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May 1, 2023

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May 1, 2023
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Fannie Mae updated equity housing plan provides AOL update
Posted Date: Wednesday, April 12, 2023
As part of the updated equitable housing finance plan announced by the Federal Housing Finance Agency, Fannie Mae provided updates about the use of attorney opinion letters (AOLs), including further information on a title pilot program. Its 2022 performance report provided data on the use of AOLs.

Escrow company appeals decision in suit stemming from wire fraud
Posted Date: Monday, April 10, 2023
The purchaser of a Subway franchise in Arizona filed suit against its escrow agent for negligence, breach of fiduciary duty and breach of contract after an imposter hacked the purchaser’s email account and reached out pretending to be the seller. The imposter convinced the escrow agent and the purchaser to wire it funds that were supposed to go to the seller, preventing the sale from occurring.

Insureds file breach of contract suit after insurer’s failure to indemnify
Posted Date: Wednesday, April 19, 2023
Two insureds filed a breach of contract claim against their title insurer, arguing the title insurer breached their title policies by failing to indemnify them for their settlement of another suit and failing to defend one of the insureds.

New Mexico adopts legislation to correct scrivener’s errors
Posted Date: Wednesday, April 19, 2023
New Mexico Gov. Michelle Lujan Grisham signed legislation to amend provisions of state law that authorizes the correction of minor drafting or clerical errors or omissions in recorded instruments of real property.

Washington adopts email communication legislation
Posted Date: Wednesday, April 19, 2023
Washington State Gov. Jay Inslee signed legislation concerning email communication by the Office of the Insurance Commissioner.

Utah considers amendments to standards for safeguarding consumer information
Posted Date: Wednesday, April 19, 2023
The Utah Insurance Department is considering amendments to R590-216, Standards for Safeguarding Consumer Information. Comments are being accepted until May 31, and the earliest possible effective date is June 7.

Colorado director of real estate shares ways to avoid wire fraud
Posted Date: Wednesday, April 19, 2023
In the Director’s Corner of the Colorado Division of Real Estate’s latest quarterly newsletter, Director Marcia Walters shared ways to avoid wire fraud.

Man sentenced to three years for bank fraud conspiracy
Posted Date: Wednesday, April 19, 2023
A Plant City, Fla., man was sentenced to three years and one month in federal prison for conspiracy to commit bank fraud. The court also entered an order of forfeiture in the amount of $5,000, the proceeds of the charged criminal conduct.

Insured sues title insurer for failing to compensate for loss
Posted Date: Monday, April 17, 2023
In a contract dispute arising from a title policy, the plaintiff policy holder sued their insurer, alleging the insurer breached the policy by failing to compensate them for losses allegedly covered under the policy. The plaintiff now moves for summary judgment on the face amount of the title policy.

CFPB issues policy statement on abusive conduct
Posted Date: Monday, April 17, 2023
The Consumer Financial Protection Bureau (CFPB) issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent.

Utah adopts recorder modification bill
Posted Date: Monday, April 17, 2023
Utah Gov. Spencer Cox signed legislation that would establish a County Recorders Standards Board to make rules that establish statewide standards for county recorders.

Idaho adopts bill prohibiting unfair service agreements
Posted Date: Monday, April 17, 2023
Idaho Gov. Brad Little signed legislation prohibiting unfair service agreements.

Maine woman pleads guilty to wire fraud, straw firearm purchase
Posted Date: Monday, April 17, 2023
A Brewer, Maine, woman pleaded guilty in U.S. District Court in Bangor, Maine, to wire fraud and making a false statement to a mortgage lending business. She also pleaded guilty to a separate charge of making a false statement to a licensed firearms dealer.

Loan officer convicted of bank fraud, forging signatures
Posted Date: Monday, April 17, 2023
A federal jury found an Osceola County, Fla., mortgage loan officer guilty of three counts of bank fraud and one count of aggravated identity theft.

Court remands case for lack of diversity
Posted Date: Wednesday, April 12, 2023
After a nonparty defaulted on loans it granted, and filed for bankruptcy, the bankruptcy trustee learned the nonparty’s corporate form had been dissolved before the execution of the loans and commenced an adversary proceeding. The lender filed suit against the title insurer for declaratory relief and breach of contract, arguing the title insurer was liable under the title policy for defective title. After the title insurer removed the case to federal court, the lender amended the complaint asserting claims against title agents and seeks to remand the case to state court.

New York considers document retention bill for notaries, commissioners of deeds
Posted Date: Wednesday, April 12, 2023
The New York State Legislature is considering legislation that would require notaries and commissioners of deeds to complete and retain certain documents relating to the transfer of real property. The bill is designed to prevent fraudulent deed transfers by increasing the accountability of notaries who witness real property documents.

Maryland General Assembly passes prohibition against certain service agreements
Posted Date: Wednesday, April 12, 2023
The Maryland General Assembly passed legislation prohibiting certain service agreements for the maintenance, purchase, or sale of residential property from containing certain prohibitions and prohibiting the recording of prohibited service agreements. The bill awaits the governor’s signature.

San Diego, San Francisco city attorneys subpoena Home Title Lock
Posted Date: Wednesday, April 12, 2023
San Diego City Attorney Mara Elliott and San Francisco City Attorney David Chiu subpoenaed Home Title Lock, seeking information about the company’s allegedly deceptive advertising to convince homeowners to purchase unnecessary home title monitoring services.

Assistant U.S. attorney pleads guilty to conflict of interest over title search contract
Posted Date: Wednesday, April 12, 2023
An assistant U.S. attorney pleaded guilty to illegally steering contracts to conduct title searches to her spouse, in violation of the federal criminal conflict of interest statute.

Congress sends bipartisan, bicameral letter on FinCEN BOI reporting
Posted Date: Monday, April 10, 2023
House Financial Services Committee Chairman Patrick McHenry (R-NC), Sen. Sheldon Whitehouse (D-RI) and a bipartisan, bicameral group of lawmakers sent a letter to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network (FinCEN) acting Director Himamauli Das regarding the Treasury Department’s Notice of Proposed Rulemaking on Beneficial Ownership Information Reporting Requirements. The lawmakers are demanding FinCEN amend the proposed rule to adhere to Congressional intent and ensure reporting companies cannot avoid transparency.

Tennessee passes Prohibition of Unfair Service Agreements Act
Posted Date: Monday, April 10, 2023
The Tennessee General Assembly passed the Prohibition of Unfair Service Agreements Act, outlining the characteristics under which a service agreement is deemed unfair and unenforceable. The bill awaits the governor’s signature.

Utah adopts county recorder modification
Posted Date: Monday, April 10, 2023
Utah Gov. Spencer Cox signed legislation to modify provisions of state law relating to county recorders.

Alabama Legislature considers legislation to eliminate prelicensing course
Posted Date: Monday, April 10, 2023
The Alabama Legislature is considering a bill that would remove the requirement for insurance producers, independent adjusters, apprentice independent adjusters, and title insurance agents to complete a prelicensing course of study before being licensed.

Illinois Department of Insurance launches new help center
Posted Date: Monday, April 10, 2023
The Illinois Department of Insurance (IDOI) rolled out the new IDOI Help Center to replace the current consumer complaints system, which was in use for decades.
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