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Vullo defends regulation during lengthy hearing
Posted Date: Monday, January 15, 2018
In two hours of testimony, Maria Vullo, superintendent of the New York State Department of Financial Services, promoted a level playing field in the industry and defended new state title insurance regulations she said were designed to eliminate improper expenses that have driven up rates in the title industry. Read on for more details.
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New York Senate seeks to clarify new regs with anti-inducement bill
Posted Date: Wednesday, January 17, 2018
The New York State Senate has passed a bill that would amend subdivision 2 of section 6409(d) of the insurance law, clarifying that “a marketing activity or conveyed benefit or considered an illegal inducement under this section if it is given with the intention to directly or indirectly compensate a present or perspective client for any past or present placement of title insurance business.” This topic has been the subject of much discussion in recent months, including at a hearing in the New York Assembly Standing Committee on Insurance on Jan. 12. Read on for more details.
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CFPB continues forward after preliminary injunction dismissal
Posted Date: Wednesday, January 17, 2018
It seems the Consumer Financial Protection Bureau will continue on its current path under acting director Mick Mulvaney, after a federal district court denied Deputy Director Leadra English’s motion for a preliminary injunction, seeking to prevent Mulvaney from filling the role. Read on for more about what that may mean for the industry.
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PRIA releases position on electronic and remote notarization
Posted Date: Wednesday, January 17, 2018
The Property Records Industry Association (PRIA) has released a position statement on electronic and remote notarization, which states “PRIA supports the timely adoption of legislation and administrative rules that encourage and facilitate the use of electronic notarization. We believe any future updated statutes or regulations should provide guidance regarding: (1) electronic notarization; (2) traditional in-person notarization, and (3) the emerging practice of online appearance, sometimes referred to as remote notarization. We further support the inclusion of private and public sector stakeholders in the rulemaking process.”
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California man pleads guilty to scamming homeowners
Posted Date: Wednesday, January 17, 2018
A California man was sentenced to conspiracy to commit wire fraud. His company preyed on homeowners nearing foreclosure, convincing them to sign away title in their homes and then spending any equity the homeowners had saved. Read on for more details.
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Mortgage brokerage owner sentenced for fraud
Posted Date: Wednesday, January 17, 2018
A mortgage broker from West Mifflin, Pa., has been sentenced in federal court to 78 months of incarceration on his conviction of conspiracy to commit bank fraud, wire fraud, and mail fraud. Read on for more details surrounding this case.
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English files notice of appeal
Posted Date: Monday, January 15, 2018
After being denied a preliminary injunction against President Trump and acting director Mick Mulvaney, Consumer Financial Protection Bureau Deputy Director Leandra English filed a notice of appeal of the decision by the U.S. District Court for the District of Columbia. Read on for more details.
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Virginia General Assembly considers bill on prohibition against kickbacks
Posted Date: Monday, January 15, 2018
The Virginia General Assembly is considering a prohibition against kickbacks, rebates and other things of value. It would subject any affiliated settlement service provider of any person selling real property or performing services as a real estate agent, attorney, lay settlement agent or lender to the prohibition against paying or receiving kickbacks, rebates or other things of value pursuant to services required to complete a real estate settlement being referred to any person. Read on for more details.
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West Virginia considers bill regarding unpaid charges
Posted Date: Monday, January 15, 2018
The West Virginia Legislature is considering a bill that would require a seller of real property to satisfy upon closing any unpaid charges owed to the county and municipality in which the property is located. Read on for more details.
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‘Money mule’ charged in global email scam
Posted Date: Monday, January 15, 2018
A California woman has been charged for her alleged role as a “money mule” who aided and abetted global email scams that stole more than $360,000 from three Minnesotans. Read on for more details.
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Judge denies English’s preliminary injunction, Mulvaney stays
Posted Date: Thursday, January 11, 2018
On Jan. 10, U.S. District Judge Timothy Kelly handed down a ruling on Consumer Financial Protection Bureau Deputy Director Leandra English’s motion for a preliminary injunction against President Donald Trump and acting director Mick Mulvaney, clearing the way for Mulvaney to stay in his position until a permanent director is appointed and confirmed. Read on for more details.
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Colorado Division of Insurance releases title insurance report
Posted Date: Wednesday, January 10, 2018
The Colorado Division of Insurance issued its annual report on title insurance to the Colorado General Assembly. The report covers enforcement actions, market trends and consumer complaints. Read on for more details.
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Virginia introduces settlement agent legislation
Posted Date: Wednesday, January 10, 2018
A bill has been prefiled in the Virginia General Assembly that would establish a presumption that any person who is authorized to act as a settlement agent is competent to handle settlements of federally backed mortgages secured by real estate in the commonwealth. Read on for more details.
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Court examines Stewart appeal on lien priority
Posted Date: Wednesday, January 10, 2018
After a trial court moved its loan priority out of first position, Stewart Title appealed the Rule 304(a) finding.
The Appellate Court of Illinois in the First District, Fourth Division, determined whether it had jurisdiction to take the appeal from Stewart.
Read on to find out whether the court had jurisdiction to hear the appeal, and what state Supreme Court cases it relied upon to make the decision.
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Mississippi considers alternative foreclosure procedure
Posted Date: Wednesday, January 10, 2018
The Mississippi Legislature is considering a bill that would establish an alternative foreclosure procedure: foreclosure by advertisement. Under the procedure, a borrower would have to be given an opportunity to meet with a lender regarding a mortgage modification before foreclosure proceedings could begin. Read on for more details.
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Report released on enhancing the resilience of the internet against botnets
Posted Date: Wednesday, January 10, 2018
The Secretary of Commerce and Secretary of Homeland Security issued a draft report for comment called “Enhancing the Resilience of the Internet and Communications Ecosystem Against Botnets and Other Automated, Distributed Threats.” It is in response to the president’s executive order on strengthening the cybersecurity of federal networks and critical infrastructure. Read on for more details.
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Homeowner sues parties for wrongful foreclosure
Posted Date: Monday, January 8, 2018
A California homeowner who had voluntarily dismissed a state court action after his mortgage servicer promised him consideration of a loan modification if he dismissed the suit filed a federal suit against the servicer and others after he was denied a loan modification, alleging wrongful foreclosure. Read on for more details.
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Associations urge national data breach legislation
Posted Date: Monday, January 8, 2018
Associations representing a variety of industries wrote a letter to the U.S. House Energy and Commerce Committee urging it to enact national data breach legislation to protect consumers. Read on for more details.
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House Financial Services Committee Staff Director becomes CFPB chief of staff
Posted Date: Monday, January 8, 2018
House Financial Services Committee Staff Director Kirsten Sutton Mork, will leave to become Consumer Financial Protection Bureau Chief of Staff. The announcement was made by Rep. Jeb Hensarling, (R-Texas), chairman of the House Financial Services Committee. Read on for more details.
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New York considers mortgage applicant’s bill of rights
Posted Date: Monday, January 8, 2018
The New York Assembly is considering a bill that would direct licensed mortgage bankers and authorized mortgage loan originators to provide mortgage applicants with a mortgage bill of rights pamphlet for residential mortgages. Read on for more details.
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Missouri introduces real estate sale notice legislation
Posted Date: Monday, January 8, 2018
The Missouri Legislature is considering a bill that would repeal a portion of state law regarding the publication of electronic notice of the sale of real property and replaces it with different language. Read on for more details.
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Title agent gets 10 years in prison for mortgage fraud
Posted Date: Monday, January 8, 2018
The former owner of a Texas title agency was sentenced on Jan. 3 to 10 years in prison and ordered to pay $8.6 million after a Texas Department of Insurance investigation found she had stolen millions from her clients and investors. Read on for more details.
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