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eClosing: A secondary market perspective
Posted Date: Wednesday, August 23, 2017
When it comes to eClosings, eMortgages and their adoption, one of the first questions people ask is, “Why is adoption not more widespread?” One of the answers people in the mortgage and title space give to that question is, “The secondary market is not accepting electronic notes and mortgages, we have to wait for them. ”
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FTC offers GLB lessons in enforcement
Posted Date: Wednesday, August 30, 2017
In a blog post accompanying the Federal Trade Commission’s enforcement action against an online tax preparation service, the agency reminded covered entities of their compliance requirements under the Gramm-Leach-Bliley Act regarding both the Safeguards Rule and the Privacy Rule. Two weeks after a similar privacy enforcement action against Uber, the FTC is drawing clear lines for privacy-related compliance. Read on for details on what the FTC is telling you.
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Live from PRIA Annual
Posted Date: Wednesday, August 30, 2017
Members of the Property Records Industry Association met Aug. 28 in Nashville, Tenn., for the association’s annual conference. The Legal Descriptionwas at the event to give you the inside scoop.
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New York regs on cyber now in effect
Posted Date: Wednesday, August 30, 2017
Beginning this week, the cybersecurity regulations in New York have taken effect. Among the requirements for financial services institutions under the Department of Financial Services’ authority are having a written program designed to protect consumers’ private data and having a designated chief information security officer to help protect data and systems. Read on for more about the regulations taking effect.
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Idaho court re-examines First American certification
Posted Date: Wednesday, August 30, 2017
In an 11-year-old case that has not yet begun opening arguments, an Idaho plaintiff who was awarded class certification in 2010 against First American Title Insurance Co. for allegedly being overcharged for fees in a refinance transaction was tasked with compiling class members for the case. However, intervening case law in the Supreme Court since the initial certification required a review by the U.S. District Court of Idaho. Read on to see whether the court granted First American’s motion for decertification.
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Does attorney owe duty to note holder in HOA foreclosure?
Posted Date: Wednesday, August 30, 2017
In a case involving the foreclosure of a townhouse by a homeowners’ association in Nevada, PennyMac sued the association and its law firm for wrongful foreclosure. The law firm filed a motion for dismissal, contending that it was acting solely as the attorney for the association and did not owe a duty to anyone other than its client. Read on toe see how the court ruled in light of state Supreme Court rulings on whether entities overseeing a foreclosure sale are liable if the foreclosure sale terms are found to be unfair.
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US-CERT warns of Hurricane Harvey scams
Posted Date: Wednesday, August 30, 2017
The U.S. Computer Emergency Readiness Team warned users to be on the lookout for malicious cyberactivity relating to Hurricane Harvey. Read on for more details.
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FinCEN offers advisory on money laundering risk
Posted Date: Monday, August 28, 2017
When the Financial Crimes Enforcement Network issued its updated and expanded Geographical Targeting Orders on Aug. 22, it also issued an advisory for financial institutions and others involved in real estate transactions to provide them with information on the money laundering risks associated with real estate transactions. Read on for more on what it had to say.
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Texas holds hearing on title rate adjustment
Posted Date: Monday, August 28, 2017
The Texas Department of Insurance announced it will hold a public hearing to adjust title insurance rates for the 2018 calendar year to reimburse Texas title insurers for amounts paid in assessments to the Texas Title Insurance Guaranty Association in 2017. Read on for more details.
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Nevada adopts real property recording statute
Posted Date: Monday, August 28, 2017
Nevada Gov. Brian Sandoval signed legislation authorizing the recording of certain real documents and limit the actions constituting easements by prescription under certain circumstances. Read on for more details.
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eRecording reaches new milestones
Posted Date: Monday, August 28, 2017
Two new milestones were attained in July with 1,700 recording jurisdictions now electronically recording (eRecording) documents and 80 percent of the country’s population residing in jurisdictions with eRecording capabilities, PRIA reported.
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Ex-NFL player convicted of $10 million fraud
Posted Date: Monday, August 28, 2017
A federal jury convicted a former Philadelphia Eagles football player of his role in a $10 million fraud scheme. The scam lasted from 2009-2016. Read on for more details.
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FinCEN updates, expands GTOs
Posted Date: Wednesday, August 23, 2017
The Financial Crimes Enforcement Network announced the issuance of revised Geographic Targeting Orders that require U.S. title insurance companies to identify the natural persons behind shell companies used to pay for high-end residential real estate in seven metropolitan areas. They now will include transactions involving wire transfers and transactions conducted in Honolulu, Hawaii. Read on for more details.
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Title insurer sues parties to refinance after sale
Posted Date: Wednesday, August 23, 2017
As subrogee for a national bank, a title insurer filed suit against parties to a refinance. The parties, a former couple, believed the property would go into the former wife’s name only, but both signed the mortgage. The wife later transferred the property to her former husband, who sold the property without the knowledge of the mortgagee. After addressing the mortgagee’s claim, the title insurer filed suit against the former couple to recoup its losses. Read on for more details.
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Illinois predictable recording fees becomes law
Posted Date: Wednesday, August 23, 2017
A bill requiring counties in Illinois to establish a predictable recording fee schedule by 2019 was signed by the governor Aug. 22. Read on for more details.
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Long Island execs charged with conspiracy
Posted Date: Wednesday, August 23, 2017
Senior executives of a Long Island mortgage lender were charged with conspiracy to commit wire and bank fraud in connection with their obtaining more than $8.9 million of warehouse loans for Vanguard to fund mortgages. Read on for more details.
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Chicago developer sentenced for mortgage fraud
Posted Date: Wednesday, August 23, 2017
A federal judge sentenced a Chicago real estate developer to three years in prison in connection with a fraud scheme related to a $105 million line of credit secured by city and suburban properties, including the Streets of Woodfield Mall in Schaumburg.
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Can plaintiff compel market conduct exam files?
Posted Date: Monday, August 21, 2017
In a case ultimately about title insurance refinance rates, a plaintiff filed a motion to compel seeking the production of documents concerning market conduct exams conducted by the Connecticut Insurance Department. Read on for more details.
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Homeowner sues MERS for wrongful foreclosure
Posted Date: Monday, August 21, 2017
A California man appealed the grant of a motion for judgment on the pleadings filed by Mortgage Electronic Registration Systems in a wrongful foreclosure action. Read on for more details.
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Delaware revises data breach statute
Posted Date: Monday, August 21, 2017
The Delaware General Assembly has adopted legislation that revises the state’s data breach statute. Read on for more details.
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A cautionary tale: Uber settles FTC data security allegations
Posted Date: Monday, August 21, 2017
Uber Technologies, Inc. has agreed to implement a comprehensive privacy program and obtain regular, independent audits to settle Federal Trade Commission charges that the ride-sharing company deceived consumers by failing to monitor employee access to consumer personal information and by failing to reasonably secure sensitive consumer data stored in the cloud. This latest data security settlement has lessons for companies from all industries.
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Industry gets new form for CFPB inquiries
Posted Date: Monday, August 21, 2017
The Consumer Financial Protection Bureau launched a web form to replace the email address that industry members used to submit questions regarding the bureau’s regulations. Read on for more details.
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California man sentenced for mortgage fraud
Posted Date: Monday, August 21, 2017
A Fremont, Calif., man was sentenced to time in prison and ordered to pay restitution for his role in a mortgage fraud scheme. Read on for more details.
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