News By Edition

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.

New York Gov. Kathy Hochul nominated a new superintendent for the state’s Department of Financial Services.

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.

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.

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.

A former unlicensed mortgage broker pleaded guilty to a criminal information charging him with stealing $4.7 million in mortgage refinancing proceeds meant to pay off existing mortgages of his clients.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The Texas Department of Insurance announced new leaders for its Customer Operations and Life and Health divisions as well as its government relations team.

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.

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.

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.

The Texas Legislature adopted legislation to create a work group on blockchain matters concerning the state. The bill goes into effect Sept. 1.

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.

The Bureau of Indian Affairs finalized updates to regulations modernizing how it maintains titles to federal Indian trusts and restricted fee lands.

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.

The Minnesota Legislature adopted the NAIC Data Security Model Act to provide new protections to protect the privacy of data consumers provide insurance companies.

The Ohio General Assembly is considering legislation that would amend the state’s foreclosure statutes.

The North Carolina Legislature has adopted legislation that amends, among other things, the state’s notary and conveyance statutes.

The State Bar of California is seeking public comment on its Proposed Formal Opinion Interim No. 20-0004 (Ethical obligations when working remotely). Comments must be received by Nov. 12, 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.