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The Legal Description Edition
March 3, 2014
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Looking inside a security assessment
Posted Date: Friday, February 28, 2014
Several high-profile data breaches that occurred in the last year have highlighted the importance of data security to consumers and regulators in a variety of areas. The importance of data protection to lenders has been highlighted in the last few years by several moves by their regulators — the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Federal Trade Commission.
These safeguard requirements are trickling down to the settlement services industry and it’s important to be prepared for new lender expectations when they come down the pike.
During a recent October Research LLC webinar, "Data Security Compliance: Taking the Fear Out of Implementation," Christopher Gulotta, founder and chief executive officer of Real Estate Data Shield, led a discussion with Matthew Froning, chief information officer, Security Compliance Associates; Richard Purcell, chief executive officer, Corporate Privacy Group; and Paul Schwartz, professor, Berkeley Law School and director, Berkeley Center for Law and Technology to discuss things agents can do now to protect consumer data, as well as what to expect from a data security assessment.
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Kickback suit moves forward in Maryland
Posted Date: Tuesday, February 18, 2014
Maryland homeowners filed suit against a real estate company and a title company, alleging that the real estate company received more than half a million dollars in illegal kickbacks from the title agency over 13 years, in violation of RESPA. The parties filed several motions, including motions to dismiss several defendants and a motion to certify the case as a class action. Read on to find out what the U.S. District Court for the District of Maryland had to say.
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Title insurer seeks reinstatement of order to arbitration
Posted Date: Monday, February 3, 2014
A title insurer in New Jersey sought to enforce the arbitration clause of several title insurance policies after being sued by homeowners for allegedly overcharging recording fees. The case has resulted in a ping pong match of various motions for reconsideration as new case law regarding arbitration has been heard by the U.S. Supreme Court. Read on for the latest.
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Court addresses Exclusion 3(b) in light of improper vestment of title
Posted Date: Tuesday, January 28, 2014
As a requirement for his lender to receive title insurance, a property owner was to receive title from a company he is associated with. This requirement was never satisfied and the property owner defaulted on the loan. When the lender discovered this, it filed a claim with the title insurer, who denied the claim based on Exclusion 3(b). The lender then filed suit against the title insurer, asserting breach of contract, bad faith, equitable estoppel, negligent misrepresentation and vicarious liability. Read on to find out what happened when the case went before the Colorado Court of Appeals.
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Class certification denied in rate dispute
Posted Date: Monday, February 3, 2014
New Jersey homeowners who refinanced their home mortgages alleged that their title insurer cheated them by overcharging them for title insurance. They sought claims for unjust enrichment and under the New Jersey Consumer Fraud Act. They then attempted to certify a class of homeowners. Read on to find out why the U.S. District Court for the District of New Jersey denied certification.
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Massachusetts moves foreclosure bill forward
Posted Date: Tuesday, February 11, 2014
The Massachusetts legislature is considering a bill that would further clarify the rights of third-party purchasers of previously foreclosed homes in the state. Read on for more details.
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Missouri bill clarifies effect of lien release or waiver
Posted Date: Thursday, February 13, 2014
The Missouri General Assembly is considering a bill that clarifies the effect of a lien release or waiver, specifying that the waiver or release is only enforceable to the extent of the payment amount received by the lien claimant in exchange for the waiver or lien release. Read on for more details.
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Connecticut considers wire transfer bill
Posted Date: Tuesday, February 18, 2014
The Connecticut General Assembly is considering a bill that would address concerns regarding the difficulties of closing and scheduling the settlement of funds and potential violation of the attorney settlement agent’s ethical obligation not to commingle funds of different clients when wire transfers are delayed and the closing attorneys close in escrow.
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Seventh Circuit upholds MERS’ system
Posted Date: Tuesday, February 11, 2014
Following a previous decision in favor of MERS, the 7th U.S. Circuit Court of Appeals upheld MERS’ system. The plaintiff in the case, Macon County, argued that MERS’ refusing to pay recording fees when the promissory notes are transferred results in the defendants being unjustly enriched. Read on for more details.
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Tenn. title agency employee sentenced for mail fraud
Posted Date: Thursday, February 13, 2014
A woman from Memphis, Tenn., was sentenced to time in prison after pleading guilty to one count of mail fraud and one count of money laundering. The woman knowingly sent a package of fraudulent documents to a bank and transferred $11,000 to her company, Preferred Title and Escrow. Read on for more details.
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Pa. attorney sentenced for operating multi-faceted fraud scheme
Posted Date: Tuesday, February 11, 2014
A Kensington, Pa., attorney was sentenced to time in prison on her convictions of filing false tax returns, failing to file tax returns and mail fraud. She conducted a multi-faceted mortgage fraud scheme through several businesses she owned. Read on for more details.
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Hawaii considers procedures for clearing fraudulent liens
Posted Date: Friday, February 28, 2014
Interesting bills come across my desk all the time, including this one from Hawaii.
The Hawaii legislature is considering a bill that would add a new section to the Commercial Code, providing for civil actions and administrative procedures to clear a title of a fraudulent lien or reinstate a valid lien on title.
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Four data security tasks to take on right now
Posted Date: Thursday, February 27, 2014
Several high-profile data breaches that occurred in the last year have highlighted the importance of data security to consumers and regulators in a variety of areas. The importance of data protection to lenders has been highlighted in the last few years by several moves by their regulators — the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Federal Trade Commission. These safeguard requirements are trickling down to the settlement services industry and it’s important to be prepared for new lender expectations before they come down the pike.
During a recent October Research LLC webinar, Data Security Compliance: Taking the fear out of implementation, Christopher Gulotta, founder and chief executive officer of Real Estate Data Shield, led a discussion with Richard Purcell, chief executive officer, Corporate Privacy Group and Paul Schwartz, professor Berkeley Law School and director, Berkeley Center for Law and Technology to discuss things agents can do now to protect consumer data.
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Colo. man sentenced for $8.9M mortgage fraud scheme
Posted Date: Thursday, February 20, 2014
An Englewood, Colo., man was sentenced to 108 months in jail and ordered to pay $8.9 million in restitution to victims. Between 2006 and 2007, the defendant devised and participated in three similar but separate mortgage fraud schemes, including one that involved 26 townhomes. Read on for more details.
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Conn. attorney pleads guilty to $7M mortgage fraud scheme
Posted Date: Thursday, February 20, 2014
A Stamford, Conn., attorney pleaded guilty to conspiring to defraud financial institutions through an extensive mortgage fraud scheme that involved dozens of properties in Fairfield County, Conn. Read on for more details.
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California seeks to amend notary law
Posted Date: Thursday, February 20, 2014
The California General Assembly is considering a bill that would amend state law regarding notaries public. Read on to find out more details.
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Court upholds FDIC suit against St. Louis title agency
Posted Date: Tuesday, February 18, 2014
The U.S. District Court for the Eastern District of Missouri upheld a suit from the Federal Deposit Insurance Co. against a St. Louis title agency for breach of contract and negligence. The FDIC alleged that the title agency failed to disclose documents, failed to follow closing instructions and improperly disbursed loan funds at the closing of a residential loan. Read on for more details.
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N.Y. attorney indicted for role in foreclosure rescue fraud scheme
Posted Date: Tuesday, February 18, 2014
A disbarred N.Y. attorney was indicted for his role in a foreclosure rescue fraud scheme that defrauded 10 families of $1.3 million in home equity. During the scheme, the attorney and his co-conspirators tricked the homeowners into transferring title to their property to straw buyers and paying large fees to the conspirators. Read on for more details.
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Hawaii considers procedures for clearing fraudulent liens
Posted Date: Thursday, February 13, 2014
The Hawaii legislature is considering a bill that would add a new section to the Commercial Code, providing for civil actions and administrative procedures to clear a title of a fraudulent lien or reinstate a valid lien on title. Read on for more details.
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Maryland General Assembly considers title commitment bill
Posted Date: Thursday, February 13, 2014
The Maryland General Assembly is considering a bill that would alter the information that a title insurer is required to include in its title commitment notice. Read on for more details.
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Data security implementation is on the rise in 2014: Learn what you should do
Posted Date: Thursday, February 13, 2014
2014 has been labeled the year of implementation, and when it comes to data security, there are no exceptions. Title insurance and settlement services professionals will be on alert this year, taking numerous actions to protect their company’s dollars, data and customer information.
But what is required for protection? Where are the troublesome areas? What should you implement and how? What are the costs associated with implementation?
The Legal Description and sponsor Real Estate Data Shield have teamed up to offer an educational webinar to provide answers to these questions and, specifically, to instruct on what it means to “implement” to ensure data security compliance.
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Washington considers property transfer bill
Posted Date: Tuesday, February 11, 2014
The Washington Legislature is considering a bill requiring residential real property transfers and assignments to be recorded. Read on for more details.
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Associations voice opinions on consumer closing ‘pain points’
Posted Date: Tuesday, February 11, 2014
The comment period for sharing thoughts with the Consumer Financial Protection Bureau regarding key consumer pain points associated with mortgage closings and how those pain points might be addressed by market innovations and technology has closed. Industry associations provided significant insight to the bureau. Read on to find out what they had to say.
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