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Seventh Circuit determines damages in FDIC suit against insurer
Posted Date: Wednesday, September 8, 2021
As receiver for a bank in Illinois, the Federal Deposit Insurance Corp. filed suit against the title company that conducted fraudulent closings for four properties in Chicago and the appraisal company that aided the transactions. After winning a verdict for less that it believed was warranted, the FDIC appealed the court’s decision regarding the judgment.
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Successful bidder sues lender seeking to terminate agreement
Posted Date: Wednesday, September 8, 2021
The successful bidder at auction to purchase property in Milledgeville, Ga., sued the lender/owner for breach of contract, discrimination and specific performance after the lender sought to terminate the purchase agreement. The lender moved to dismiss the suit.
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Federal agencies extend comment period for third-party guidance
Posted Date: Wednesday, September 8, 2021
The Federal bank regulatory agencies extended until Oct. 18, 2021, the comment period on proposed guidance designed to help banking organizations manage risks associated with third-party relationships. Comments were originally due by Sept. 17, 2021.
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West Virginia insurance commissioner to step down
Posted Date: Wednesday, September 8, 2021
James Dodrill will be stepping down as West Virginia insurance commissioner. He will continue to serve until a new commissioner is appointed by Gov. Jim Justice.
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Maryland Court of Appeals addresses community association lien issue
Posted Date: Wednesday, September 1, 2021
The Court of Appeals of Maryland recently answered a certified question from the U.S. Bankruptcy Court for the District of Maryland regarding whether a community association’s line could secure unpaid damages that accrue after the recordation of the lien.
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NS3: OR awards target industry trailblazers
Posted Date: Wednesday, September 1, 2021
October Research, LLC, recognized trailblazers in the title industry with its annual awards for leadership, innovation, and philanthropy.
CEO and Publisher Erica Meyer presented the awards Wednesday at the 17th annual National Settlement Services Summit (NS3). The winners “truly reflect the best our industry has to offer in leadership, innovation and philanthropy,” Meyer said.
Read on to learn who won each award.
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NS3: Make a Child Smile helps cancer’s youngest victims
Posted Date: Wednesday, September 1, 2021
Attendees at this year’s National Settlement Services Summit in Naples, Fla., sought to ease the tremendous burden of childhood cancer during the 10th annual “Make a Child Smile” community service event.
Conference attendees compiled Bags Full of Sunshine for The Sunshine Kids Foundation, which strives to improve the quality of life to children with cancer by providing them with positive group activities.
Read on for more.
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NYMBA, MBA write to new New York governor
Posted Date: Wednesday, September 1, 2021
The New York Mortgage Bankers Association and Mortgage Bankers Association wrote to new New York Gov. Kathleen Hochul, congratulating her and providing their views on key issues, including remote notarization.
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Texas issues bulletin regarding 2019 data call
Posted Date: Wednesday, September 1, 2021
The Texas Department of Insurance issued Commissioner’s Bulletin B-0024-21 to title insurance underwriting companies doing business in Texas regarding the calendar year 2019 title insurance underwriters data call.
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Treasury, DOJ, HUD urge state leaders to use rental assistance
Posted Date: Wednesday, September 1, 2021
U.S. Treasury Secretary Janet Yellen, Attorney General Merrick Garland, and U.S. Department of Housing and Urban Development Secretary Marcia Fudge sent a letter to state and local government leaders addressing the eviction moratorium.
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NS3 kicks off in Florida
Posted Date: Friday, August 27, 2021
The National Settlement Services Summit (NS3) marks its 17th anniversary this week in the sand and sun in Naples, Fla. About 750 participants are scheduled to gather to hear from the best the industry has to offer over three days at Naples Grande Beach Resort.
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WEST issues alert on watering hole attacks
Posted Date: Friday, August 27, 2021
WEST issued an alert for industry members to be on the lookout for watering hole attacks after an escrow assistant became the victim of one.
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Parties dispute water rights transferred in cattle ranch sale
Posted Date: Friday, August 27, 2021
The purchaser of a cattle ranch in Elko, Nev., filed suit against the seller, bringing claims for breach of contract, negligence, gross negligence, fraud, and civil conspiracy. The suit was brought, in part, regarding the water rights transferred in the purchase of the ranch.
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.Connecticut adopts bill regarding mortgage releases
Posted Date: Friday, August 27, 2021
The Connecticut General Assembly adopted legislation requiring mortgagees to deliver mortgage releases to the town clerk and to accept certain forms of payment tendered in satisfaction or partial satisfaction of a mortgage. The bill goes into effect Oct. 1.
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Missouri adopts insurance producer bills
Posted Date: Friday, August 27, 2021
Several new bills recently signed into law by Governor Parson revise provisions for producer license renewals and provide opportunities toward continuing education credits for insurance professionals.
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Associations support CFPB commission legislation
Posted Date: Wednesday, August 25, 2021
Several industry associations, including the American Escrow Association, American Land Title Association, Mortgage Bankers Association and RESPRO, wrote a letter in support of H.R. 4773, the Consumer Protection Commission Act.
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New York adopts foreclosure amendments
Posted Date: Wednesday, August 25, 2021
The New York Legislature adopted legislation making affirmative allegation provisions applicable to foreclosures of residential mortgages covering one-to-four family dwellings. The bill goes into effect Jan. 1, 2022.
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Senate Finance chair introduces affordable housing bill
Posted Date: Wednesday, August 25, 2021
The chair of the Senate Finance Committee introduced the Decent, Affordable, Safe Housing for All (DASH) Act, designed to make a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time home buyers.
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Texas adopts blockchain work group bill
Posted Date: Wednesday, August 25, 2021
The Texas Legislature adopted legislation to create a work group on blockchain matters concerning the state. The bill goes into effect Sept. 1.
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Texas amends law regarding restricted public information
Posted Date: Wednesday, August 25, 2021
The Texas Legislature adopted legislation relating to the availability of personal information of current or former federal prosecutors or public defenders. It restricts that information from public information in areas not dealing with land records.
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Couple seeks quiet title, claiming contract for title modification
Posted Date: Monday, August 23, 2021
After entering a contract for title to property in Saratoga, Wyo., a couple fulfilled their portion of the contract until they paid a lump sum meeting a contract requirement. They claim the owner then amended the contract to forgive the amount still required to be paid. When the owner sought continued fulfillment of the contract, the couple filed suit. The cases eventually went before the Supreme Court of Wyoming.
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Minnesota adopts NAIC Data Security Model Act
Posted Date: Monday, August 23, 2021
The Minnesota Legislature adopted the NAIC Data Security Model Act to provide new protections to protect the privacy of data consumers provide insurance companies.
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Texas adopts breach notification amendments
Posted Date: Monday, August 23, 2021
The Texas Legislature adopted legislation amending laws regarding notifications required following a breach of security of computerized data. The bill goes into effect Sept. 1, 2021.
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