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What can 1031 do for you?
Posted Date: Wednesday, January 30, 2019
Title agents who are looking to find new lines of business or customers can leverage 1031 exchanges to grow investor and commercial work.
In a presentation before RESPRO members in the fall, 1031 Corp. President Margo McDonnell talked about the basics of 1031 exchanges, but discussed in particular how the process could benefit title and closing agents.
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North Carolina Secretary of State releases eClosing paper
Posted Date: Monday, January 21, 2019
The North Carolina Secretary of State’s office has issued a whitepaper called “North Carolina Electronic Mortgage Closing 101-A White Paper,” as a how-to guide to conducting eClosings. Read on for more details.
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10th Circuit hears title insurer suit on agency agreement breach
Posted Date: Monday, January 28, 2019
After being sued by an insured for failing to cover an easement dispute that the insurer typically doesn’t cover, the title insurer filed a third-party complaint against its agent for deleting standards exceptions from the insured’s policy without authorization from the insurer. The case eventually went before the 10th U.S. Circuit Court of Appeals. Read on for more details.
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Title company seeks declaration it is not liable for defect
Posted Date: Wednesday, January 30, 2019
Believing its insureds were partially responsible for creating a defective legal description on property they purchased in Jackson County, Ala., a title insurer sought a declaratory judgment against its insureds. The suit also involves a dispute between the insureds and the seller of the property, who disagreed as to what property the seller represented that it was selling. Read on for more details.
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Buyers sue title agency for negligence
Posted Date: Monday, January 21, 2019
A group of men who purchased hunting property in Sullivan County, Mo., sued the title company that conducted their transaction, alleging that the title agency negligently prepared a map and legal description of the property, and that the map differed from the legal description, misleading them to believe that the legal description of the property conveyed more acreage than it actually did. Read on for more details.
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New York considers title insurance marketing legislation
Posted Date: Monday, January 28, 2019
The New York Assembly is considering a bill that would permit title industry members to undertake any usual and customary marketing activity to acquaint present and prospective customers with the advantages of using a particular title insurer or title insurance agent, as long as they are not intended to reward the future placement of, or past placement of, a particular piece of title insurance business. Read on for more details.
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DFS fines servicer over zombie properties
Posted Date: Wednesday, January 23, 2019
New York Department of Financial Services Superintendent Maria Vullo announced that the department has fined SN Servicing Corp., a New York State-registered mortgage loan servicer, $100,000 for failing to maintain two properties in Gloversville, N.Y., under New York’s Abandoned Property Relief Act, which requires banks and mortgage services to fulfill certain maintenance obligations at “zombie” properties. Read on for more details.
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Title insurer embroiled in railroad dispute
Posted Date: Monday, January 28, 2019
In issuing a title policy, a title insurer relied on a railroad company’s determination that property it was selling was a spur line and not a railroad and that the Surface Transportation Board had no authority over it and no formal abandonment of the property needed to be filed. After the Jersey City Planning Board denied the buyer LLCs’ subdivision approval, the buyers filed suit against the title insurer for coverage and the title insurer files a third-party complaint against the railroad company for negligent misrepresentation. Read on for more details.
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New York to consider lien for hazardous waste removal
Posted Date: Wednesday, January 30, 2019
The New York Assembly is considering a bill that would entitle the state to a lien upon real property of any person from whom the state may recover costs under the hazardous waste remedial fund or the environmental conservation law for certain expenditures made by the state. Read on for more details.
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New York attorney general announces zombie home grant expansion
Posted Date: Wednesday, January 30, 2019
New York Attorney General Letitia James announced “Zombies 2.0,” the expansion of a grant initiative to address the growing statewide issue of zombie homes – vacant and abandoned homes that are not maintained during a prolonged foreclosure proceeding. Read on for more details.
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Defect Index shows risk expected to stabilize
Posted Date: Wednesday, January 30, 2019
In the latest First American Loan Application Defect Index, First American Chief Economist Mark Fleming said there is reason to believe the defect risk will stabilize in 2019, after a year of elevated defect risk because of a rise in mortgage rates and natural disasters. Read on for more details.
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Cybersecurity concerns force Vermont website down
Posted Date: Wednesday, January 30, 2019
The Vermont Department of Financial Regulation stated that employees discovered a potential cybersecurity vulnerability affecting the department’s public-facing web server and decided to take the website offline. Read on for more details.
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Rhode Island considers mechanic’s lien statute
Posted Date: Wednesday, January 30, 2019
The Rhode Island General Assembly is considering a bill that would allow for the release of unperfected mechanic’s liens. Read on for more details.
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Maryland considers escrow agent agreement legislation
Posted Date: Monday, January 28, 2019
The Maryland General Assembly is considering a bill that would require an escrow agent to enter into a written agreement with the purchaser and seller of residential real estate before the agent may hold trust money in escrow for the transaction. Read on for more details.
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Wyoming governor appoints insurance commissioner
Posted Date: Monday, January 28, 2019
Wyoming Gov. Mark Gordon announced seven cabinet appointments, including Tom Glause as the insurance commissioner of the state’s department of insurance. Read on for more details.
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West Virginia commissioner gets new position
Posted Date: Monday, January 28, 2019
West Virginia Insurance Commissioner Allan McVey was appointed by Gov. Jim Justice as Secretary of Administration. Read on for more details.
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Nevada issues title industry inducement bulletin
Posted Date: Wednesday, January 23, 2019
The Nevada Division of Insurance issued a bulletin designed to provide notice to title industry members and others involved in the real estate industry regarding how it interprets the state’s law regarding unlawful rebates and inducements. Read on for more details.
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Indiana orders First American to reimburse $3 million
Posted Date: Wednesday, January 23, 2019
The Indiana Department of Insurance announced that a market conduct examination of First American Title Insurance Co. resulted in findings that some Indiana consumers were being overcharged for their title insurance from 2006-2008. Read on for more details.
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Regulators urge entities to assist during shutdown
Posted Date: Wednesday, January 23, 2019
With the partial government shutdown now in its fifth week, several federal and state regulators are urging their regulated entities to work with consumers who may be impacted by the federal government shutdown. Read on for more details.
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Mississippi bill would amend lien release statute
Posted Date: Wednesday, January 23, 2019
The Mississippi Legislature is considering a bill that would require that whenever real estate is subject to a lien and the property owner files a bond with the chancery clerk of the county in which the real estate is located, the clerk shall designate the lien, and any lis pendens, as cancelled upon the face of the record as evidence of the liens discharge. Read on for more details.
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Mississippi considers requirements for recorded deeds
Posted Date: Wednesday, January 23, 2019
The Mississippi Legislature is considering a bill that would require that the loan amount and maturity date be included on mortgages and deeds of trust that are to be recorded. Read on for more details.
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Hawaii considers title addition to tax lien, foreclosure notices
Posted Date: Wednesday, January 23, 2019
The Hawaii legislature is considering a bill that would require that public notices of power of sale and tax lien foreclosures to contain a provision regarding the prospect of obtaining a title insurance policy from a title insurance company. Read on for more details.
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Kraninger promises to look into simultaneous issue rate concern
Posted Date: Monday, January 21, 2019
In response to a letter from senators urging her to address it, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger promised to look into the issue of simultaneous issuance of title insurance. This has been a concern of the industry since the CFPB issued the TILA-RESPA Integrated Disclosure rule since it was implemented in October 2015. Read on for more details.
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Virginia introduces bill to protect federal employees
Posted Date: Monday, January 21, 2019
The Virginia General Assembly is considering a bill that would provide civil relief for citizens who are employees or contractors of the United States government who have been furloughed or are otherwise not receiving wages or payments as a result of the partial closure of the federal government. Read on for more details.
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Oregon considers lien information statement legislation
Posted Date: Monday, January 21, 2019
The Oregon Legislative Assembly is considering a bill that would provide procedures for holders of interest in real property request and obtain lien information statements to show the amount necessary to satisfy the encumbrance against the real property, as well as requirements for the lien holders to respond to the request and remedies if they fail to do so. Read on for more details.
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Man indicted for stealing neighbor’s home
Posted Date: Monday, January 21, 2019
An East New York man was indicted for allegedly stealing and attempting to sell the home of his 85-year-old neighbor, a diabetic man for whom the defendant was a part-time caretaker. Read on for more details.
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