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IDFPR, IRELA reach agreement on controlled business disclosure case
Posted Date: Friday, May 27, 2022
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.
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NS3: OR awards recognize industry trailblazers
Posted Date: Thursday, June 2, 2022
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.
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Property owner sues to recover damages for breach of title policy
Posted Date: Tuesday, May 31, 2022
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.
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SECURE Notarization Act discussed at House subcommittee hearing
Posted Date: Tuesday, May 31, 2022
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.
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Louisiana revises and reissues producer advisory letter
Posted Date: Tuesday, May 31, 2022
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.
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Colorado passes deed-release legislation
Posted Date: Tuesday, May 31, 2022
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.
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Florida man found guilty of BEC scheme
Posted Date: Tuesday, May 31, 2022
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.
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LexisNexis Risk Solutions release True Cost of Fraud Study for Real Estate
Posted Date: Friday, May 27, 2022
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.
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