licensed to do business in Pennsylvania on the use of artificial intelligence.

A former Maryland title insurance producer pleaded guilty to one count of theft scheme having a value of $100,000 or more.

Arizona Gov. Katie Hobbs signed legislation banning unlawful exclusive listing agreements.

The Georgia General Assembly passed legislation that requires clerks of superior courts to obtain photographic identification cards of individuals who present deeds or other instruments for recording. The bill awaits the governor’s signature.

A jury convicted a real estate developer of forging signatures to obtain an $11.5 million residential mortgage loan and to conceal her multi-year theft of company funds as the managing member of a townhouse renovation project.