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Illinois LTA sues recorder for refusing to record heir affidavits
Posted Date: Wednesday, November 28, 2018
The Illinois Land Title Association has sued Cook County Recorder Karen Yarbrough for refusing to record affidavits of heirship and affidavits of survivorship without also providing a copy of a probate court order. Read on for more details.
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Heirs petition for quiet title of property
Posted Date: Monday, December 3, 2018
In a case involving unknown heirs of a deceased couple looking to make a claim on property sold without their knowledge, the Arkansas Court of Appeals determined that the unknown heirs’ appeal was not able to be decided on its merits. Read on for details from this ruling.
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Kraninger leaps final hurdle to director of CFPB
Posted Date: Thursday, December 6, 2018
The Senate voted 50-49 to confirm Kathy Kraninger, President Donald Trump’s choice to succeed Richard Cordray as the second permanent head of the Consumer Financial Protection Bureau. She will take the reins from acting director Mick Mulvaney after being sworn in Monday evening. Read on for more details.
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Senate hearing on money laundering looks at information gathering
Posted Date: Monday, December 3, 2018
During a Senate Banking Committee hearing on combating money laundering and other forms of illicit finance with the Office of the Comptroller of the Currency, the FBI and the Financial Crimes Enforcement Network, many senators asked questions related to the information those testifying collected and how that information was used. This included a few questions regarding money laundering through real estate and FinCEN’s geographic targeting orders. Read on for more details.
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Kraninger set to take control, industry hopeful
Posted Date: Monday, December 3, 2018
Kathy Kraninger took a significant step toward becoming the director of the Consumer Financial Protection Bureau on Nov. 29 when her nomination cleared a key procedural hurdle in the Senate. Members of the industry voiced hope about her ascension and said they are ready to work with her when the job becomes official.
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Final results reached in close insurance commissioner races
Posted Date: Monday, December 3, 2018
Although voters in Kansas and Oklahoma woke up on Nov. 7, knowing who their insurance commissioner would be, voters in California and Georgia had to wait a while longer. The votes are in now though and these states will have new insurance commissioners in January. Read on for more details.
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Congress grants short term extension to NFIP
Posted Date: Monday, December 3, 2018
On Dec. 1, President Donald Trump signed into law a short-term extension to the National Flood Insurance Program, keeping the program running until Dec. 7. Read on for more details.
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National defect risk declines; disasters impact regions
Posted Date: Monday, December 3, 2018
In its Loan Application Defect Index for October 2018, First American Finanical Corp. stated that the defect risk has declined nationally, but noted that there are regions with potential for higher defect risk due to the impact from natural disasters. Read on for more details.
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Is pre-bankruptcy property lien subject to stay?
Posted Date: Wednesday, November 28, 2018
A bankruptcy court in Georgia was asked to determine whether a lien against a property sold prior to a Chapter 11 filing was subject to a stay imposed by the bankruptcy filing. The court looked to a 1999 bankruptcy case for help in determining the outcome. Read on for more.
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ALTA approves CPL revisions, new endorsements
Posted Date: Wednesday, November 28, 2018
The American Land Title Association announced that its board of governors approved a recommendation to revise ALTA’s closing protection letters and new endorsements this fall. Industry members are posted for industry comment until Nov. 30. Read on for more about the new forms.
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Puerto Rico court considers questions over recordation
Posted Date: Wednesday, November 28, 2018
The owners of property undergoing foreclosure proceedings sued, claiming the company which initiated proceedings was not the real party in interest. Although a district court in Puerto Rico found the party to be the correct holder of the note, it considered claims brought by the owners of potential fraud in the recording of the mortgage.
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IRS alerts businesses of ‘destructive’ tax transcript scam
Posted Date: Wednesday, November 28, 2018
The Internal Revenue Service and Security Summit partners warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. Read on for more from the alert.
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Developers sue title insurer for not indemnifying zoning dispute
Posted Date: Monday, November 26, 2018
A group of LLCs developing property in Wading River, N.Y., sued their title company, alleging that the title company failed to advise them of a declaration to restrict the development of the property. Read on for more details.
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NFIP extension efforts as program set to expire
Posted Date: Monday, November 26, 2018
Members of Congress introduced legislation to extend the National Flood Insurance Program as several trade associations urged its reauthorization before the fast approaching Nov. 30 expiration date. Read on for more details.
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Homeowner sues creditors for defaults after bankruptcy
Posted Date: Monday, November 26, 2018
The 9th U.S. Circuit Court of Appeals heard a case in which a homeowner sued her lenders and creditors. The lenders and creditors filed default notices after she had filed for bankruptcy and her debts discharged. The case determined whether the homeowner had standing to sue. Read on for more details.
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Bank, title company sued for disbursement
Posted Date: Monday, November 26, 2018
A couple who bought a house to remodel in New Braunfels, Texas, filed suit against their lender and title company after believing that funds set aside for remodeling the property had gone missing and they had to sell investment property in Austin to make up the lost funds. Though the funds were discovered, they went ahead with the sale and filed the suit. Read on for more details.
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Two found guilty of $50 million real estate fraud
Posted Date: Monday, November 26, 2018
Following a two-week trial, a jury returned guilty verdicts on all counts against a finance executive and notary public and real estate broker for their roles in a massive real estate fraud scheme that generated nearly $50 million in fraudulently obtained loan proceeds.
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