News By Edition

MISMO, the mortgage industry’s standards organization, recently unveiled standardized closing instruction templates, designed to improve communication between lenders and settlement agents and helping to better the consumer experience. How will these templates achieve these goals and what should the industry expect when lenders begin to roll them out? Several members of the committee shared their insight.

The Los Angeles County Registrar-Recorder/County Clerk’s office issued a memo regarding its acceptance of electronically signed and notarized documents. Read on for more details.

To assist its members who suddenly began working remotely, the New York State Land Title Association Technology Committee created a work from home handbook, putting together a list of tools and resources to assist them. Read on for more details.

A group of homeowners filed suit against their mortgage company, alleging that branch managers, loan officers and agents accepted illegal kickbacks in exchange for assigning and referring services to a particular title company. Read on for more details.

The California Legislature is considering a bill that would amend requirements regarding the validity of a false or forged document, particularly when a quiet title action or declaratory relief action has been filed by an interested party concerning the validity or enforceability of the false or forged document. Read on for more details.

VMware, Inc. released the third annual “Modern Bank Heists” report, produced by VMware Carbon Black. This report finds dramatic increase in cyberattacks against financial institutions amid COVID-19. Read on for more details.

California Gov. Gavin Newsom issued an executive order that extends critical deadlines that have been impacted by the COVID-19 pandemic, including a 60-day extension for notaries whose commissions are set to expire. Read on for more details.

The Illinois Department of Financial and Professional Regulation on March 15 issued a warning to underwriters, title agents and escrow agents regarding inaccurate or fabricated certificates of exemption and certificates of compliance with the Illinois Anti-Predatory Lending Database. Read on for more details.

The Florida Department of Financial Services on May 15 issued Directive 20-10, announcing it will suspend enforcement of the title agent data call submission until Sept. 1. Read on for more details.

The Federal Financial Institution Examination Council, on behalf of its members, issued a statement to address the use of cloud computing services and security risk management principles in the financial sector. Read on for more details.

A couple filed an action against a bank to quiet title to their home after the bank tried to foreclose on its deeds against the former owners of the property. Read on for more details.

The Kentucky Department of Insurance recently made an announcement regarding insurance examination extension requests. Read on for more details.

An insured couple sued its title insurer, alleging breach of duty to defend when a Native American tribe asserted its treaty right to harvest shellfish from the insureds’ tidelands. The case eventually went before the Supreme Court of Washington, which split in its ruling. Read on for more details.

The Texas Office of Court Administration (OCA), the information technology provider for the appellate courts and state judicial agencies within the Texas Judicial Branch, identified a serious security event in the branch network, which was later determined to be a ransomware attack. Read on for more details.

New York Gov. Andrew Cuomo has extended his executive order permitting remote notarization, along with several other executive orders, to June 6, 2020. Read on for more details.

Buyers of property in Florida sued their title insurer for being charged closing services fees in an all-cash transaction, allegedly in violation of the Florida Bar contract. The title insurer moved to dismiss, but the district court denied the motion on two of the three charges.

Washington Gov. Jay Inslee extended his electronic notary proclamation until May 31. Read on for more details.

Maryland Gov. Larry Hogan has signed into law a bill to establish that the provision authorizing a mortgagor or grantor to refinance the indebtedness secured by a first mortgage or deed of trust without obtaining permission from the holder of a junior lien does not apply to government junior liens. Read on for more details.

In reviewing an appeal of an award in a foreclosure case, the Appellate Court of Connecticut looked to decisions from New York and Ohio state courts over using the foreclosure sale price to determine the actual loss suffered by an insured mortgagee under an insurance policy when that loss resulted from a superior encumbrance. Read on for details of the analysis.

The Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. This is the latest renewal of GTOs since the first one was issued for Miami and New York City in January 2016. Read on for more details.

Colorado Gov. Jared Polis has issued an order extending the temporary suspension of the personal appearance requirement for notarization because of the presence of COVID-19 through May. Read on for more details.

Kansas Gov. Laura Kelly has extended its executive order temporarily allowing notaries and witnesses to act via audio-video communication technology. Read on for more details.

The New Jersey Department of Banking and Insurance announced it has implemented a process for issuing temporary licenses to eligible individuals seeking to become insurance producers during the COVID-19 pandemic. Read on for more details.

The Florida Department of Financial Services issued a directive extending a directive waiving restrictions to allow customer representatives to perform their work at home, if necessary, during the effective period of Executive Order 20-52. Read on for more details.