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News By Edition
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The Legal Description Edition
May 7, 2018
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Tennessee passes online notary legislation
Posted Date: Wednesday, April 25, 2018
The Tennessee General Assembly passed legislation that authorizes electronic acknowledgments and online notarizations. If signed by the governor, it will become the fourth state to adopt similar legislation. Read on for more details.
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Owner claims agent acted as abstractor
Posted Date: Wednesday, April 25, 2018
After discovering a sewer easement on his property, an owner in Utah sued his title agent and title insurer, alleging that because he had talked to the agent about a different potential sewer easement, the conversation gave rise to additional duties beyond escrow agent and agent of the title insurer. Read on for more details.
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NS3 Preview: Revitalization of blighted properties key for urban growth
Posted Date: Wednesday, April 25, 2018
Land banks play a vital role in communities with abandoned properties hoping to be available again for purchase. The title insurance industry is a main player when it comes to these efforts. The 2018 National Settlement Services Summit (NS3) welcomes three expert panelists to the stage to help attendees learn how they can engage in similar initiatives in their communities. Read on for a brief sample of what these speakers will bring to the audience June 6-8 in Detroit.
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New York DFS issues updated disaster response requirements
Posted Date: Wednesday, April 25, 2018
The New York Department of Financial Services (DFS) has issued updated disaster response and recovery plan requirements for all insurance companies licensed in the state. The updated guidance for property/casualty companies now also requires mortgage insurers and title insurers to file a disaster response plan and questionnaire by Sept. 28, 2018. Read on for more details.
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Illinois considers predictable fee schedule
Posted Date: Wednesday, April 25, 2018
The Illinois General Assembly is considering a bill that would require counties to implement predictable fee schedules by January 2020. Read on for more details.
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Homeowners sue insurer for coverage of boundary dispute
Posted Date: Wednesday, April 25, 2018
After losing a suit brought against them regarding a boundary line dispute, a couple’s title insurer refused to fund the appeal. The couple then sued the title insurer for bad faith. Read on for more details.
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Wells Fargo gets $1 billion fine from CFPB, OCC
Posted Date: Monday, April 23, 2018
The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau issued a settlement totaling $1.5 billion against Wells Fargo Bank but only required a civil money penalty of $1 billion. The violations pertained to the company’s compliance risk management program and issues regarding certain interest rate-lock extensions on home mortgages and collateral protection insurance (CPI) placed on certain auto loans. Read on for more details and some initial expert reaction on what this might mean for you.
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NS3 Preview: Packing your cyberattack survival kit
Posted Date: Monday, April 23, 2018
There is lots of information out there about the risk of cyberfraud, how to avoid it, requirements to protect your company against it, and what the latest scams are that you need to look out for. But happens when you get that 3 a.m. phone call that your system has been breached? What is your first step then?
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Bipartisan CFPB guidance legislation introduced in U.S. House
Posted Date: Monday, April 23, 2018
Wisconsin Congressman Sean Duffy, chairman of the Financial Services Subcommittee on Housing & Insurance, and Congressman Ed Perlmutter (D-Colo.) introduced the Give Useful Information to Define Effective Compliance (GUIDE) Act. The GUIDE Compliance Act seeks to regularize the Consumer Finance Protection Bureau’s process of providing rules and guidance to better protect consumers. Read on for more details.
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Insurer sues mortgage holder over coverage dispute
Posted Date: Monday, April 23, 2018
After it won a court case against a couple which was required to deed it the entirety of the 1,300 acres they had mortgaged under a bankruptcy settlement, the mortgage holder sought compensation for the cost of attorneys’ fees, including the fees incurred after the litigation concluded. The title insurer paid the fees incurred during the litigation only and filed suit for declaration that it was not liable for any additional payments. Both parties filed motions for summary judgment. Read on for more details.
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Kentucky governor signs deed legislation
Posted Date: Monday, April 23, 2018
Kentucky Gov. Matt Bevin signed legislation that describes the requisite “full name” for a grantor and grantee when recording a deed to real property and directs that the record is still notice and admissible as evidence if the instrument is not in compliance with the provisions set out in the bill. Read on for more details.
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Former ICE agent pleads guilty to wire fraud
Posted Date: Monday, April 23, 2018
A former U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (ICE-HSI) special agent pleaded guilty to devising a wire fraud scheme that defrauded SunTrust Mortgage and Freddie Mac of more than $40,000. Read on to learn more.
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California introduces private transfer fee ban
Posted Date: Wednesday, April 18, 2018
The California General Assembly is considering a ban on private transfer fees that do not provide a direct benefit to the encumbered property. The topic of private transfer fees was a hot button topic a few years ago, with numerous states taking action and eventually the Federal Housing Finance Agency and Congress taking up the issue. Read on for more insight into the bill.
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NS3 Preview: Underwriters, lenders, regulators take the stage
Posted Date: Wednesday, April 18, 2018
The National Settlement Services Summit (NS3) comes home to the Midwest for the 14th year of the annual conference that brings all parties of the real estate transaction together in one place. The conference is slated for June 6-8 in Detroit at the Detroit Marriott at the Renaissance Center.
One thing that remains the same, though, is the ability for attendees to learn from top executives and companies representing the industry, with panels scheduled featuring leading underwriters, lenders and regulators.
Read on for more about the top-quality speakers set to pass along their insights in June.
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Mulvaney debut provides insight into new direction
Posted Date: Wednesday, April 18, 2018
On April 11 and 12, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, appeared before Congress to give his first semi-annual report for the bureau. During his appearances before the House and the Senate, he provided more insight into his new direction, and asked Congress to take specific legislative actions. Read on for more details.
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Property owner accuses settlement agent of aiding improper transfer
Posted Date: Wednesday, April 18, 2018
A Louisiana woman filed suit against the United States and others, alleging that the government improperly acquired a warranty easement deed over a portion of her property. The settlement agent she claimed conducted the transaction filed a motion for summary judgment of the claims against her. Read on for more details.
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Association letter voices support for CFPB commission
Posted Date: Wednesday, April 18, 2018
Several industry associations, including the American Land Title Association, American Escrow Association, Mortgage Bankers Association and Real Estate Services Providers Council, wrote a letter to members of Congress, voicing their support for H.R. 5266, the Financial Product Safety Commission Act of 2018, which would establish a five-person, bipartisan commission to replace the current sole director governance structure of the Consumer Financial Protection Bureau. Read on for more details.
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California man sentenced for wire fraud
Posted Date: Wednesday, April 18, 2018
A Rocklin, Calif., man was sentenced to time in prison for wire fraud involving financial institutions. Read on for more details.
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The why, the how and the future of cybersecurity
Posted Date: Monday, April 16, 2018
Technology is moving at an exponential speed, and along with that comes cyberattacks and new ways to protect your company. During the Property Records Industry Association’s Winter Symposium, Joseph Raczynski, technologist, Large Law Firm & Government, Thomson Reuters, broke down these various topics and shared his insight with attendees. Read on to find out what he told everyone.
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Owner sues title insurer over plat issues
Posted Date: Monday, April 16, 2018
After purchasing property in Hurricane, Utah, the new owner discovered that the plat map used in the transaction had a material defect, one of the lots partially overlapped another parcel. The plat map was amended, shrinking the overlapping lot and imposing additional development requirements on all of the lots the owner purchased. The owner filed a claim with his title insurer, which denied the claim. The owner then filed suit against the title insurer. Read on for more details.
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New York DFS issues alert regarding alterative home purchase agreements
Posted Date: Monday, April 16, 2018
The New York Department of Financial Services (DFS) has issued a consumer alert warning New Yorkers about the pitfalls of rent-to-own or land installment contracts, factors to consider before signing a contract, and how to get legal help if needed. Read on for more details.
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New York DFS fines Nationstar
Posted Date: Monday, April 16, 2018
The New York Department of Financial Services (DFS) has fined Nationstar Mortgage LLC $5 million for violations of state banking, stemming from the company’s failure to develop effective, scalable controls that could keep pace with its rapid growth. As a result of DFS examinations, Nationstar has made restitution of $7 million to New York borrowers. Read on for more details.
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Number of eRcording jurisdictions reaches new milestone
Posted Date: Monday, April 16, 2018
A new milestone has been reached in the number of recording jurisdictions that are electronically recording documents. As of March 31, 2018, over 83 percent of the population in the United States resides in a recording jurisdiction that offers electronic recording, representing 50 percent of the nation’s 3,600 recording jurisdictions. Read on for more details.
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Father and son plead guilty to wire fraud conspiracy
Posted Date: Monday, April 16, 2018
A father and son pled guilty to conspiracy to commit wire fraud and bank fraud in connection with a scheme to fraudulently induce distressed homeowners to sell their homes for little or no consideration to a company they owned and controlled. Read on for more details.
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