News By Edition

Promising his administration will hit the ground running, President Joe Biden announced a slew of nominations days before his inauguration, including Rohit Chopra as the director of the Consumer Financial Protection Bureau. What does this mean for the industry? Industry experts say his past opinions may hold some clues.

After purchasing a home in Hunterdon County, N.J., the buyers noted the seller misrepresented the dimensions of the property, and the rear of the property extended beyond the fence and contained structures used to store materials and had been used by a prior owner as part of its industrial operations. They filed suit against the seller for negligent misrepresentation and their closing attorney for legal malpractice. Read on for more details.

The Montana Legislature is considering a bill that would revise the state’s title insurance laws to include title guarantees in insurance regulatory laws. Read on for more details.

Fannie Mae and Freddie Mac issued an announcement regarding the two-year transition to convert certain edits in their Uniform Closing Dataset (UCD) collection solutions from warning to critical. It outlined steps to be taken to prepare for the first phase, which begins May 31, 2021. Read on for more details.

In a foreclosure case, the borrower challenged a lower court’s grant of summary judgment in favor of the mortgagee and subsequent approval of the sale of the property. She questioned whether the mortgagee sent her an adequate notice of default and acceleration pursuant to the conditions of the mortgage. Read on for more details.

The Connecticut General Assembly is considering a bill that would amend the general statutes to permit persons other than attorneys to represent parties in real estate closings and permit mortgage lenders to require prospective mortgagors to use preferred attorneys in real estate transactions. Read on for more details.

The manager of an Everett, Wash., call center pleaded guilty to a conspiracy to defraud approximately 1,000 distressed homeowners facing foreclosure. Read on for more details.

After a trial court determined a title insurer was not obligated to defend and indemnify its insureds in an action brought by their neighbors, the insureds appealed. Read on for the appellate court’s determination.

The New Jersey Department of Banking and Insurance issued Bulletin No. 21-02, which terminates the issuance of temporary insurance producer licenses. Read on for more details.

The Arizona Legislature introduced a bill that would require dealers selling manufactured homes to maintain a licensee’s trust account or open an escrow account in Arizona. Read on for more details.

The Consumer Financial Protection Bureau issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Read on for more details.

The Tennessee Department of Commerce and Insurance announced senior leadership role additions and staffing updates from Commissioner Carter Lawrence. Read on for more details.

The Office of Superintendent of Insurance announced the appointment of its first woman deputy superintendent of insurance. Read on for more details.

After his insurer accepted his claim but did not agree about the loss of value from his not actually owning a disputed area between his and his neighbor’s property, the homeowner filed suit alleging unfair insurance practices. Read on for more details.

The Oregon Legislative Assembly is considering a bill that would prohibit title insurance agents from refusing to issue title insurance policies or insure real estate transactions solely because the property has been used for growing, producing, manufacturing or selling cannabis. Read on for more details.

The Virginia General Assembly is considering legislation that would require clerk’s offices to record a paper copy of electronic documents, require electronic notarial certificates to include the county in which the notary was located and indicate whether the notarization was done in person or remotely and add additional forms of satisfactory evidence of identity for remote notarizations. Read on for more details.

As part of a bill that makes several changes to the state’s insurance law, the Utah State Legislature would amend provisions regarding a title insurance producer’s business. Read on for more details.

Ohio Gov. Mike DeWine announced his nomination for director of the Ohio Department of Insurance. The new director would take over for Interim Director Tynesia Dorsey. Read on for more details.

The California Department of Financial Protection and Innovation has issued proposed escrow rules regarding establishing, maintaining and preserving escrow books and records, clarifying CPAs’ role in annual audit reports, and clarifying certain definitions and what are considered prohibited escrow referral compensation acts. Read on for more details.

Shortly after introducing legislation in the Connecticut General Assembly that would repeal a recent law requiring attorneys to perform real estate closings, the sponsor said he would withdraw his support for the bill, a title insurer informed its agents. Read on for more details.

The Federal Trade Commission warned small businesses of a new COVID-19 related scam targeting them. Read on for more details.

The Virginia General Assembly is considering a bill that would change the amount of time in which an action may be taken on a judgement and the time in which a suit to enforce the lien of any judgment may be brought. It would also allow settlement agents and title insurance companies to release a judgment lien, in addition to a deed of trust. Read on for more details.

The Texas Legislature is considering a bill regarding the release of a deed or other contract lien securing a home loan after a direct payoff by the mortgagor. Read on for more details.

Nebraska Insurance Director Bruce Ramge announced his retirement after 10 years in his position. He is the longest-serving insurance director in state history. Read on for more details.