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Colorado enacts Colorado Privacy Act
Posted Date: Monday, August 9, 2021
The Colorado General Assembly adopted the Colorado Privacy Act, establishing additional protection of data relating to personal privacy. In signing the bill, Gov. Jared Polis noted the bill would require clean up legislation and that legislators, proponents, industry and consumers are already working to craft that legislation.
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Parties dispute coverage after failed subdivision plan
Posted Date: Wednesday, August 4, 2021
A bank sought a declaratory judgment and monetary damages from its title insurer. It claimed its title policy provisions covering unmarketability of title and right of access were invoked when a contemplated subdivision plan never came to fruition, causing the property to lose value.
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U.S. agencies take action to prevent evictions
Posted Date: Wednesday, August 4, 2021
On July 30, the day before the Centers for Disease Control and Prevention’s eviction moratorium ended, the U.S. Department of Agriculture, U.S. Department of Housing and Urban Development, U.S. Department of Veterans Affairs and the Federal Housing Finance Agency extended their foreclosure-related eviction moratoria until Sept. 30, 2021.
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U.S. launches StopRansomware.gov
Posted Date: Wednesday, August 4, 2021
Agencies across the U.S. government announced new resources and initiatives to protect American businesses and communities from ransomware attacks. The U.S. Department of Homeland Security and the U.S. Department of Justice launched StopRansomware.gov to combat the threat of ransomware.
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West Hollywood man sentenced for real estate fraud scheme
Posted Date: Wednesday, August 4, 2021
A West Hollywood man was sentenced to federal prison for orchestrating a real estate fraud scheme that victimized more than 2,000 homeowners, involved fraudulent filings that affected the title to properties across the country and caused more than $7 million in losses.
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NS3 Preview: Freedom Mortgage Corp.’s CEO addresses leading through change
Posted Date: Monday, August 2, 2021
During the second day of the National Settlement Services Summit (NS3), Stan Middleman, founder and CEO of Freedom Mortgage Corp., will share insights on how to lead through the inevitable change coming to the real estate transaction.
To learn about other sessions that day, read on.
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Buyers sue The Money Store for kickback scheme
Posted Date: Wednesday, July 28, 2021
Borrowers who received their mortgages through MLD Mortgage Inc., d/b/a The Money Store, filed a putative class action alleging a kickback scheme between the lender and All Star Title Inc., a Maryland based title and settlement services company. The Money Store moved to dismiss the complaint.
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New York State Legislature passes electronic notarization legislation
Posted Date: Wednesday, July 28, 2021
The New York State Legislature has passed legislation providing for electronic notarization and authorizing the use of video and audio conference technology in identifying individuals for electronic notarization. The bill awaits the governor’s signature.
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Associations voice concern over possible use of G-fees
Posted Date: Wednesday, July 28, 2021
Several industry associations, including the American Land Title Association, American Bankers Association, Mortgage Bankers Association and the National Association of Realtors, sent a letter to Sens. Kyrsten Sinema and Rob Portman, requesting they refrain from utilizing Fannie Mae and Freddie Mac guarantee fees as a source of funding offsets for its bipartisan infrastructure framework.
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Parties dispute right to property
Posted Date: Wednesday, July 28, 2021
Parties with competing claims to property in Kendall County, Texas sued for trespass to try title and quiet title. The case eventually went before the Court of Appeals of Texas, San Antonio.
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Settlement agent sentenced for stealing closing funds
Posted Date: Wednesday, July 28, 2021
The former president of an escrow and title company was sentenced to prison for misappropriating $715,000 of closing funds in connection with 48 real estate transactions for which she served as the settlement agent.
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Parties propose $2.6M settlement in kickback class action
Posted Date: Monday, July 26, 2021
The parties to a kickback class action proposed a more than $2.6 million settlement. The plaintiffs, buyers of property in Maryland, alleged their mortgagee participated in an illegal kickback scheme with the title company that did their title and settlement work.
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Blefari to deliver NS3 keynote address on opening day
Posted Date: Monday, July 26, 2021
HomeServices of America CEO Gino Blefari will kick off the 17th annual National Settlement Services Summit (NS3) in Naples, Fla. Other first-day speakers will discuss the growing cannabis industry, the secrets to landing referrals, and state regulatory trends around the country.
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Uniform Law Commission appoints new drafting committees
Posted Date: Monday, July 26, 2021
At its 2021 Annual Meeting in Madison, Wisc., the executive committee of the Uniform Law Commission authorized the appointment of four new drafting committees and two new study committees. This includes a drafting committee on restrictive covenants in deeds and a study committee on redaction of personal information from public records.
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Minnesota gets new leadership for insurance division
Posted Date: Monday, July 26, 2021
Minnesota Commerce Commissioner Grace Arnold announced new leadership for the Commerce Insurance Division. The new hire has experience working on insurance policy at the state and federal level.
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Title company, seller seek to compel arbitration
Posted Date: Wednesday, July 21, 2021
Numerous buyers sued the seller of property and its parties, as well as the title company that helped with the transactions, alleging they were part of a nationwide scheme to fraudulently induce investors into purchasing unregistered securities in real property. The seller and the title company then moved to compel arbitration, which the trial court denied. The parties appealed the decision to the Court of Appeals of Texas, Dallas.
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Washington proposes title agent county declarations
Posted Date: Wednesday, July 21, 2021
The Washington Office of the Insurance Commissioner is considering rulemaking to enhance the reporting for title agents. It would add regulations for title agent to submit proof of ownership or leasing rights to the tract indexes for counties they apply to operate in on the initial declaration of title insurance agent form.
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Utah proposes title regulation amendments
Posted Date: Wednesday, July 21, 2021
The Utah Insurance Department filed notices of proposed rules for four title insurance rules and opened them up for comment until Aug. 14.
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Florida man arrested for mortgage fraud, identity theft
Posted Date: Wednesday, July 21, 2021
The Florida Office of Financial Regulation announced that Yasmani Rodriguez was arrested on charges of mortgage fraud, identity theft, communications fraud, and filing false documents for his alleged role in a mortgage fraud scam.
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Ransomware attack against Cloudstar indicative of new threat trend
Posted Date: Monday, July 19, 2021
Cloudstar discovered it was the victim of a highly sophisticated ransomware attack on July 16, 2021. At least one industry expert noted that this is indicative of an emerging trend in ransomware attacks where hackers are disrupting industries’ infrastructure rather than individual businesses.
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Wyoming proposes remote notarization rules
Posted Date: Monday, July 19, 2021
Wyoming Secretary of State Edward Buchanan issued proposed rules to adopt the Wyoming Revised Uniform Law on Notarial Acts, including permitting remote notarizations. The Mortgage Bankers Association, American Land Title Association, and the Wyoming Land Title Association shared their concerns in a letter.
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Hawaii issues memorandum on data security law
Posted Date: Monday, July 19, 2021
Hawaii Insurance Commissioner Colin Hayashida issued a memorandum regarding the state’s newly enacted insurance data security law. The bill is the National Association of Insurance Commissioners’ Insurance Data Security Model Law.
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North Carolina adopts good funds legislation
Posted Date: Monday, July 19, 2021
The North Carolina General Assembly passed legislation amending its good funds law to allow settlement agents to disburse settlement proceeds in reliance on a check drawn on the account of or issued by a licensed mortgage lender. The bill awaits the governor’s signature.
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President issues executive order promoting competition in the American economy
Posted Date: Monday, July 19, 2021
President Joe Biden issued an executive order promoting competition in the American economy. Among other things, the executive order encourages the director of the Consumer Financial Protection Bureau to consider rulemaking under section 1033 of the Dodd-Frank Act regarding consumer data and enforcing the prohibition on unfair, deceptive, or abusive acts or practices.
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Ohio title regulations out for public review
Posted Date: Monday, July 19, 2021
The Ohio Department of Insurance has submitted four title insurance regulations for public review. It proposes no changes for three, but proposes a technical change for the fourth.
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