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UPL committee seeks ruling that closings constitute practice of law
Posted Date: Wednesday, June 20, 2018
Based on a complaint by an attorney that the notary who conducted the closing engaged in the unauthorized practice of law, the Rhode Island Supreme Court Unauthorized Practice of Law Committee conducted investigational hearings and issued a committee report. Now the committee seeks the Rhode Island Supreme Court to rule whether the closing was the unauthorized practice of law. Read on for more details.
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FNTG National Agency President tells NS3 audience about GTOs
Posted Date: Wednesday, June 20, 2018
In May, The Legal Description learned that FinCEN issued a new Geographical Targeting Order (GTO) that took effect May 21, 2018. At the National Settlement Services Summit (NS3) in Detroit on June 7, Steven Day, president National Agency Operations, Fidelity National Title Group and president of the American Land Title Association, participated in an underwriter panel and discussed the latest GTO.
Day and WFG Executive Chairman and founder Patrick Stone offered their insight and suggestions to attendees on how to move forward with impacted transactions.
Read on for more on what they had to say.
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CFPB nominee gets mixed reviews, signals more of the same
Posted Date: Wednesday, June 20, 2018
A statement by a White House deputy press secretary regarding the pending nomination of a relatively unknown as director of the Consumer Financial Protection Bureau caused quite a stir over the weekend. Those stirrings became vocal support and opposition on Monday after the president announced his intent to nominate an associate director of the Office of Management and Budget as the next director of the CFPB. But will the nomination create any change for the industry? Industry insiders weighed in on the effect of the nomination.
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Washington state proposes title rating organization regulation
Posted Date: Wednesday, June 20, 2018
The Washington Office of the Insurance Commissioner has proposed a regulation designed to implement a new law allowing for the creation and establishment of title insurance rating and advisory organizations in the state. Read on for more details.
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RESPRO comment letter highlights AfBA, title issues
Posted Date: Wednesday, June 20, 2018
The Real Estate Services Providers Council issued a letter on June 18, in response to the Consumer Financial Protection Bureau’s request for information on its adopted rules. Read on for what the association had to say.
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California attorney sentenced for short sale fraud
Posted Date: Wednesday, June 20, 2018
A Modesto, Calif., real estate attorney was sentenced to prison for a fraudulent short-sale scheme he created to keep properties he owned that were significantly in default in order to avoid foreclosure. Read on for more details.
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Third Circuit hears RICO suit against LandAm 1031 exchange
Posted Date: Monday, June 18, 2018
The Third Circuit U.S. Court of Appeals heard a couple’s Racketeering Influenced and Corrupt Organization (RICO) Act suit against Fidelity National Title Insurance Co. and Commonwealth Land Title Insurance Co., as successors to LandAmerica and its 1031 exchange arm, which filed bankruptcy after the financial crisis in 2008. Read on for more details.
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Policy holder seeks claim losses after suit
Posted Date: Monday, June 18, 2018
After becoming involved in a bankruptcy litigation regarding mechanic’s lien claimants, a company that provided a loan for improvements on a resort on the California/Nevada border sought indemnity from its title insurer. The title insurer provided counsel to defend the company, but did not indemnify it. When the settlement check the company received was short, it filed suit against the title insurer for breach of contract, as well as violations of the Texas Insurance Code. The title insurer moved to dismiss the Texas Insurance Code claims.
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North Carolina considers deed solicitation, real property ownership bill
Posted Date: Monday, June 18, 2018
The North Carolina General Assembly is considering a bill that would regulate the solicitation of a fee in exchange for copies of recorded documents, as well as make corrections and amendments to various statutes impacting real property ownership. Read on for more details.
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FTC, others announce small business scam initiative
Posted Date: Monday, June 18, 2018
The Federal Trade Commission, jointly with the offices of eight state Attorneys General, the New York Division of the U.S. Postal Inspection Service, two U.S. Attorneys’ Offices and the Better Business Bureau, announced the results of Operation Main Street: Stopping Small Business Scams, a law enforcement initiative targeting operations seeking to defraud small businesses, and an education outreach effort to help small businesses protect themselves from fraud.
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Judge orders stay of rate reduction in NYSLTA case
Posted Date: Friday, June 15, 2018
The New York State Land Title Association received a victory in its case against the New York State Department of Financial Services after a hearing June 14. The judge in the case ordered an interim stay on a provision of Reg 208 that would require title insurers to submit a rate filing that provides for a 5 percent rate reduction. Read on for more details.
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Can Fannie Mae’s interest be extinguished by foreclosure?
Posted Date: Wednesday, June 13, 2018
Fannie Mae recently filed suit after property in Nevada was sold at a nonjudicial foreclosure sale. It had acquired the loan and became a beneficiary under the deed of trust sometime after the loan had been made by IndyMac Bank. Read on for more details.
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Federal authorities announce Operation Wire Wire
Posted Date: Wednesday, June 13, 2018
Federal authorities announced a significant coordinated effort to disrupt Business Email Compromise (BEC) schemes that are designed to intercept and hijack wire transfers from businesses and individuals. Operation Wire Wire, a coordinated law enforcement effort by the U.S. Department of Justice, U.S. Department of Homeland Security, U.S. Department of the Treasury and the U.S. Postal Inspection Service, was conducted over a six month period, culminating in over two weeks of intensified law enforcement activity resulting in 74 arrests in the United States and overseas. Read on for more details.
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Trade associations send letter supporting GUIDE Act
Posted Date: Wednesday, June 13, 2018
Seventeen trade organizations, including the American Land Title Association, Mortgage Bankers Association, National Association of Realtors and the Real Estate Services Providers Council Inc., wrote to Rep. Sean Duffy and Rep. Ed Perlmutter, offering their support for the Give Useful Information to Define Effective Compliance Act (GUIDE Act), H.R. 5534. Read on for more details.
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New Hampshire insurance commissioner starts term
Posted Date: Wednesday, June 13, 2018
The new New Hampshire insurance commissioner began his term on June 11. He was nominated by Gov. Chris T. Sununu and unanimously approved by the New Hampshire Executive Council in May. Read on to find out more about the new commissioner.
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ALTA president talks to Congress about bureau accountability
Posted Date: Monday, June 11, 2018
On June 6, The House Financial Institutions and Consumer Credit Subcommittee held a hearing to examine recommendations from Consumer Financial Protection Bureau acting director Mick Mulvaney that Congress enact four changes to establish transparency and accountability at the bureau. American Land Title President Steven Day was invited to testify during the hearing. Read on for more details.
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FBI releases Internet Crime Report
Posted Date: Monday, June 11, 2018
The FBI released the Internet Crime Complaint Center (IC3) 2017 Internet Crime Complaint Report, highlighting trending internet scams. Among those the report focused on was business email compromise, which was also the topic of a release IC3 sent out on June 11. Read on for more details.
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Illinois General Assembly passes predictable fee schedule
Posted Date: Monday, June 11, 2018
A bill that would require counties to implement predictable fee schedules by January 2020 has passed both houses of the Illinois General Assembly. The bill now awaits the governor’s approval. Read on for more information about the bill.
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Texas court mulls specific jurisdiction of Louisiana resident
Posted Date: Monday, June 11, 2018
After a borrower transferred Texas property to her friend in Louisiana, the government asserted a lien on the property as part of a collection against the borrower’s ex-husband. The title company paid the lien, then sued the borrower and her friend, alleging a fraudulent transfer. The Texas Supreme Court was tasked with determining whether the Louisiana resident’s contacts with the state were sufficient to confer specific jurisdiction over her as to the fraudulent-transfer claim. Read on for the decision.
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Pennsylvania man sentenced for house-stealing scheme
Posted Date: Monday, June 11, 2018
A Pennsylvania man, who, along with his father and several other family members, defrauded the City of Philadelphia, the Commonwealth of Pennsylvania, and innocent owners and purchasers of Philadelphia real estate, was sentenced to 119 months in prison. Read on for more details.
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Orange County men sentenced for builder bailout scheme
Posted Date: Monday, June 11, 2018
Two men from Orange County, Calif., have been sentenced to federal prison for participating in a “builder bailout” mortgage fraud scheme that resulted in the fraudulent purchase of more than 100 condominium units around the country, causing more than $10 million in losses when the properties went into foreclosure.
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