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Court rules in New Jersey LTA appeal against county recorder
Posted Date: Monday, February 18, 2019
The Superior Court of New Jersey Appellate Division recently determined whether a county register or clerk has the authority to charge a convenience fee for the electronic recording of documents regarding real property. The case was brought by the New Jersey Land Title Association against the county recorder of Essex County. Read on for more details.
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Title insurer seeks dismissal of suit over ex-agent’s actions
Posted Date: Wednesday, February 20, 2019
When a lender made a loan to a couple buying property in New Brunswick, N.J., it provided the title agent with supplemental instructions to ensure its mortgage had first priority. The property went into default. When the lender went to the purported title insurer, the title insurer denied its claim, informing the lender that the title agent had not been an authorized agent at the time the loan was made and the policy was issued. Read on for more details.
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New Russian sanctions bill includes expanded GTO
Posted Date: Wednesday, February 20, 2019
A bipartisan group of U.S. senators has introduced the Defending American Security from Kremlin Aggression Act of 2019, designed to increase economic, political, and diplomatic pressure on the Russian Federation. Among other policies and sanctions, the bill proposes a requirement for domestic title insurance companies to report information on the beneficial owners of entities that purchase residential real estate in high value transactions. Read on for more details.
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Connecticut introduces real estate closing bill
Posted Date: Monday, February 25, 2019
The Connecticut General Assembly has introduced a bill that would prohibit anyone other than attorneys from representing the legal interests of parties to real estate closings concerning real property in the state and prohibit mortgage lenders from inducing or requiring prospective mortgagors to use preferred attorneys or law firms to represent the mortgagors in proposed mortgage loan transactions concerning real property in Connecticut. Read on for more details.
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Connecticut announces insurance commissioner
Posted Date: Wednesday, February 27, 2019
Connecticut Gov. Ned Lamont announced that he is nominating a seasoned professional with extensive insurance, regulatory, media, government and community relations experience as the next commissioner of the Connecticut Insurance Department.
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Deed legislation passes Colorado Legislature
Posted Date: Wednesday, February 27, 2019
Legislation concerning deeds for the conveyance of real property has passed the Colorado Legislature. The bill seeks to establish requirements for title insurance entities that prepare deeds and establish forms for the preparation of deeds in certain circumstance. It now awaits the governor’s signature. Read on for more details.
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Mortgagee sues for failure to record mortgage
Posted Date: Wednesday, February 27, 2019
The beneficiary of a trust that sold land to another trust he was beneficiary of was granted a mortgage to the property that was sold. Later on, he discovered that the mortgage was not recorded, leaving him and the trust that sold the property as unsecured creditors. After the trust that bought the property filed for bankruptcy and attempted to avoid the mortgage, the beneficiary sued the title company that handled the sale and the trustee of the trust. That suit was dismissed, but the beneficiary filed suit again two years later. Read on for more details.
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South Carolina introduces RON legislation
Posted Date: Wednesday, February 27, 2019
South Carolina’s General Assembly introduced a pair of bills which would provide guidelines to allow electronic notary public acts as well as remote online notarization acts. S. 487, the South Carolina Electronic Notary Public Act, and S. 486, the South Carolina Remote Online Notarization Act, were introduced and referred to the Committee on Family and Veterans’ Services. Read on for details.
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OCC releases bulletin on private flood insurance rule
Posted Date: Wednesday, February 27, 2019
The Office of the Comptroller of the Currency released OCC Bulletin 2019-8 regarding the issuance of a final rule that implements the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. Read on for more details.
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Buyer sues title company after buying foreclosed property
Posted Date: Monday, February 25, 2019
The buyer of previously foreclosed-upon property sued the title company who handled the transaction, alleging that although the title company confirmed the seller’s title and the absence of post-foreclosure appellate or other legal challenges to the seller’s title, the title company negligently missed a post-judgment, duly-docketed motion to vacate the foreclosure judgment and challenge the seller’s title. Read on for more details.
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MISMO seeks comment on new RON standards
Posted Date: Monday, February 25, 2019
MISMO, the mortgage industry’s standards organization, announced that new standards for remote online notarizations (RON) have been released for a 60-dayday public comment period. Read on for more details.
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Couple sues title insurer for failure to disclose easement
Posted Date: Monday, February 25, 2019
A couple sued their title insurer, claiming that the underwriter failed to disclose the true nature of an easement over their property in Santa Rosa, Calif. A trial court granted a summary judgment motion in favor of the title insurer, holding that the preliminary report and title policy excluded coverage for any loss resulting from the easement. The couple appealed. Read on for more details.
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Wyoming title agent license bill becomes law
Posted Date: Monday, February 25, 2019
A bill that, among other things, amends the title agent license expiration and renewal procedures has become law in Wyoming. Read on for more details.
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Utah considers repeal of controlled business statute
Posted Date: Wednesday, February 20, 2019
The Utah Legislature is considering a bill that would repeal provisions of the state’s Insurance Code that prohibit title business referrals from certain persons who have a financial interest in the title insurance entity to which the person refers the title business. Read on for more details.
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Iowa considers bill on evidence of title by state banks
Posted Date: Wednesday, February 20, 2019
The Iowa Legislature is considering a bill that would allow state banks to evidence title with a written legal opinion from an attorney admitted to practice law in the state, a title guaranty certificate issued by the title guaranty division of the Iowa Finance Authority, or a commercial title insurance policy insuring title to the property and the validity of the new instrument as a lien on the property. Read on for more details.
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$4 million California fraud leads to prison sentence
Posted Date: Wednesday, February 20, 2019
California Attorney General Xavier Becerra announced the sentencing of Prakashumar (Kash) Bhakta for operating a mortgage fraud scheme throughout Southern California and the Inland Empire that preyed on homeowners facing foreclosure. Read on for more details.
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Budget bill includes provisions on GTOs, CFPB
Posted Date: Monday, February 18, 2019
In avoiding another government shutdown, Congress passed, and the president signed Feb. 15, a spending bill that included provisions regarding geographic targeting orders and the Consumer Financial Protection Bureau. Read on for more details.
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Texas considers mechanic’s lien discharge law
Posted Date: Monday, February 18, 2019
The Texas Legislature is considering a bill designed to protect unpaid laborers and materialmen who are diligent in perfecting liens in compliance with state law and owners of property for whom improvements have been made. Read on for more details.
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California considers new trustee of deed substitution law
Posted Date: Monday, February 18, 2019
The California Legislature is considering a bill that would authorize a trustee of a deed of trust to resign, in addition to beneficiaries of deeds of trust being authorized to substitute new trustees. Read on for more details.
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Louisiana woman pleads guilty to stealing
Posted Date: Monday, February 18, 2019
A Louisiana woman who worked as a bookkeeper admitted to stealing from a New Orleans law firm and also a real estate management company. Read on for more details.
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