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Florida adopts public records statute
Posted Date: Wednesday, June 30, 2021
Florida Gov. Ron DeSantis signed legislation regarding public records. The bill addresses, among other things, what information can be removed from county recorders’ publicly available websites and who will still have access to that information.
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CFPB issues final foreclosure rules
Posted Date: Wednesday, June 30, 2021
The Consumer Financial Protection Bureau (CFPB) finalized amendments to the federal mortgage servicing regulations to aid the ongoing economic recovery as the federal foreclosure moratoriums are phased out. The CFPB said the amendments will help protect mortgage borrowers from unwelcome surprises as they exit forbearance.
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Seller argues insurer had duty under preliminary commitment
Posted Date: Wednesday, June 30, 2021
The sellers of property sued the title agent and underwriter that conducted title services for its failed sale, arguing that the agent and underwriter were negligent in conducting the title examination because the search did not find proof of legal access to the property.
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FHFA announces GSEs to adhere to CFPB foreclosure rule
Posted Date: Wednesday, June 30, 2021
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will not be permitted to make a first notice or filing for foreclosure that would be prohibited by the Consumer Financial Protection Bureau’s (CFPB) Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X Final Rule before the rule takes effect.
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Buyer, agency debate contract, payoff
Posted Date: Wednesday, June 30, 2021
When buying a property out of foreclosure, a couple agreed to pay off the loans on the property. They contacted the title agency that had been conducting the foreclosure work to conduct the title and closing. At closing they paid off one lien, but not the other. They filed suit against the title agency, arguing they should not be responsible for the second lien’s payoff.
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New York ends state of emergency, allowance of RIN
Posted Date: Wednesday, June 30, 2021
New York Gov. Andrew Cuomo ended the state disaster emergency on June 24, 2021, which ended the executive order allowing for the use of remote notarization in the state.
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Parties debate validity of mortgage, lien priority
Posted Date: Monday, June 28, 2021
The buyer of a condominium unit at the condominium lien’s foreclosure sale filed suit to expunge the first priority mortgage on the property. The parties debated the validity of the mortgage, with the buyer arguing it was missing the notary signature.
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FHFA extends foreclosure, eviction moratoriums
Posted Date: Monday, June 28, 2021
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until July 31, 2021.
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Illinois couple charged for mortgage scheme
Posted Date: Monday, June 28, 2021
A man and his wife have been charged in federal court in Chicago with participating in a mortgage fraud scheme that defrauded financial institutions out of at least $2.5 million.
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Gov. DeSantis approves RON amendments
Posted Date: Wednesday, June 23, 2021
Florida Gov. Ron DeSantis approved legislation adopting remote online notarization amendments, including one clarifying that a notary or his or her employer may choose the technology used to perform an electronic notarization. The bill goes into effect Jan. 1, 2022.
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Insured seeks $10 million limit on condominium development policy
Posted Date: Wednesday, June 23, 2021
The holder of a title policy on a waterfront condominium development in Newport, R.I., filed suit against the title insurer seeking the $10 million policy limit because of its loss of title and interests in the property after the title insurer denied coverage. The title insurer sought summary judgment in the case.
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Neighbor seeks reconsideration of easement dispute
Posted Date: Wednesday, June 23, 2021
Bessie Otis asked the court to reconsider its order denying her motion to remand and granting the motions to dismiss of the owner of adjoining property and the title insurance company regarding an easement dispute. The case is before the U.S. District Court for the Southern District of Mississippi.
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Property owner appeals decision in dispute over foreclosure
Posted Date: Wednesday, June 23, 2021
The owner of property in Knoxville, Tenn., filed suit seeking an injunction and to quiet title after the foreclosure of his property. The mortgagees involved in the transaction moved to dismiss his suit as untimely and the trial court agreed. The case then went before the Court of Appeals of Tennessee.
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Owner seeks quiet title for missing signature
Posted Date: Monday, June 21, 2021
The owner of property in Brooklyn, N.Y., filed a suit to quiet title against the lender and its agent, alleging that because the recorded mortgage was missing the owner’s signature the mortgage was invalid and unenforceable. Read on for more details.
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ABA seeks guidance on new holiday’s effect on closings
Posted Date: Monday, June 21, 2021
After Juneteenth was made a federal holiday, federal agencies announced they would observe the holiday on June 18 this year because June 19 was a Saturday. With the quickness of the holiday’s adoption, the American Bankers Association urged the Consumer Financial Protection Bureau to issue guidance on how the new holiday will impact the timing of disclosures required for mortgage transactions in process this year. Read on for more details.
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House introduces SECURE Notarization Act
Posted Date: Monday, June 21, 2021
A month after a similar bill was introduced in the U.S. Senate, Reps. Madeline Dean and Kelly Armstrong, along with 31 other members of Congress, introduced the bipartisan SECURE Notarization Act of 2021 that will update and modernize the country’s notarization process in and outside of the United States. Read on for more details.
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Owners sue over golf course covenant
Posted Date: Monday, June 21, 2021
The owners of property being developed as a golf course discovered a covenant on their property limiting the development of golf villas on the property. They filed a claim under their title policy, but their title insurer denied the claim. The owners then filed suit to recover under the policy. Read on for more details.
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Man found guilty of mortgage fraud
Posted Date: Monday, June 21, 2021
A lawyer from Clinton, Md., was found guilty of theft, not providing a necessary contract and taking money before proving services in a mortgage-theft scheme. Read on for more details.
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