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The Legal Description Edition
September 24, 2018
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Third Circuit issues precedential title coverage opinion
Posted Date: Wednesday, September 12, 2018
The 3rd U.S. Circuit Court of Appeals handed down a precedential opinion determining the duty of a title insurer to defend the insured against claims of the borrower/mortgagor. The case revolved around a refinance transaction where the borrower sought to void the mortgage, alleging that the recorded documents had been forged. After the title insurer denied coverage, the successor of the lender filed a third-party complaint against the title insurer. Read on for more details.
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CFPB, others issue statement on supervisory guidance’s role
Posted Date: Wednesday, September 12, 2018
Five federal agencies — the Consumer Financial Protection Bureau, the Federal Reserve Board, the Federal Deposit Insurance Corp., the National Credit Union Administration and the Office of the Comptroller of the Currency — issued a joint statement explaining the role of supervisory guidance for regulated institutions. Read on for more details.
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Mechanics’ lien coverage, Exclusion 3(a) issues headed back to Missouri district court
Posted Date: Wednesday, September 12, 2018
After the 8th U.S. Circuit vacated a jury award and affirming a Missouri district court’s granting of judgment as a matter of law regarding mechanics’ liens issues, holding that Exclusion 3(a) excluded those liens from coverage, the case was remanded to the lower court and the title insurer filed a motion for entry of judgment in its favor. Read on for more details.
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PRIA elects directors to board
Posted Date: Wednesday, September 12, 2018
During its Aug. 27-30 Annual Conference held in Providence, R.I., the Property Records Industry Association elected six directors in three categories to serve two-year terms on the Board of Directors. Read on for more details.
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Florida man pleads guilty to $8 million money laundering scheme
Posted Date: Wednesday, September 12, 2018
A Hialeah, Fla., man pleaded guilty to one count of conspiracy to commit an offense against the United States by laundering the proceeds of an identity theft tax refund scheme and mortgage fraud scheme. Read on for more details.
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California man was sentenced for wire fraud, money laundering
Posted Date: Wednesday, September 12, 2018
A Kensington, Calif., man was sentenced to time in prison for wire fraud and money laundering, having pled guilty to creating a scheme to sell homes to unsuspecting buyers who did not know the homes had unpaid mortgages attached to them. Read on for more details.
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Is underwriter responsible for policy issued during interim?
Posted Date: Monday, September 10, 2018
A title agency began work on a transaction while it was an agent for one underwriter, which dropped the agent before the closing protection letter or title policy could be issued. The policy was issued under its new underwriter, who also later dropped the agency. The insured mortgagee later went to the new underwriter seeking coverage for a claim which the original underwriter refused to pay. The Maryland Insurance Administration investigated the mortgagee’s complaint against the underwriter and the case eventually went before the Court of Special Appeals of Maryland. Read on for more details.
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PHH, Realogy reach $17 million title-related RESPA settlement
Posted Date: Monday, September 10, 2018
A settlement was granted final approval in U.S. District Court for the Central District of California in which PHH Corp., Realogy Holdings Corp. and their subsidiaries and affiliates agreed to pay $17 million to a class of plaintiffs. The suit alleged claims that the two companies violated Section 8(a) of RESPA by paying kickbacks and referral fees in connection with the referral of title insurance and settlement service to Title Resource Group and its affiliates. Read on for more details.
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Case questioning CFPB constitutionality seeks certiorari
Posted Date: Monday, September 10, 2018
A case that originally was filed six years ago questioning the constitutionality of the Consumer Financial Protection Bureau may be before the U.S. Supreme Court within the next year. Read on for more about this case and the latest developments.
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Luetkemeyer bill pushes national breach standards
Posted Date: Monday, September 10, 2018
Rep. Blaine Luetkemeyer (R-Mo.), chairman of the House Subcommittee on Financial Institutions and Credit, introduced the Consumer Information Notification Requirements Act, designed to enhance the Gramm-Leach-Bliley Act to provide a national standard for financial institution data security and breach notification on behalf of all consumers. Read on for more details.
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GSE reform bill unveiled, industry quick to speak
Posted Date: Monday, September 10, 2018
At a hearing on the 10th anniversary of the federal government’s takeover of Fannie Mae and Freddie Mac, House Financial Services Committee Chairman Jeb Hensarling (R-Texas), detailed his bipartisan plan to reform the housing finance system. The American Land Title Association was quick to offer its opinion after the unveiling. Read on for more details.
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California man pleads guilty to wire fraud
Posted Date: Monday, September 10, 2018
A Vallejo, Calif., man pleaded guilty to conspiring to commit wire fraud affecting a financial institution and bank fraud from 2004-2008 while preying on homeowners nearing foreclosure. Read on for more details.
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North Carolina State Bar sues attorney for UPL violations
Posted Date: Friday, August 31, 2018
The North Carolina State Bar filed a complaint before the Disciplinary Hearing Commission of the North Carolina State Bar against a Raleigh, N.C., attorney who it claims violated state law by providing legal services on behalf of and at the direction of a title agency located in the state. Read on for more details.
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Legislation to expand GTO passes Senate
Posted Date: Friday, August 31, 2018
Sens. Sheldon Whitehouse (D-R.I.), Marco Rubio (R-Fla.), and Ron Wyden (D-Ore.) succeeded in passing bipartisan legislation which requires the Financial Crimes Enforcement Network to conduct a six-month study on the feasibility of expanding geographic targeting orders nationwide. Read on for more details.
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Buyer sues title company, alleges improper use of escrow
Posted Date: Friday, August 31, 2018
The purchaser of property in Brooklyn, N.Y., sued the title company that closed the transaction, alleging that it improperly used her escrow deposit meant to secure a mortgage on her property to pay Environmental Control Board judgments incurred by the seller on a different property. Read on for more details.
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First American index shows impact of fintech
Posted Date: Friday, August 31, 2018
First American Financial Corp. released the First American Loan Application Defect Index for July 2008 shows the impact of fintech investments. Read on for more details.
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Vero Beach attorney, two others sentenced for mortgage fraud
Posted Date: Friday, August 31, 2018
Three individuals – a Vero Beach, Fla., attorney, a property developer and a condominium buyer – were sentenced to prison for participating in a criminal conspiracy and making false statements to a federally insured institution. Read on for more details.
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