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News By Edition
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The Legal Description Edition
June 18, 2018
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NS3: Industry stars earn OR awards
Posted Date: Thursday, June 7, 2018
For the seventh year, October Research, LLC, presented its annual awards for leadership, innovation and philanthropy, with some of the brightest stars in the title industry recognized for their efforts.
CEO and Publisher Erica Meyer presented the awards Thursday at the 14th annual National Settlement Services Summit (NS3) in Detroit.
Read on for more details of the winners and their contributions to the industry.
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NS3: Make a Child Smile brings summer fun to Detroit youth
Posted Date: Thursday, June 7, 2018
After helping build more than 200 bikes and Big Wheels for local youth over the past six years, attendees at the National Settlement Services Summit (NS3) took time Wednesday to provide a different kind of summer fun for Michigan children.
The seventh annual “Make a Child Smile” community service event, sponsored by Adeptive Software, saw attendees put together Summer Fun Supply Kits, which will be delivered to the Boys & Girls Clubs of Southeastern Michigan.
Read on for more from the event and presentation.
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Meridian Title CEO spurs opening of NS3
Posted Date: Thursday, June 7, 2018
The 14th edition of the National Settlement Services Summit (NS3) got off to a rousing start Wednesday with a lineup of compliance-focused educations, highlighted by Meridian Title CEO Mark Myers.
Myers made his first public industry appearance to discuss the company’s growth following a highly publicized enforcement action last fall.
Read on for more from Myers and the first-day lineup at NS3.
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Employee sues former employer for breach, theft
Posted Date: Wednesday, June 6, 2018
Shortly after leaving a title insurer to work for one of the company’s vendors, an employee’s employment was terminated. The employee then sued the vendor for breach of contract, misappropriation of trade secrets, theft liability, fraud and fraudulent inducement. Read on for more details.
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Illinois considers foreclosure legislation
Posted Date: Wednesday, June 6, 2018
The Illinois General Assembly is considering a bill that would amend the state’s law regarding foreclosure proceedings, as well as who holds title of disputed property after foreclosure. Read on for more details.
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Illinois Title Insurance Act amendments passed by General Assembly
Posted Date: Monday, June 4, 2018
Both houses of the Illinois General Assembly passed a bill that would amend the state’s Title Insurance Act to require the title insurance company that issues the owner’s title policy to issue the lender’s title policy unless the buyer and seller agree otherwise. The bill now goes to the governor. Read on for more details.
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Biggest NS3 yet set to begin
Posted Date: Monday, June 4, 2018
With a record crowd set to invade the Detroit Marriott at the Renaissance Center, the 14th annual National Settlement Services Summit (NS3) brings a packed lineup featuring a live eClosing with remote online notarization, the CEO of the fifth-largest bank mortgage originator in the country, federal and state regulators, and much more.
Read on for more about the industry’s leading event, headlined by keynote speaker Alessandro DiNello, president and CEO at Flagstar Bank.
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Mulvaney lifts hold on data collection
Posted Date: Monday, June 4, 2018
On May 31, acting Consumer Financial Protection Bureau director Mick Mulvaney wrote to his staff informing them that a hold on the collection of personally identifiable information, which began shortly after he took office, was ending. He said an extensive review proved that it was ok to lift the hold. Read on for more details.
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Florida inducement rule amendments now in effect
Posted Date: Monday, June 4, 2018
The Florida Department of Financial Services finalized amendments to its Unlawful Inducements Related to Title Insurance Transactions rule, which went into effect in May. Read on for more details.
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Ability-to-Repay affects defect risk
Posted Date: Monday, June 4, 2018
First American Financial Corp. released the First American Loan Application Defect Index for April 2018. The Index shows that the ancillary benefit of the ability-to-repay standards has been fewer loan applications, according to First American Chief Economist Mark Fleming. Read on for more details.
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Dodd-Frank rollback signed into law
Posted Date: Friday, May 25, 2018
On May 24, President Donald Trump signed into law S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, which provides, among other things: exemptions to mortgage lending rules; regulatory relief for community banks, bank holding companies and securities; consumer protections for veterans and certain homeowners; and protections for student loan borrowers. Read on for more details.
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Couple claims HUD estopped from enforcing lien
Posted Date: Friday, May 25, 2018
A couple who purchased property in Ohio were surprised to find that a subordinate mortgage held by the Department of Housing and Urban Development (HUD) was not satisfied upon closing. The couple sued for quiet title and to equitably estop HUD from asserting a lien on the subordinate mortgage. A district court in Ohio looked at whether HUD allowed the mortgage servicer to act on its behalf, and whether the agency acted in a proprietary capacity. Read on for details of the ruling.
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Oklahoma governor signs new title requirements legislation
Posted Date: Friday, May 25, 2018
Oklahoma Gov. Mary Fallin signed into law a bill that requires title insurers to complete certain documents and require the Oklahoma Insurance Department to maintain certain contact information. Read on for more details.
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Couple appeals verdict in favor of title insurer
Posted Date: Friday, May 25, 2018
A couple purchased property from their son a day after the son filed for bankruptcy. When the Tennessee bankruptcy trustee sought to void the transfer, the couple filed a claim with First American Title Insurance Co., which refused to defend. The couple sued the title insurer for breach of contract, and a trial court ruled in favor of the insurer. Upon appeal, the appellate court ruled that one motion for summary judgment was affirmed while another was reversed and remanded.
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Sanctions imposed against man involved in kickback schemes
Posted Date: Friday, May 25, 2018
Maryland Attorney General announced that the U.S. District Court, as a sanction for civil contempt, ordered a man who was accused of engaging in an illegal kickback scheme with Genuine Title, to pay more than $525,000 and barred him from engaging in the mortgage industry for two years. It was found that he violated an order prohibiting him from engaging in the mortgage business and disclose the order on the Nationwide Mortgage Licensing System. Read on for more details.
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Massachusetts loan officer sentenced for mortgage fraud conspiracy
Posted Date: Friday, May 25, 2018
A mortgage loan officer was sentenced in federal court in Boston in connection with a sweeping conspiracy to defraud banks and mortgage companies by engaging in sham “short” sales of residential properties in Merrimack Valley, Mass. Read on for more details.
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