News By Edition

As part of efforts revealed in connection with his State of the Union address, President Joe Biden announced his plan to lower housing costs, including lowering closing costs for refinances and mortgages. Regulators took no time to begin implementing these efforts, and the industry reacted.

The District Court of Harris County, Texas, granted Stewart Title Co.’s motion for summary judgment in its software licensing dispute with Qualia Labs Inc., d/b/a Qualia Software Inc.

The owner of previously vacant property filed suit against the new owner after discovering she was the victim of seller impersonation fraud.

The current owners of property in California sued the title insurer that conducted the transaction, as well as the former owners of the property and their real estate agents when they discovered they did not own an addition the former owners had purchased earlier.

After the owner of commercial property in Lansing, Mich., failed to pay taxes for two years, the county foreclosed on the property and held an auction. The property was not purchased at auction and the county executed a quit claim deed transferring the property to the county land bank for $1. The owner sued the county under the Taking Clause of the Michigan constitution, arguing that his equity was taken without just compensation.

The Federal Bureau of Investigation’s Internet Crime Complaint Center issued its Internet Crime Report for 2023. The center received a record number of complaints from the public last year.

The Florida legislature passed legislation that provides that certain information submitted to the clerk of circuit court of property appraiser for the purpose of registering for a recording notification service is confidential and exempt from public records requirements.

Several members of Congress have voiced “serious concerns” with the Federal Housing Finance Agency’s announcement of a new Title Acceptance Pilot which would waive the requirement for lender’s title insurance on certain refinances.

The Pennsylvania General Assembly introduced legislation to provide for transparency in realty agreements, prohibit certain provisions in realty agreements and prohibit unfair real estate service agreements.

Missouri is the latest state to file suit against MV Realty for its deceptive practices in marketing its services.

The National Institute of Standards and Technology announced it planned to update NIST IR 7621 Rev. 1, Small Business Information Security: The Fundamentals, and issued a pre-draft call for comment.

U.S. Sen. Tammy Baldwin (D-Wisc.) introduced the Affordable Housing and Homeownership Protection Act, which she says will provide up to $50 billion over 10 years to help build and preserve affordable housing by taxing investors who purchase and hold more than 15 single-family homes.

The Wisconsin State Legislature passed legislation relating to the county sale of tax-deeded lands. The bill awaits the governor’s signature.

The Louisiana State Legislature is considering a bill that would modify the academic qualifications for individual title insurance producers.

Four South Florida residents were charged with conspiracy to commit wire fraud in connection with their submission of false and fraudulent PPP loan applications.

After initiating foreclosure proceedings on a vacant lot in Mastic Beach, N.Y., that had the same street address as adjacent property, the mortgage holder sued the title insurer for declaratory judgment and breach of contract.

Less than two weeks after the Utah Department of Insurance issued a bulletin regarding the application of title insurance laws to affiliated title insurance businesses, it issued another bulletin to clarify its guidance.

The Mississippi Legislature is considering the Foreign Land Ownership Act, which would limit the ability of nonresident aliens to maintain ownership of Mississippi agricultural and forestry land if they are from a country that is considered a foreign adversary by the U.S. Secretary of Commerce.

The Vermont Department of Financial Regulation announced the issuance of Bulletin 229, adopting the National Association of Insurance Commissioners model on the use of artificial intelligence systems by insurers.

The Michigan Legislature is considering legislation that would require certain provisions of a valid right-to-list home sale agreement.

The Oklahoma Legislature is considering legislation that would provide that a title insurance company could not charge a fee for the filing of a release of mortgage affidavit.

The developer of property in Connecticut filed suit against the owners of the property, arguing they breached the restrictive covenants encumbering the property by putting up a large garage on the property and operating a business from it.

The Indiana General Assembly passed legislation designed to prohibit residential real estate service agreements after March 14. The bill awaits the governor’s signature.

The Florida Legislature passed legislation that would require sellers of residential property to provide a disclosure of flood risks before the sale. The bill awaits the governor’s signature.

The Mississippi commissioner of insurance announced several staff changes within the Mississippi Insurance Department.

A disbarred real estate attorney who was previously licensed to practice law in Georgia was sentenced to prison for embezzling more than $3 million from clients. He used those funds for personal purposes and created phony accounting records to cover up the theft, according to authorities.