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NY judge annuls title insurance regulation
Posted Date: Monday, July 9, 2018
Calling the New York Department of Financial Services’ (DFS) title insurance inducement regulation “absurd,” “irrational” and “without sound basis in reason,” New York state supreme court Judge Eileen Rakower ruled in favor of the New York State Land Title Association and annulled Insurance Regulation 208.
The 15-page decision even singled out DFS Superintendent Mario Vullo for a deficient affidavit on how the agency determined price caps in one section of the regulation.
Read on for details of the landmark ruling, and what the next step in the case is expected to be.
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As English leaves, Mulvaney says they never met
Posted Date: Monday, July 9, 2018
As Leandra English officially left the Consumer Financial Protection Bureau on Monday, her boss told The Legal Description that he never met her – nearly seven months after he came to the bureau as acting director.
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English resigns from CFPB, drops lawsuit
Posted Date: Monday, July 9, 2018
Leandra English, the embattled deputy director of the Consumer Financial Protection Bureau, has announced she is stepping down from her position at the bureau and will be dropping her lawsuit against President Donald Trump and acting director Mick Mulvaney, effective at the beginning of next week. Read on for more news.
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California adopts privacy bill similar to GDPR
Posted Date: Monday, July 2, 2018
Both houses of the California General Assembly unanimously passed legislation — quickly signed by the governor — that creates sweeping data privacy legislation similar to the General Data Protection Regulation (GDPR) that passed in the European Union. Read on for more details.
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New Jersey may exempt handwritten signatures from public disclosure
Posted Date: Monday, July 2, 2018
The New Jersey General Assembly is considering legislation that would exempt handwritten signatures from public disclosure and require redaction of handwritten signatures from documents when they are posted on the Internet. Read on for more details.
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Property owner sues for coverage of dispute over access
Posted Date: Monday, July 2, 2018
The owner of real land in Alameda County, Calif., sued it’s title insurer for coverage of dispute regarding access to its parcel of land, which abuts no public road. After the title insurer prevailed at a trial, the property owner appealed. Read on for more details.
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Loan Application Defect Index down
Posted Date: Monday, July 2, 2018
First American Financial Corp. released the First American Loan Application Defect Index for May 2018, which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications. The latest index is down from the previous month and this time last year. Read on for more details.
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South Carolina man pleads guilty to forging deeds
Posted Date: Monday, July 2, 2018
A Warrenville, S.C., man pled guilty to a federal wire fraud charge stemming from a real estate scheme in which he and others used forged deeds and fake driver’s licenses to fraudulently transfer ownership of District of Columbia homes from the rightful owners. Read on for more details.
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New Jersey insurance commissioner takes office
Posted Date: Monday, July 2, 2018
New Jersey Department of Banking and Insurance Commissioner Marlene Caride took the oath of office at a ceremony held at the office of Gov. Phil Murphy. She is the first Hispanic to serve as commissioner of the Department, which oversees New Jersey’s banking, insurance and real estate industries. Read on for more details.
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NYDFS files memorandum against rate-filing stay
Posted Date: Wednesday, June 27, 2018
One week after the judge in the case granted an oral application for a stay of enforcement of the rate-filing provision of the new title insurance regulations, the New York State Department of Financial Services issued its memorandum in opposition of the order. Read on for more details.
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Slander of title case goes before California appellate court
Posted Date: Wednesday, June 27, 2018
A California appellate court recently heard a slander of title case in which a man who had been the victim of identity theft sued the title insurer who had issued a title policy to the lender who had granted the fraudulent loan. Read on for more details.
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Is title agency responsible for informing investor ratio?
Posted Date: Wednesday, June 27, 2018
After the sale of their condominium unit fell through because the investor ratio at the condominium complex exceeded FHA’s guidelines, a couple filed suit against their title agency, making claims of breach of contract, breach of warranty and negligent misrepresentation. Read on for more details.
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Massachusetts real estate attorney sentenced for short sale conspiracy
Posted Date: Wednesday, June 27, 2018
A real estate attorney was sentenced in connection with a sweeping conspiracy to defraud banks and mortgage companies by engaging in sham short sales of residential properties in Merrimack Valley, Mass. Read on to learn more about the sentencing.
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New York attorney indicted for escrow theft
Posted Date: Wednesday, June 27, 2018
Brooklyn District Attorney Eric Gonzalez announced that a Sunset Park attorney has been indicted for allegedly stealing funds from a client’s escrow account.
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New York Senate seeks to prevent portion of new reg
Posted Date: Monday, June 25, 2018
The New York Senate passed a bill that would prohibit the superintendent of the New York State Department of Financial Services from establishing fees for ancillary or discretionary non-insurance services provided by title insurance agents. The bill now goes to the New York Assembly for its consideration. Read on for more details.
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Texas court hears foreclosure sale suit
Posted Date: Monday, June 25, 2018
A title insurer, as subrogee of a purchaser of a duplex, filed suit against a vendor, which had purchased the property at a foreclosure sale, for breach of the covenant of seisin and breach of the residential sales contract. The vendor filed a third-party suit against the deed-of-trust holder that had foreclosed on the property. A trial court held that the vendor had breached the covenant of seisin and the residential sales contract. The vendor appealed. Read on for more details.
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Parties appeal decision in mechanic’s lien case
Posted Date: Monday, June 25, 2018
Parties to a mechanic’s lien suit appealed a decision from an Illinois trial court. The dispute over remodeling work involved property a defendant purchased for his daughter and her then-husband. He agreed to have the company the son-in-law managed do the remodeling work to help with business. The man never finished paying for the work that was done and the company sued the defendant and the previous record owner of the property. Read on for more details.
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Real estate broker pleads guilty to wire fraud
Posted Date: Monday, June 25, 2018
A Punta Gorda, Fla., real estate broker pleaded guilty to wire fraud. Her company had contracted with Fannie Mae to manage and perform preservation services on various Fannie Mae foreclosed properties. Read on for more details.
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