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News By Edition
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The Legal Description Edition
November 20, 2017
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Title closer sues New York DFS over new rules
Posted Date: Wednesday, November 8, 2017
A title closer sued Maria Vullo, superintendent of the New York State Department of Financial Services, seeking a declaration that the portion of Insurance Regulation 208, Title Insurance Rates Expenses and Charges is unconstitutional and to permanently enjoin its implementation and enforcement. Read on for more details.
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Property owner seeks to quiet title against city
Posted Date: Wednesday, November 8, 2017
After purchasing property in the City of Ryland Heights, Ky., at a foreclosure sale and beginning to divide it into plots for sale, the owner of the property discovered that the city claimed it owned some of that property. This began a quiet title suit that ended up before the Court of Appeals of Kentucky. Read on for more details.
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Ohio introduces cybersecurity safe harbor bill
Posted Date: Wednesday, November 8, 2017
The Ohio General Assembly has introduced legislation that would provide a legal safe harbor to covered entities that implement a cybersecurity program outlined in the legislation. The bill seeks to encourage businesses to achieve a higher level of cybersecurity voluntarily. Read on for more details.
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Foreclosure rescue fraudster sentenced
Posted Date: Wednesday, November 8, 2017
A Dallas, Texas, woman was sentenced to time in prison and ordered to pay restitution, following her guilty plea to conspiracy to commit mail fraud for her role in a foreclosure rescue scheme. Read on for more details.
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Congressional hearing discusses data security vulnerabilities, regulatory gaps
Posted Date: Monday, November 6, 2017
During a hearing held Nov. 1, titled “Data Security: Vulnerabilities and Opportunities for Improvement,” the House Subcommittee on Financial Institutions and Consumer Credit spoke with witnesses from across the financial services sector to examine data security vulnerabilities and identify gaps in state and federal data security regulations.
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Appellate court finds title unmarketable, reverses lower court decision
Posted Date: Monday, November 6, 2017
A woman purchased property in Louisiana with her brother-in-law, after which time her brother-in-law transferred his interest to the property to her. When she sought to obtain financing, she discovered several judgments and liens against her brother-in-law on the property. She sought coverage from her title insurer, who denied coverage. A lower court agreed with the title company, but the woman appealed. Read on to find out why the appellate court reversed the trial court’s decision.
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Builder seeks to add to breach of contract suit against insurer
Posted Date: Monday, November 6, 2017
After discovering a title defect after signing a five-party agreement that allowed it to lease and develop land in Yonkers, N.Y., a builder sued its title insurers to amend the defect. The parties to the agreement reached a settlement, but the builder’s subleasee backed out of their agreement, leading the builder to move to add an additional plaintiff and damages to the suit against its insurers. Read on for more details.
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Defect index down in September
Posted Date: Monday, November 6, 2017
First American Financial Corp. released the First American Loan Application Defect Index for September 2017, which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications. The overall defect index was down month-over-month in a year where risk had risen, although still higher than this time last year. Read on for more details.
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Florida to consider unfair trade practices bill
Posted Date: Monday, November 6, 2017
A proposed bill in the Florida legislature targets unfair insurance trade practices. Among other things, it would specifically prohibit title industry members from giving insureds or prospective insureds any merchandise in excess of a specified value. Read on for more details.
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Old Republic announces settlement of longtime suit
Posted Date: Monday, October 30, 2017
During its latest earnings call, Old Republic Insurance Co. announced that it had settled a suit it brought nearly a decade ago in Circuit Court in Cook County, Illinois, initially against Countrywide Bank FSB, seeking rescission of various credit indemnity policies. Read on for more details.
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Industry associations urge support of TRID title insurance fix
Posted Date: Monday, October 30, 2017
Twenty-two industry associations, including the American Land Title Association, Mortgage Bankers Association, National Association of Home Builders and the U.S. Chamber of Commerce, wrote to the U.S. House of Representatives to urge support for H.R. 3978, the TRID Improvement Act of 2017. This bill would amend RESPA to require the Consumer Financial Protection Bureau to allow the accurate disclosure of title insurance premiums to homebuyers. Read on for more details.
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Failed lien payoff leads to title company dispute
Posted Date: Monday, October 30, 2017
Believing he did not need to satisfy a lien on his mother’s property, a man kept the money he received from the sale of her house instead of paying off the lien. This led to disputes with the title company in two cases: the probate of his mother’s estate, where the court ordered the funds put in a blocked account to satisfy the lien; and a civil case brought by the title company to recover the funds it paid out to satisfy the lien, where the court granted summary adjudication in favor of the title company. The son/executor appealed both decisions.
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Homeowners seek reversal of decision in overcharge dispute
Posted Date: Monday, October 30, 2017
A class of homeowners in New Hampshire filed a class action suit against their title insurer, arguing that they were overcharged when refinancing their property within three years of purchasing their initial policy. The case was settled and payments were made to class members, but the company did not make a new rate filing within the required time. A few years later, the homeowners moved for a finding of contempt based on the late rate filing. They made similar claims in another motion a year later. Read on for more details.
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Treasury report suggests reforms for insurance industry
Posted Date: Monday, October 30, 2017
The U.S. Department of the Treasury released a report that examines the current regulatory framework for the asset management and insurance industries and makes recommendations to ensure the regulatory framework is aligned with the administration’s core principles for financial regulation. Read on for more details.
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Massachusetts introduces electronic data breach submission portal
Posted Date: Monday, October 30, 2017
The Massachusetts Office of Consumer Affairs and Business Regulation has launched an electronic data breach submission portal aimed at simplifying the notification requirement for individuals and businesses by providing a standard form to collect specific information required by law relative to a data breach. Read on for more details.
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