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Maryland considers compensation legislation
Posted Date: Wednesday, February 2, 2022
The Maryland General Assembly is considering a bill that would authorize title insurance producers to pay compensation for the provision of real estate brokerage services to associate real estate brokers, real estate salespersons, or certain business entities on behalf of a real estate broker under certain circumstances.
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Seller seeks removal of HUD mortgage
Posted Date: Wednesday, February 2, 2022
After a potential sale of property in Utica, N.Y., fell through, the hopeful seller of the property used for low-income individuals with disabilities sued the U.S. Department of Housing and Urban Development (HUD). HUD had provided a previous owner of the property with a capital advance through a program to aid organizations to expand the supply of supportive housing for persons with disabilities and the seller sought to remove HUD’s mortgage from the property.
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Georgia to consider remote notarization bill
Posted Date: Wednesday, February 10, 2021
The Georgia General Assembly is considering legislation that would allow for remote notarizations in the state. Read on for more details.
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Insured, insurer dispute coverage for right of access
Posted Date: Wednesday, February 10, 2021
The Court of Special Appeals of Maryland heard an administrative appeal from the Maryland Insurance Administration relating to the denial of coverage to the insured. The insured sought coverage and litigation expenses from their title insurer under the provision protecting against a lack of a right of access, due to a dispute with their neighbors over the use of a shared driveway leading to their properties. Read on for more details.
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Maryland considers Foreclosure Relief Act of 2021
Posted Date: Wednesday, February 10, 2021
The Maryland General Assembly is considering the Foreclosure Relief Act of 2021, which would prohibit mortgage servicers from commencing or completing an action to foreclose a mortgage or deed of trust during a state of emergency and catastrophic health emergency under certain circumstances. Read on for more details.
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FHFA extends forbearance period, COVID-related loan flexibilities
Posted Date: Wednesday, February 10, 2021
The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned evictions, as well as forbearances. It also said it was extending several loan origination flexibilities. Read on for more details.
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Oklahoma considers certified copies bill
Posted Date: Wednesday, February 10, 2021
The Oklahoma State Legislature is considering legislation that would permit certified copies to be made in accordance with the Uniform Real Property Electronic Recording Act. Read on for more details.
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First American Data & Analytics launches fraud solution
Posted Date: Wednesday, February 10, 2021
First American Data & Analytics, a division of First American Financial Corp., launched its AppIntelligence Score fraud solution, a fraud pattern-recognition score that enables high-volume lenders and investors to more precisely identify the risk of fraud and early payment default. Read on for more details.
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Lender appeals decision in coverage dispute
Posted Date: Monday, February 8, 2021
After a lender discovered it didn’t have a secured priority interest in property used to secure its loan, the lender filed a claim with its title insurer. The title insurer denied the claim and the lender filed suit. When the trial court granted the insurer’s motion for judgment on the pleadings, the lender appealed. Read on for more details.
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Acting CFPB director outlines priorities
Posted Date: Monday, February 8, 2021
After being appointed acting director of the Consumer Financial Protection Bureau, Dave Uejio wrote a letter to staff outlining his priorities. Read on for more about Uejio’s priorities.
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New York DFS issues Cyber Insurance Risk Framework
Posted Date: Monday, February 8, 2021
The New York State Department of Financial Services (DFS) issued a new Cyber Insurance Risk Framework, which outlines industry best practices for state-regulated property/casualty insurers that write cyber insurance to effectively manage their cyber insurance risk. Read on for more details.
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Real estate developer, others indicted for mortgage fraud
Posted Date: Monday, February 8, 2021
A federal grand jury indicted a real estate developer and three others for allegedly participating in a mortgage fraud scheme that defrauded financial institutions out of at least $3 million. Read on for more details.
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Court reconsiders kickback class action
Posted Date: Wednesday, February 3, 2021
The plaintiffs in a kickback class action filed a motion for reconsideration after the U.S. District Court for the District of Maryland dismissed its case alleging a lender accepted illegal kickbacks from a title agent. Read on for more details.
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New York considers record-retention requirements for notaries
Posted Date: Wednesday, February 3, 2021
The New York Assembly is considering a bill that would require notaries public and commissioners of deeds to complete and retain certain documents relating to the transfer of residential real property. Read on for more details.
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Wyoming considers record retention, closing duties legislation
Posted Date: Wednesday, February 3, 2021
The Wyoming Legislature is considering legislation that would specify records-retention policy for title agents and insurers and specify duties of title agents during closing transactions. Read on for more details.
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Title company resolves illegal inducement allegations
Posted Date: Wednesday, February 3, 2021
A title insurance company has agreed to pay the California Department of Insurance $50,000 to resolve allegations one of its employees violated state law that protects consumers from conflicts of interest in real estate transactions. Read on for more details.
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Michigan man sentenced for wire fraud
Posted Date: Wednesday, February 3, 2021
A Troy, Mich.-based commercial real estate broker and investor was charged with devising and executing a scheme to obtain money by means of false material promises and representations from victim-investors. To help facilitate the fraud, he allegedly created a fake title company and told victims to wire transfer money into the fake title company’s bank account. Read on for more details.
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