News By Edition

The Louisiana Department of insurance promulgated a regulation to establish procedures for governing the institution of administrative and agency proceedings resulting in administrative action with respect to a licensee.

A couple sought to intervene in a foreclosure action and redeem a tax sale certificate. A lower court denied their motion, finding the couple failed to comply with the procedure for redemption. The couple appealed.

The Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the Enterprises.

The U.S. Cybersecurity and Infrastructure Security Agency (CISA), as well as the cybersecurity authorities of Australia, Canada, New Zealand and the United Kingdom, released a joint cybersecurity advisory warning organizations that Russia’s invasion of Ukraine could expose organizations to increased malicious cyber activity.

Mississippi Gov. Tate Reeves signed legislation making the term of certain licenses and certificates issued by the commissioner of insurance perpetual until the commissioner revokes the license or certificate, or the license or certificate is forfeited by the licensee or certificate holder. The bill goes into effect July 1, 2022.

A California man pleaded guilty to a federal criminal charge for participating with his sister in a $6 million real estate scam that involved listing homes without the owners’ consent and collecting money from multiple would-be buyers for each of the not-for-sale homes.

An Oxford, Mass., man pleaded guilty and was sentenced to six to eight years in state prison in connection with a scheme to defraud homeowners and mortgage lenders by providing fraudulent documents in legal and real estate transactions in the Boston area.

The Financial Crimes Enforcement Network (FinCEN) renewed and expanded its geographical targeting orders (GTOs) requiring title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

The industry is constantly dealing with a variety of compliance issues, from RESPA compliance and state regulations to ways to securely transfer funds. During the National Settlement Services Summit (NS3), June 1-3 at the Omni Orlando Resort at ChampionsGate in Orlando, Fla., attendees will hear from speakers on these topics and more.

When the larger of two tracks they owned was facing foreclosure, the owners recorded several restrictions on both parcels in the month before foreclosure was ordered. The buyers of the property at the foreclosure knew the restrictive covenants were in place, but sued the former owners when the former owners sent a demand letter requesting they stop violating the restrictions.

Virginia Gov. Glenn Youngkin signed legislation that clarifies a seller is not prohibited from retaining a licensed attorney to represent his interests and provide legal advice pertaining to escrow, closing or settlement services. The bill went into effect upon passage.

Vermont Gov. Phil Scott announced Department of Financial Regulation Commissioner Mike Pieciak will be leaving the department next month to pursue other opportunities.

When a couple sought to refinance their loan on residential property in Corbin, Ky., the lender retained a closing firm to conduct the title examination. Believing the request was for an updated title opinion on another property the couple owned, the firm updated an earlier title search on the other property. After the couple defaulted on the refinance loan, the lender discovered the error and had to buy back the property before filing a legal malpractice suit against the law firm.

The Maryland General Assembly passed legislation authorizing title insurers to conduct a required annual review of a title insurance producer in person, remotely by using mail, overnight delivery, or electronic means, or by a combination of in-person and remote methods. The bill awaits the governor’s signature.

The Colorado General Assembly is considering legislation that would amend the conditions under which a public trustee will release a deed of trust.

South Carolina Gov. Henry McMaster announced the retirement of South Carolina Department of Insurance Director Ray Farmer after nine years of service. The retirement became effective April 15.

A former Arizona real estate agent was sentenced to prison and order to pay restitution after being found guilty of 24 counts of wire fraud and eight counts of money laundering by a federal jury.

The Michigan Department of Insurance and Financial Services (DIFS) unveiled a new website, furthering the state’s efforts to provide easy-to-access and convenient government services online. The new site features modern technology and an updated layout for all webpages.