News By Edition

Legislation was introduced in the Connecticut General Assembly to repeal a recent law requiring attorneys to perform real estate closings in the state. Read on for more details.

After paying a claim to its insured mortgage holder, Commonwealth stepped into the shoes of its insured and filed suit against the owner for the amount owed. The owner moved to annul the default judgment, arguing the suit was not based on a promissory note. When the trial court disagreed, the owner moved to appeal. Read on for more details.

The Indiana General Assembly is considering a bill that would amend the requirements for instruments and conveyances to be recorded. Among other things, it adds instances in which an instrument is considered validly recorded for purposes of providing constructive notice. Read on for more details.

The New York Assembly is considering legislation that would create the title insurance assessment-relief act. Read on for more details.

An Orange Park, Fla., man was indicted for conspiracy to commit wire fraud and 12 counts of wire fraud for his role in a nationwide mortgage fraud scheme. Read on for more details.

Commissioner of Securities and Insurance, Montana State Auditor Troy Downing, recently appointed a new deputy state auditor, the highest-ranking appointment in the agency. Read on for more details.

In one of many similar cases, a bank filed suit in state court against a title insurer for failing to defend the bank in a quiet-title suit against a homeowner’s association that foreclosed on homes when the homeowner stopped paying HOA assessments. The title insurer removed the case to federal court before any defendants had been served with process and the bank sought to remand the case to state court. Read on for more details.

The New York Assembly is considering a new definition of “an inducement for, or as compensation for, any title insurance business” as it relates to the prohibition against certain actions. Read on for more details.

After an attorney was sued for allegedly failing to satisfy a bank’s lien, resulting in the property being sold at a foreclosure sale and a claim being filed with the title insurer, the attorney filed suit against an employee. He alleged the failure to pay the bank lien was due to the employee’s theft of the funds. A lower court granted the attorney’s motion for summary judgment and the employee appealed. Read on for more details.

The Maryland General Assembly has introduced a bill that would change the definition of escrow agent and trust money to require that an escrow agent enter into an agreement with the seller and the buyer of residential property when the escrow agent agrees to hold trust money. Read on for more details.

The Maryland General Assembly is considering legislation that would require contracts for sale in certain counties to include a notice about property located in a zone of dewatering influence and allowing purchasers to rescind a contract if the notice is not provided. Read on for more details.

The 37th commissioner of the Virginia State Corporation Commission was sworn into office to complete the unexpired term of Mark Christie, who became a member of the Federal Regulatory Commission on Jan. 4, 2021. Read on for more details.

Borrowers brought a class action lawsuit in federal court, alleging a kickback scheme between a bank and a title company led them to pay inflated settlement fees. The bank moved to dismiss the action. Read on for the court’s decision.

The Texas Legislature has introduced legislation that would require a new seal be placed on documents conveying real property before being recorded. Read on for more details.

With the new California Consumer Financial Protection Law now in effect, the Department of Financial Protection and Innovation (DFPI) has expanded powers to better protect consumers from unlawful, unfair, deceptive, and abusive practices. Read on for more details.

In Insurance Bulletin 20-20, the Missouri Department of Commerce and Insurance informed title insurers and title agents it renewed a waiver of on-site review requirements during the COVID-19 emergency. Read on for more details.

The United States filed a civil complaint in federal court in Brooklyn seeking damages and penalties against three individuals and multiple companies alleged to have engaged in a wide-ranging mortgage fraud scheme to defraud the government.

The Property Records Industry Association released the 2020 survey of recording jurisdictions that enabled recording prior to Jan. 1, 2018. This is the third bi-annual eRecording-document survey. Read on for more details.

The New York State Assembly is considering a bill that would clarify that certain usual and customary marketing activity does not constitute an inducement or compensation under Section 6409(d) of the Insurance Law, provided it is not intended as a reward for the future placement of, or the past placement of, a particular piece of title-insurance business. Read on for more details.

The New York State Assembly is considering legislation that would establish a temporary task force to examine and make recommendations about the establishment of a public title insurance carrier. Read on for more details.

After their title insurer reached a settlement with their neighbor regarding an easement dispute, a couple sued the title insurer. They alleged the insurer breached the policy and was required to reimburse them for the lost value in their property based on the reduced easement agreed to in the settlement. Read on for more details.

After their divorce, a wife was awarded exclusive use and possession of property the couple owned as tenants in common. A title insurer sued the husband and obtained a default judgment against him. When the wife filed for bankruptcy, she filed an adversary complaint to determine the validity, priority or extent of the insurer’s interest in property arising from its judgment against the husband. The parties eventually filed cross motions for judgment on the pleadings. Read on for more details.

New York Gov. Andrew Cuomo extended until Jan. 29, 2021, the executive order authorizing notarizations to be performed using audio-video technology. Read on for more details.

The New York State Assembly is considering a bill that would require refinance lenders to provide a separate disclosure comparing monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance. Read on for more details.