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News By Edition
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The Legal Description Edition
July 20, 2015
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Commenters voice approval, share potential improvements to TRID
Posted Date: Wednesday, July 8, 2015
Industry and consumers had until the end of the day July 7 to provide their opinions on the Consumer Financial Protection Bureau’s proposed implementation delay to the TILA/RESPA Integrated Disclosure Rule. Several individuals and associations spoke out, sharing their overall approval of the move, but also their desire for additional changes. Read on for more details.
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Insured, title company dispute closing protection letter indemnification
Posted Date: Tuesday, May 12, 2015
After being the victim of a mortgage fraud scheme, a lender sued several parties for damages. It also sued its title insurer, arguing that the insurer had a contractual obligation to indemnify it for losses under the terms of a closing protection letter. The case bounced between a Michigan trial and appellate court, and most recently was before the Michigan Court of Appeals.
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Lender seeks coverage of bankruptcy dispute
Posted Date: Tuesday, May 5, 2015
After being caught in an adversary proceeding for the owner of a company it made a $13 million loan for, the lender sought coverage from its title insurer. When the title company denied the claim, the lender filed suit, seeking a declaratory judgment on the issue of coverage. Read on for more details.
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Home sellers sue title companies over transfer taxes
Posted Date: Tuesday, April 14, 2015
Home sellers in Michigan filed a class action alleging title companies and title agencies defrauded them and violated the Michigan Consumer Protection Act when they listed real estate transfer taxes on HUD-1 settlement statements that allegedly were not due. The case was heard in the U.S. District Court for the Eastern District of Michigan.
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Title company, successor of mortgage debate claim
Posted Date: Tuesday, May 12, 2015
After the successor in interest of a mortgage discovered a previous mortgage on the property had not been paid off, it submitted a claim to the title company. The holder of the unpaid mortgage foreclosed, but the title company denied the successor’s claim. The successor filed suit against the title agency for breach of contract and negligence. Read on to find out how a federal court in Tennessee ruled on the parties’ cross-motions for summary judgment.
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Connecticut adopts new data breach requirements
Posted Date: Monday, July 6, 2015
The Connecticut General Assembly has adopted a law that, among other things, creates new requirements companies who conduct business in the state must follow in the event of a data breach. Read on for more details.
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Morris Schneider Wittstadt cites fraud, bad publicity at heart of Chapter 11 filing
Posted Date: Wednesday, July 8, 2015
Citing “over disbursements” from its former partner and bad publicity the company could not shake, Morris Schneider Wittstadt and its affiliates filed for Chapter 11 bankruptcy protection on July 5. The fraud from its former partner was not enough to sink the company, the bankruptcy filing said. See what additional fraudulent claims the company said forced it into bankruptcy.
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Nevada appoints acting insurance commissioner
Posted Date: Wednesday, July 8, 2015
Nevada Department of Business and Industry Director Bruce H. Breslow has appointed an acting insurance commissioner to replace the outgoing commissioner, Scott Kipper. Read on for more information about this familiar face.
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Attorney, developers indicted in $16M mortgage fraud
Posted Date: Monday, July 6, 2015
A federal grand jury returned a 25-count indictment charging six defendants with devising and participating in a mortgage fraud scheme which caused more than $16 million in losses to banks, mortgage lenders, Fannie Mae, and Freddie Mac. Among them was an attorney and two real estate developers who are accused of committing fraud in connection with the marketing and sale of condominiums at a 50-acre development in Palatine, Ill. Read on for more details.
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Managing expectations with the new forms
Posted Date: Wednesday, July 8, 2015
There are many parties involved in a real estate transaction, each of which has to communicate and do their part to ensure that the transaction goes smoothly to completion. Things are going to change for each of them when the TILA-RESPA Integrated Disclosure Rule goes into effect. During the National Settlement Services Summit, industry experts shared some ways to make the transition go smoother for your business partners.
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Some processes that will change with TRID
Posted Date: Monday, July 6, 2015
On June 24, the Consumer Financial Protection Bureau (CFPB) proposed a two-month extension to the implementation of the TILA-RESPA Integrated Disclosure Rule (TRID). This is good news for those still working out kinks or waiting for software to arrive. However, industry members should still work to get ready for implementation, because Oct. 3 will be here soon. Panelists from RealEC Technologies, Westcor Land Title Insurance Co., SoftPro, the Mortgage Bankers Association and the Consumer Financial Protection Bureau walked attendees of the National Settlement Services Summit through the process, as well as how to adapt to the changes.
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Five years for Realtor in 11-year scheme
Posted Date: Wednesday, July 1, 2015
An Arizona Realtor was sentenced to five years in prison for his role in an 11-year mortgage fraud scheme. Read on for details.
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Title insurer, insured dispute coverage regarding golf course covenant
Posted Date: Wednesday, July 1, 2015
After being sued by the seller of a residential community and golf course, the insured parties sued their title insurance company, alleging that the title company had to indemnify them against actual monetary damages they sustained because a previously undisclosed declaration regarding how many residential units could surround the golf course created a defect on the title. The title company argued that the buyers should have known about the declaration because one of the buyers had placed the declaration on the property when he owned in previously.
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Buyer, title insurer sue FDIC over purchase gone awry
Posted Date: Wednesday, July 1, 2015
After the owner of property in Rancho Santa Fe, Calif., declared bankruptcy, it arranged for the property to be sold via short sale. All of the lienholders agreed to the short sale, but the Federal Deposit Insurance Corp., acting as receiver for one of the lenders, had some conditions that needed to be met first. Those conditions weren’t met, but the sale was closed. It became the first lienholder on the property and moved to foreclose. Once the title insurer paid the outstanding debt on the lien, the title insurer and buyer sued the FDIC for failing to adhere to the earlier agreement to release its lien for a lesser amount. Read on for more details.
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