News By Edition

The Illinois Department of Financial and Professional Regulation (IDFPR) and the Illinois Real Estate Lawyers Association (IRELA) agreed a new disclosure statement on controlled business arrangements, 2022 DS-1, intended to go into effect on March 1, 2022, will not be used. The IRELA had filed suit due to disputes regarding the department’s interpretation of the Title Insurance Act, the department’s scope of statutory authority and the department’s compliance with the Illinois Administrative Procedures Act.

Attendees at October Research, LLC’s National Settlement Services Summit (NS3) in Orlando took time to build Comfort Kits for the families staying at the Ronald McDonald House Charities of Central Florida properties. Read on to learn more.

The CEO of a mortgage fulfillment company, a Florida attorney and a data and analytics specialist were recognized by October Research, LLC with its annual awards for leadership, innovation, and philanthropy. Read on to learn more.

After being sued by another deed holder to quiet title and her lender to foreclose on the property, a property owner in Queens sued its title insurer and title agent, alleging they failed to timely record her deed, failed to use the escrow funds to pay off existing mortgages, made three unauthorized wire transfers and breached their duty to defend her in the other actions.

During a hearing on several bipartisan bills before the House Subcommittee on Consumer Protection and Commerce, Michael O’Neal, vice president of corporate underwriting at First American Title Insurance Co., spoke on behalf of the American Land Title Association regarding the SECURE Notarization Act.

The Louisiana Department of Insurance revised and reissued Advisory letter 2018-02, regarding employing or allowing to associate with your business, any person engaged in the business of title insurance who has been convicted of a felony.

The Colorado General Assembly passed legislation amending the conditions under which a public trustee will release a deed of trust. The bill awaits the governor’s signature.

A federal jury has convicted a Miami Gardens, Fla., man for his role in a conspiracy to launder illegal proceeds from a business email compromise scheme that defrauded law firms and other companies of more than $1 million. He was convicted of engaging in a money laundering conspiracy to commit concealment money laundering and transactional money laundering.

The Louisiana Legislature has passed legislation that stipulates qualifications for title insurance producers. The bill awaits the governor’s signature.

Legislation introduced by Congressman Bill Foster (D-Ill.) to strengthen cybersecurity in the financial services industry was passed by the House Financial Services Committee.

The California Legislature is considering legislation to expand the address-confidentiality program in the secretary of state’s office to persons who face threats of violence or violence from the public because of their work, employment or volunteer service.

LexisNexis Risk Solutions released the inaugural edition of the True Cost of Fraud Study for Real Estate. The newest addition to the True Cost of Fraud suite of reports, the study surveyed 360 risk and fraud executives in the industry to analyze current fraud trends in the United States mortgage originator, mortgage services and title/settlement markets.

The former president and CEO of the Anaheim Chamber of Commerce was charged with lying to a mortgage lender about his assets while seeking a loan for a $1.5 million home in the San Bernardino Mountains.