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Vermont adopts new notary law, MBA/ALTA write to caution
Posted Date: Wednesday, July 18, 2018
Vermont recently adopted a new notary law that, among other things, allowed for electronic and remote online notarizations to be done in the state, joining several others who have done the same during the latest legislative session. The bill requires the secretary of state to create many of the rules regarding how these types of notarization are to be done. The Mortgage Bankers Association and American Land Title Association, however, wrote to the secretary of state to urge him to hold off drafting regulations until the legislature takes a closer look at the new law. Read on for more from the statute and the letter.
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ALTA CEO steps down
Posted Date: Thursday, July 19, 2018
The CEO of the American Land Title Association (ALTA) has accepted another position and resigned from the association, ALTA announced.
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More UPL cases being heard by Rhode Island Supreme Court
Posted Date: Wednesday, July 18, 2018
In addition to a recently reported case brought by the Rhode Island Unauthorized Practice of Law Committee against a notary closer, asking the Rhode Island Supreme Court to rule on whether the actions were taken by the notary constituted the practice of law, the court also received reports from the committee regarding a licensed title agent and the agency he owned and an attorney who operated a title agency. In each case, the court issued an order for a hearing to be held and for amicus briefs to be filed within 60 days of the June 18 orders. Read on for more details.
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Stewart sues to recover funds following fraud scheme
Posted Date: Wednesday, July 18, 2018
After uncovering a fraud scheme involving the financing of a high-end rental property in California, Stewart Title sued the players involved to recover funds which it paid out under its title insurance policy. When the defendants refused to comply and answer summons and complaints, Stewart filed for default judgment. The U.S. District Court in the Southern District of California sided with Stewart on some counts but would not grant default judgment on allegations of fraud, negligence and RICO.
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Appellate court examines personal responsibility in contract
Posted Date: Wednesday, July 18, 2018
A real estate brokerage which did not get paid its commission on a commercial transaction sued the party and principal to recover its commission, only to find that the company which sold the property re-assigned its interest and since was dissolved. A trial court found it was the personal responsibility of the principal to pay the commission, and the principal appealed. Read on for the decision of the appellate court in the case.
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Family sentenced for foreclosure rescue fraud
Posted Date: Wednesday, July 18, 2018
A husband, wife and daughter who owned and managed Los Angeles -area foreclosure rescue companies were sentenced to time in prison for their roles in a foreclosure rescue scheme. Read on for more details.
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Georgia couple faces condo fraud charges
Posted Date: Wednesday, July 18, 2018
A federal indictment was unsealed charging a couple from Moultrie, Ga., with conspiracy to commit bank fraud involving a condominium conversion of a former apartment complex. Read on for more details.
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Trade associations urge Senate support of TRID bill
Posted Date: Monday, July 16, 2018
Several trade associations, including the American Bankers Association, American Escrow Association, American Land Title Association, Mortgage Bankers Association and Credit Union National Association, wrote a letter to the Senate urging them to support the TRID Improvement Act of 2018, which amends RESPA to allow the accurate disclosure of title insurance premiums. Read on for more details.
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Congressman questions Fed on wire fraud
Posted Date: Monday, July 16, 2018
Rep. Randy Hultgren (R-Ill.), wrote a letter to Federal Reserve Chairman Jerome Powell, voicing concern that the Federal Reserve’s current policies may not be adequate to fight wire fraud and submitted questions for him to answer. Read on for more details.
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Buckly Sandler partner speaks on diversity at NS3
Posted Date: Monday, July 16, 2018
At the 2018 National Settlement Services Summit (NS3) in Detroit, Buckley Sandler, LLP Partner Valerie Hletko addressed conference attendees about diversity within one’s office and company, as well as policies employers should implement to achieve both diversity and inclusion amongst co-workers. Read on for more details.
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Fraudster seeks to overturn her conviction
Posted Date: Monday, July 16, 2018
A woman who held out her company as an agent of an underwriter, though her authorization had been terminated, was convicted of several counts of mail fraud. She appealed to the Third U.S. Circuit Court of Appeals. Read on for more details.
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Purchaser sues deed holder to quiet title
Posted Date: Monday, July 16, 2018
After discovering that property he purchased was subject to a deed of trust as part of an agreement for sale of other property by the seller of his new property, the purchaser brought a quiet title action against the deed holder. The deed holder then counterclaimed for judicial foreclosure of the deed and brought additional third party claims. Read on for more details.
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TRO granted as Illinois seeks to amend financial interest disclosure form
Posted Date: Wednesday, July 11, 2018
A state judge granted a request for a stay of implementation against the Illinois Department of Financial and Professional Regulation, which was scheduled to implement a revised DS-1 Disclosure of Financial Interest Form this month. The case was filed by Attorneys’ Title Guaranty Fund Inc. and joined by the Illinois Land Title Association. Read on for more details.
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Schulman to NS3: PHH ruling ‘not a get out of jail free card’
Posted Date: Wednesday, July 11, 2018
Phillip Schulman, a partner at Mayer Brown LLP, spoke at the National Settlement Services Summit (NS3) on RESPA compliance in the aftermath of PHH Corp.’s case against the Consumer Federal Protection Bureau (CFPB).
Schulman called it the most important decision facing the CFPB and RESPA in at least 10 years.
Read on for highlights of Schulman’s session on marketing and advertising in a post-PHH world.
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Parties dispute whether property was meant to be sold
Posted Date: Wednesday, July 11, 2018
After foreclosing on a mortgage on property in Grosse Ile, Mich., the bank assignee entered into an agreement to sell the property. The deed mistakenly included adjacent property still owned by the foreclosed upon property owner. When the property owner requested the mistake be fixed, the buyers refused and the property owner filed suit. Read on for more details.
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California makes HELOC payoff procedures permanent
Posted Date: Wednesday, July 11, 2018
The California General Assembly has made permanent a law that sets forth a procedure for suspending and closing a home equity line of credit in anticipation of a real estate transaction involving the property that is the collateral for the loan. Read on for more details.
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Industry associations urge Congress to extend NFIP
Posted Date: Wednesday, July 11, 2018
Twenty-two industry associations, including the American Land Title Association, Mortgage Bankers Association and National Association of Realtors, wrote a letter to leaders from both parties in Congress, urging them to move to take immediate action to avoid a lapse in the National Flood Insurance Program. Read on for more details.
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Buyer seeks extra-contractual damages from title insurer
Posted Date: Monday, July 9, 2018
After realizing he did not own a parcel he believed was included in the purchase of property in Shelbyville, Ind., a buyer sought coverage from his title insurer, who offered to settle the matter. The buyer refused and filed suit for breach of contract and damages as a result of negligent misrepresentation. Read on for more details.
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Lender sues title agent, attorney for negligence
Posted Date: Monday, July 9, 2018
After needing to foreclose on property after the borrower defaulted, a lender realized that one of the properties it thought was being borrowed against was not in the legal description of the mortgage. It then sued its title agency and the law firm that prepared the mortgage for negligence and legal malpractice. Read on for more details.
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Attorney arraigned for closing fraud
Posted Date: Monday, July 9, 2018
An attorney from Annandale, N.J., whose New Jersey license to practice law is under administrative suspension, was arraigned on a number of fraud and theft charges stemming from local real estate closings. Read on for more details.
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