News By Edition

Property owners sued the attorney that conducted a title examination prior to closing for failing to report a restriction that prevented them from constructing a multi-level building. They also filed malpractice claims against the attorney who represented them in a suit against their title insurer for failing to name the title attorney in that suit. Read on for more details.

A company engaged in the business of buying, renovating and reselling foreclosure properties was the highest bidder at a foreclosure sale on property in Columbus, Ga. A year later, the company filed suit against the foreclosing entity and its law firm, having not received clear, insurable title or a refund of the bid amount paid. Read on for more details.

The New Jersey Department of Banking and Insurance issued Bulletin 20-28 to supplement its May 1, 2020, bulletin regarding the issuance of temporary producer licenses. This bulletin allows for the electronic submission of applications for temporary insurance producer licenses through the National Insurance Producer Registry. Read on for more details.

The New Jersey Department of Banking and Insurance issued a bulletin extending the suspension of the requirement for an independent monitor for continuing education courses in response to COVID-19. Read on for more details.

Georgia Gov. Brian Kemp signed a bill providing that a waiver and release of mechanics and materialmens’ lien and bond rights shall be applicable only to the issues of the waiver and release and not affect any other remedies available under law. Read on for more details.

Two Orange County, Calif., residents were sentenced for their key roles in businesses that offered bogus modification programs to homeowners struggling to pay their mortgages in the wake of the 2008 financial crisis. Read on for more details.

The Maryland Building Industry Association submitted comments to the Maryland Insurance Administration in response to its request for comments on its proposed bulletin on seller’s closing assistance and the required use of a specific title company. Read on for more details.

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. The advisory contains descriptions of COVID-19-related malicious cyber activity and scams, associated financial red flag indicators, and information on reporting suspicious activity. Read on for more details.

The Office of the Comptroller of the Currency (OCC) assessed an $80 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A., based on the bank’s failure to establish effective risk assessment processes prior to migrating information security operations to the public cloud environment and its failure to correct the deficiencies in a timely manner. Read on for more details.

A former Massachusetts attorney and his wife were indicted in federal court in Boston in connection with various mortgage fraud schemes. Read on for more details.

The Tennessee Department of Commerce & Insurance announced a new director of business development for the insurance division. Read on for more details.

FundingShield shared its Q2 2020 wire and title fraud analytics, noting that lenders should safeguard their workflows from an epidemic rise in wire and title fraud as risk and compliance are further exacerbated by the rise in working from home. Read o for more details.

During a fireside chat with American Bankers Association President and CEO Rob Nichols at the ABA Risk and Compliance Virtual Conference 2020, acting Comptroller of the Currency Brooks shared that the agency is looking into having banks have less strict oversight requirements for third-party vendors who are directly supervised by the Office of the Comptroller of the Currency. Read on for more from that conversation.

During the 16th annual National Settlement Services Summit (NS3), slated for Sept. 1-3, attendees will have the opportunity to attend a track focused on cybersecurity. This is one of three tracks featured at the show. Read on for more information.

The last few months have meant a shift for many of us, working remotely, relying on virtual platforms to communicate with others and complete tasks we may have done face-to-face in the past. Not only have we shifted, but so have cyber thieves, who were ready to jump at the chaos a global pandemic brings.

The Illinois Department of Financial and Professional Regulations issued a second notice to underwriters, title agents and escrow agents regarding inaccurate certificates of exemption and certificates of compliance. Read on for more details.

A highway district filed suit for declaratory judgment and quiet title against adjoining landowners seeking to quiet title to a strip of land that was on each side of a road and was subject to a deeded right-of-way. The right of way had been unrecorded for more than 50 years. A lower court granted summary judgment to the highway district and the landowners appealed. Read on for more details.

The Washington Office of the Insurance Commissioner issued a release reminding insurers in Washington state of a new rule that requires them to notify consumers of appeal rights and consumer protection services when an insurer takes action against a policyholder. Read on for more details.

A Boulder, Colo., man pleaded guilty to bank fraud and identity theft charges for devising and executing a scheme to defraud a bank by selling it 144 fraudulent residential mortgage loans valued at almost $32 million. Read on for more details.

After discovering a prior mortgage on its property was not released before or at the time it purchased the property, the insured filed a claim with its title insurer. The title insurer denied the claim under Exclusion 3(a), arguing that the insured had knowledge of the lien prior to closing and had said it would ensure the lien was released. The insured filed suit for breach of contract and the title insurer moved for summary judgment. Read on for more details.

The 16th annual National Settlement Services Summit (NS3), slated for Sept. 1-3, will feature a track dealing with innovation throughout the title and mortgage industry, one of three tracks featured at the show. Among other things, the sessions will examine artificial intelligence’s role in the title agency, how digital lenders are changing the real estate transaction, and how to create an innovative culture at your company. Read on to learn more.

After a mortgagor failed to comply with the terms of a mortgage, the mortgagee sought to foreclose on the property. In the midst of the foreclosure suit, the prior owners of the property sought to expunge the mortgagee’s deed, arguing that its transfer to the mortgagor was in connection with a trust agreement between the parties. Read on for more details.

The Maryland Insurance Administration proposed a bulletin to advise title insurers of the need to include law firms in their producer register. Read on for more details.

The Georgia Legislature passed legislation providing that a waiver and release of mechanics and materialmens’ lien and bond rights shall be applicable only to the issues of the waiver and release and not affect any other remedies available under law. The bill awaits the governor’s signature. Read on for more details.

A California business owner pleaded guilty in federal court to bank fraud and tax evasion charges, admitting that over the course of several years he evaded taxes by failing to report $498,612 of income to the IRS, and also orchestrated an illegal scheme to fraudulently obtain a mortgage for his $1.8 million residence using a third party. Read on for more details.