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Insurance commissioner races have mixed results
Posted Date: Wednesday, November 7, 2018
As voters in California and Georgia await official results to learn who will fill several positions, including insurance commissioner, voters in Kansas and Oklahoma were clear about who they wanted to run their states’ insurance departments. Read on for more from election night.
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Illinois fines PNTN for unlicensed agents
Posted Date: Wednesday, November 7, 2018
The Illinois Department of Financial and Professional Regulation announced that it has fined Professional National Title Network in Chicago for $14 million and prohibited it from using what the title company called “examining attorneys” to do the work of registered title insurance agents.
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Illinois proposes changes to Title Insurance Act
Posted Date: Wednesday, November 7, 2018
The Illinois General Assembly on Nov. 5 introduced legislation that would allow the secretary of financial and professional regulation to refuse to grant, and suspend or revoke a certificate of authority, registration or license issued under the act if the holder of or applicant for a certificate of authority, registration or license is both a holder of a registration as a title agent and a licensed real estate agent or licensed real estate broker; or is both a holder of a registration as a title agent and a loan originator, mortgage loan originator, loan officer or a Nationwide Mortgage Licensing System and Registry license holder. Read on for more details.
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Does spouse’s judgment lien attach to other spouse’s property?
Posted Date: Wednesday, November 7, 2018
When he tried to obtain a home equity loan on property he owned separately in Ypsilanti, Mich., a husband’s request was denied because a debt collection firm had obtained a default judgment against his spouse and placed a judgment lien on the property. The husband then sued the collection company, alleging the company violated the Fair Debt Collection Practices Act by recording and maintaining the judgment lien on his property based on a judgment against his spouse. Read on for more details.
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Massachusetts man pleads guilty to decade-long mortgage fraud scheme
Posted Date: Wednesday, November 7, 2018
A Wakefield, Mass., man pleaded guilty in federal court in Boston in connection with a decade-long mortgage fraud scheme involving at least two dozen fraudulent loan transactions and $4.3 million in losses to lenders. Read on for more details.
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Judge affirms HouseCanary verdict; Amrock to file for new trial
Posted Date: Monday, November 5, 2018
A state court judge recently issued final judgment affirming a jury’s award of nearly $740 million to House Canary over claims of trade secret misappropriation, fraud and breach of contract against Amrock. Amrock said it plans to file for a new trial based on evidence uncovered following the jury verdict. Read on for more details.
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Debtor moves to dismiss adversary proceedings
Posted Date: Monday, November 5, 2018
When a debtor filed for Chapter 13 bankruptcy relief, the title company who now holds the note brought an adversary proceeding to except the debt from discharge on fraud or willful and malicious injury theories. The debtor moved to dismiss the proceeding on limitation grounds. Read on for more details.
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Former New York State Senate leader sentenced for fraud
Posted Date: Monday, November 5, 2018
Former New York State Senate Majority Leader Dean Skelos and his son were found guilty of using Skelos’ official opinion to obtain bribes and extortion payments that were paid to Skelos’ son, including payment for title insurance work that his son never conducted. Read on for more details.
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California business owner sentenced for wire fraud
Posted Date: Monday, November 5, 2018
A California business owner was sentenced to time in prison for conspiring to commit wire fraud affecting a financial institution and bank fraud. He and his co-conspirator defrauded underwater homeowners and financial institutions of $10.47 million. Read on for more details.
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Former owners question delivery of sheriff’s sale notice
Posted Date: Monday, October 29, 2018
After their property had been sold at a sheriff’s sale due to foreclosure, the former owners of property in Chardon, Ohio, appealed a trial court’s decision approving the sale. They alleged that they had never received a notice of the sheriff’s sale. Read on for more details.
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Industry associations urge vote on CFPB director
Posted Date: Monday, October 29, 2018
Several industry associations, including the American Escrow Association, Mortgage Bankers Association, National Association of Realtors and the Real Estate Services Providers Council (RESPRO), wrote a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer, urging them to vote to confirm the nomination of Kathleen Kraninger as the permanent director of the Consumer Financial Protection Bureau. Read on for more details.
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Lenders dispute lien priority after default
Posted Date: Monday, October 29, 2018
After property owners in New Jersey defaulted on a business loan that attached a mortgage on their property, the lender filed a foreclosure action. Later, the lender who had executed a mortgage on the property a week before the business lender filed a foreclosure action. The two lenders disputed whose mortgage had priority. Read on for more details.
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Preliminary defect risk spikes shown after Florence
Posted Date: Monday, October 29, 2018
Although the full impact of the hurricane season has not been seen, preliminary defect risk spikes are already shown in First American’s Loan Application Defect Index for September 2018. Read on for more details.
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Brooklyn man sentenced for mortgage fraud
Posted Date: Monday, October 29, 2018
A Brooklyn man was sentenced to time in prison and ordered to pay money in forfeiture after being convicted for conspiracy to commit bank and wire fraud. Read on for more details.
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