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N.Y. Governor’s budget proposal may lead to major title industry changes
Posted Date: Tuesday, January 28, 2014
New York Gov. Andrew Cuomo released a proposed budget for the fiscal year on Jan. 21. The proposal contained numerous legislative and regulatory changes, including several to increase regulation of the title insurance industry, lowering rates in the process. Read on for more details.
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Escrow co. receiver goes after bank for wire fraud
Posted Date: Thursday, January 16, 2014
The receiver of an escrow company who was the victim of wire fraud sued the escrow company’s bank for fraud for acting with oppression, fraud and malice in handling the wire fraud incidents.
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Liability insurer seeks to rescind policy after mortgage fraud discovery
Posted Date: Monday, January 6, 2014
A professional liability insurer sought to rescind a title agent errors and omissions policy after the president of the title agency pled guilty to two counts of mortgage fraud. She lied on at least one critical question on the policy application, making the policy void, but the title agency argued that the activities were classified as negligence and covered under the policy.
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Developer sues title co. over trail exception
Posted Date: Tuesday, December 10, 2013
A property developer in New York sued its title insurer after a third-party buyer withdrew from an agreement with the developer to purchase the property. It filed a claim, arguing that the property could not be subdivided without preserving the trail and that the property cannot be conveyed without removing the trail. The insurer denied coverage and the developer filed suit.
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Title insurer sues to determine who gets the escrow
Posted Date: Monday, January 6, 2014
A title insurer in Washington filed an interpleader action to determine who was entitled to $50,000 in escrow in a suit between two parties to a failed real estate transaction. The title insurer was countersued for negligence before all aspects of the suit were dismissed. Read on to find out what the Court of Appeals of Washington had to say when the title insurer appealed the trial court’s decision to dismiss the case.
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When does clock start running for statute of limitations?
Posted Date: Thursday, January 9, 2014
The 10th U.S. Circuit Court of Appeal had to determine when the clock for statute of limitations began running when an insured bank sued its title insurer regarding actions of the insurer’s agent. While the parties agreed that certain claims were time-barred, they disagreed about whether all of the claims were time-barred, as the trial court had determined.
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CFPB seeks applicants for advisory boards
Posted Date: Thursday, January 16, 2014
The Consumer Financial Protection Bureau announced that it is seeking applications for positions on its advisory groups, the Consumer Advisory Board, the Credit Union Advisory Council and the Community Bank Advisory Council, which serve as key resources to the Bureau by providing valuable input and on-the-ground perspectives.
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Arizona bill allows for CPLs to insureds
Posted Date: Tuesday, January 14, 2014
The Arizona legislature has introduced a bill that would allow title insurers to provide closing protection letters to any person that is a party to a transaction in which a title insurance policy will be issued. Read on for more details.
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Colorado bill proposes changes to recording statutes
Posted Date: Tuesday, January 21, 2014
The General Assembly of the state of Colorado introduced a bill that, among other things, would amend several of the state’s recording statutes. Read on for more details.
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Maryland bill would alter refinance mortgage priority
Posted Date: Tuesday, January 21, 2014
The General Assembly of Maryland has introduced a bill designed to alter the circumstances under which a mortgagor or grantor who refinances the indebtedness secured by a first mortgage or deed of trust is not required to obtain permission from the holder of a junior lien. Read on for more details.
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NY AG appoints chief to new Criminal Enforcement and Financial Crimes Bureau
Posted Date: Tuesday, January 21, 2014
New York Attorney General Eric Schneiderman announced the appointment of Gary Fishman, a veteran financial crimes prosecutor, to serve as chief of the newly formed Criminal Enforcement and Financial Crimes Bureau, which will focus on prosecuting complex and large-scale financial crimes, including mortgage fraud.
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SoftPro reaches milestone
Posted Date: Thursday, January 16, 2014
SoftPro, a provider of title, closing and escrow software, announced its 155th hire over the last twelve months, bringing its employee base to over 300 nationwide. Read on for more details.
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Three indicted for fraudulent mortgage satisfactions
Posted Date: Tuesday, January 14, 2014
Three Hawaii residents have been indicted for their role in a debt elimination scheme designed to defraud lending institutions, home buyers and escrow companies through a process of filing fraudulent mortgage release documents with the Hawaii Bureau of Conveyances. Read on for more details.
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Stewart Lender Services appoints new director of regulatory compliance
Posted Date: Thursday, January 23, 2014
Stewart Lender Services announced the appointment of a new director of regulatory compliance, capital markets. He will be responsible for overseeing the compliance and regulatory aspects of operations within Stewart’s Capital Markets Group. Read on for more details about the new hire.
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N.J. title co. owner sentenced for stealing $5.3M in mortgage payoffs
Posted Date: Tuesday, January 14, 2014
Acting New Jersey Attorney General John Hoffman announced that a title company owner was sentenced to prison for stealing a total of $5.3 million entrusted to him as a settlement agent to pay off multiple mortgage loans in connection with real estate closings he handled.
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Preparing for changes under the new mortgage disclosures
Posted Date: Friday, January 31, 2014
It’s never too early to start preparing for major changes that will affect how you do business. This is especially true when it comes to implementing the new mortgage disclosures, which will take the place of RESPA and Truth in Lending Act (TILA) disclosures on Aug. 1, 2015.
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N.Y. budget proposal may lead to title industry changes
Posted Date: Friday, January 31, 2014
New York Gov. Andrew Cuomo released a proposed budget for the fiscal year on Jan. 21. The proposal contained numerous legislative and regulatory changes, including several to increase regulation of the title insurance industry, lowering rates in the process.
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Ill. man indicted for allegedly orchestrating a $3.2M straw buyer scam
Posted Date: Thursday, January 23, 2014
A Lake County, Ill., man who operated two real estate–related firms was indicted on federal mortgage fraud charges. The defendant allegedly engaged in a scheme to fraudulently obtain 13 residential mortgages, totaling approximately $3.2 million, from lenders to purchase properties in Chicago’s Englewood neighborhood. The indictment alleges that he paid buyers to purchase the properties and promised them no out-of-pocket costs, then made false statements to lenders on their behalf. Read on for more details.
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California woman pleads guilty to mortgage fraud conspiracy
Posted Date: Thursday, January 23, 2014
A San Diego woman pleaded guilty to participating in a mortgage fraud conspiracy in which she and several co-conspirators caused more than $6 million in losses associated with various properties in San Diego County. She recruited straw buyers to submit falsified mortgage loan applications. She also provided false documents to support those misrepresentations. Read on to find out more details.
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Fraudster pleads guilty to title, HELOC fraud
Posted Date: Tuesday, January 21, 2014
A former Fairfax, Va., mortgage broker pleads guilty to his part in a mortgage fraud scheme in which he transferred title to residential properties to victims and opened home equity lines of credit in their names without their knowledge or consent. Read on for more details.
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Insured, insurer dispute costs in wake of property dispute
Posted Date: Tuesday, January 21, 2014
An insured property owner challenged two final judgments entered in favor of its title insurer in a consolidated appeal. The first case is an appeal from a final judgment for the insurer, reimbursing it for attorneys’ fees incurred when it represented the insured in an underlying property dispute. The second case is an appeal of the trial court’s award of attorney’s fees to the insurer, pursuant to section 57.105, Florida Statutes (2012). Read on to find out how the 4th District Court of Appeal of Florida addressed the issues.
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Fraudsters arrested for $45M property-flipping scheme
Posted Date: Thursday, January 16, 2014
Federal authorities have arrested three Permian Basin business owners and a title company executive charged in connection with a mortgage fraud scheme that involved approximately 800 real estate properties and about $45 million in loans.
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Consumer shopping becoming a state focus
Posted Date: Thursday, January 16, 2014
In addition to several sweeping federal efforts, state regulators are looking to ensure that consumers are able to shop for the best title insurer at a competitive price. Read on to learn more about these state efforts
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West Virginia amends deed of trust statute
Posted Date: Thursday, January 16, 2014
The West Virginia Legislature has introduced a bill to amend the deed of trust statute to allow for the recording of a memorandum of deed of trust in lieu of the deed of trust. Read on for more details.
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West Virginia introduces URPERA legislation
Posted Date: Tuesday, January 14, 2014
The West Virginia legislature has introduced companion bills to create the Uniform Real Property Electronic Recording Act, which would provide for electronic signatures as well as the recording of electronic documents. Read on for more details.
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Title insurer sues agent, bank over misappropriated escrow funds
Posted Date: Tuesday, January 14, 2014
After discovering its attorney-agent had misappropriated escrow funds from his trust account, a title insurer went after the agent, his agency and the bank where the funds were being held. The insurer argued that the bank was aware of the misappropriation of funds and failed to act in a reasonably prudent manner.
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Is insurer liable for agent’s failure to pay off loan?
Posted Date: Tuesday, January 14, 2014
Mark Lineberry, the owner of a title agency, wanted to build a hotel, but an encumbrance on the property prevented him from getting a loan. He and one of his employees covered up the fact that the encumbrance hadn’t been paid off. When the bank discovered that the encumbrance was not paid off, it turned to its title insurer to make it whole. The U.S. District Court for the Middle District of Tennessee had to determine whether the title insurer is liable (beyond the terms of the countract) to the lender for the fraud perpetrated by Lineberry.
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