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Title insurers sue Georgia firm for missing IOLTA funds
Posted Date: Wednesday, June 26, 2019
Two title insurers sued a now-shuttered Georgia real estate closing firm, alleging at least $1.6 million was missing from the firm’s IOLTA account, leading to claims on customer’s title insurance policies. Read on for more details.
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Utah reminds industry of laws unaffected by AfBA statute
Posted Date: Wednesday, June 26, 2019
Utah Insurance Commissioner Todd Kiser issued a bulletin reminding title insurance producers of the laws that are unaffected by the passage of SB 121, which repeals the state’s controlled business statute and enacted standards for title insurance producers and their associates that operated under affiliated business arrangements. Read on for more details.
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Alabama issues Insurance Data Security Law bulletin
Posted Date: Wednesday, June 26, 2019
Alabama Insurance Commissioner Jim Ridling issued Bulletin 2019-05 regarding the recently adopted Insurance Data Security Law, which requires insurers and other entities licensed by the state’s Department of Insurance — including title insurance agents — to develop, implement and maintain an information security program. Read on for more details.
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Utah launches campaign against wire fraud scam
Posted Date: Wednesday, June 26, 2019
The Utah Division of Real Estate launched a statewide campaign to warn the public of a real estate email scam that steals millions in loan proceeds via wire fraud. Read on for more details.
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Property owner claims foreclosure barred by statute of limitations
Posted Date: Wednesday, June 26, 2019
When a second foreclosure action was filed against his property in Jackson Heights, N.Y., the property owner moved to dismiss the foreclosure action as time barred, despite the prior action being voluntarily discontinued by the prior foreclosing party. Read on for more details.
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Maryland considers change to title insurance regulation
Posted Date: Wednesday, June 26, 2019
The comment period recently closed on a draft proposed title insurance regulation prior to the regulation’s publication in the Maryland Register. It would require that an on-site review include the receipt of a written certification of a principal agent, signed by a designated responsible licensed producer, and defines the term. Read on for more details.
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First American updates investigation; defect corrected
Posted Date: Monday, June 24, 2019
In an update provided June 18, First American Financial Corp. shared that it has corrected the reported design defect that created the potential for unauthorized access to certain customer data. Read on for more details.
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CitiMortgage, California reach escrow settlement
Posted Date: Monday, June 24, 2019
CitiMortgage, Inc. has agreed to pay $7.8 million in overdue interest to more than 94,000 California homeowners under a settlement finalized June 18 with the California Department of Business Oversight (DBO). Read on for more details.
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New York DFS superintendent confirmed
Posted Date: Monday, June 24, 2019
After serving as acting superintendent since February, New York State Department of Financial Services Superintendent Linda Lacewell was confirmed by the New York Senate to remain in a permanent capacity. Read on for more details.
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New York couple sentenced for $1.3 million fraud
Posted Date: Monday, June 24, 2019
A New York couple was sentenced to time in state prison after being convicted of mortgage fraud, money laundering and a scheme to defraud. They defrauded multiple upstate New York banks of more than $1.3 million. Read on for more details.
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New Jersey woman admits stealing escrow checks
Posted Date: Monday, June 24, 2019
A Camden, N.J., woman admitted accessing a protected computer without authorization to steal money from her employer and then laundering the proceeds of her theft. Read on for more details.
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