News By Edition

After Oakland County, Mich., took title to homes under the Michigan General Property Tax Act, the properties were eventually sold for significantly more than the tax delinquencies without providing the excess funds to the former homeowners. The former homeowners sued, asserting claims under the Takings Clause of the Fifth Amendment.

A Virginia homeowner sued the lender and trustee of her reverse mortgage for foreclosing on her property without providing proper notice under state laws. The trustee moved to dismiss the complaint.

The American Land Title Association submitted comments to the Consumer Financial Protection Bureau’s request for information on ways to improve mortgage refinances, pointing to the role the industry plays in these transactions and warning against the use of alternative products.

After a title insurer didn’t address their claims in a quiet title action, the policy holders filed suit against the title insurer and title agent in state court. The court granted the insurer’s motion to dismiss the agent and moved the case to federal court. The policy holders then moved to remand the case back to state court.

The Texas Department of Insurance announced a public stakeholder meeting and request for comments on an informal proposal from the Texas Land Title Association.

The Tennessee Attorney General’s Division of Consumer Affairs works to protect Tennesseans from scams and unfair or deceptive business practices. It learned scammers may be targeting homebuyers by phishing for personal information from title companies.

A Hudson County, N.J., real estate investor admitted conspiring to orchestrate a fraudulent home equity line of credit scheme that led to over $400,000 in losses.

A series of assignments left a party as the beneficial owner of the deed of trust for property in Las Vegas prior to the property being foreclosed upon. It then assigned the deed of trust to another assignee, who made claims against the title insurer. The title insurer moved to dismiss all the claims, arguing the title policy was not applicable after foreclosure proceedings.

The Indiana Department of Insurance issued a penalty of $67,175 to a title agency for failing to enter 2,677 RReal transactions.

The Texas Legislature filed a bill relating to seller’s disclosures regarding fuel gas piping in residential real property.

As a way to grow the insurance industry, the Nebraska Department of Insurance developed an apprentice insurance producer license.

A federal jury convicted two individuals of crimes related to their participation in a foreclosure rescue scheme that defrauded at least 780 financially distressed homeowners throughout the United States. The defendants preyed on homeowners who had defaulted on their mortgages and convinced the victims to pay to take part in fraudulent programs on the promise it would save their homes.

A New Jersey real estate developer and attorney each admitted to conspiring to orchestrate a mortgage fraud scheme that led to over $3.5 million in losses.

The Texas Legislature filed a joint resolution proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

As required by Act 273 of the 2022 regular legislative session, the Louisiana Department of Insurance has repealed Rule 9—Prelicensing education.

The Texas Legislature filed a joint resolution proposing a constitutional amendment providing that a residence homestead is not subject to seizure or sale for delinquent ad valorem taxes.

A former Stamford attorney waived his right to be indicted and pleaded guilty to one count of wire fraud stemming from an embezzlement scheme.

U.S. Bankruptcy Judge Kevin Huennekens approved a settlement between the successor trustee of the Land American Financial Group’s Liquidation Trust and the company’s former trustee, who had been caught stealing millions from LandAmerica’s winddown fund.

The annual LexisNexis Risk Solutions Study found that fraud costs were up to 22.4 percent from pre-pandemic levels for financial services firms across the United States and Canada.

The Texas Legislature filed a bill for the 2023 session relating to the release of a deed or other contract lien securing a home loan after payoff by a mortgagor.

The Texas Legislature filed a bill for the 2023 session relating to requirements for the physical presence of a borrower for signing certain documents related to a home equity loan.

Three Oklahoma City residents were sentenced to serve more than 21 years collectively for conspiracy to commit mail and wire fraud.

During International Fraud Awareness Week, the Michigan Department of Insurance and Financial Services reminded consumers to be on the lookout for insurance and financial fraud schemes.