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  Insured sues title insurer for defending other insured in boundary dispute Wednesday, September 19, 2018 When it sought to tear down a fence at the boundary between its property and the adjoining property, an insured property owner was denied the zoning permit because the adjoining property owner owned the portion of the fence that was on its side of the boundary. The property owner filed suit and both parties filed claims with their title insurer, which provided policies with both parties. It chose to defend the other insured and the property owner filed suit. Read on for more details. |
 Senate introduces CFPB Guidance legislation Wednesday, September 19, 2018 Days after the House Financial Services Committee passed a companion bill, Sens. Orrin Hatch (R-Utah) and James Lankford (R-Okla.) introduced S. 3443, the Give Useful Information to Define Effective Compliance Act. The act is designed to enhance transparency and predictability to the rulemaking process of the Consumer Financial Protection Bureau. Read on for more details. |
California amends Survivors Bill of Rights to exempt reverse mortgages Wednesday, September 19, 2018 California Gov. Jerry Brown has signed legislation that exempts reverse mortgages from the state’s Survivors Bill of Rights (SBOR). The SBOR prohibits mortgage servicers, upon notification that a borrower has died by a person claiming to be a successor in interest, from recording a notice of default until the mortgage servicer gives an opportunity for the claimant to show that he or she is a successor in interest. Read on for more details.
New Yorker, New Jersey homeowner sentenced for shotgunning fraud Wednesday, September 19, 2018 A New York real estate broker and a Bergen County, N.J., homeowner were sentenced for their respective roles in a $3.5 million scheme to use false information and simultaneous loan applications at multiple banks to fraudulently obtain home equity lines of credit, a practice known as “shotgunning.” Read on for more details.
Final foreclosure rescue scheme fraudster sentenced Wednesday, September 19, 2018 The final defendant in a high-profile north Texas “foreclosure rescue” case has been sentenced for his role in the scheme, which swindled nearly a quarter of a million dollars from at least 70 homeowners facing foreclosure. Read on for more details.
 House committee marks up data breach legislation Monday, September 17, 2018 The House Financial Services Committee held a hearing on Sept. 13 to mark up several bills, including H.R. 6743, the Consumer Information Notification Requirement Act. Read on for more details.
 GUIDE Compliance Act passes house committeeMonday, September 17, 2018 The House Financial Services Committee passed H.R. 5534, the Give Useful Information to Define Effective Compliance Act (GUIDE Compliance Act) during a mark up hearing. The bill seeks to ensure that the Consumer Financial Protection Bureau has clearly defined procedures on how to issue guidance. Read on for more details.
 Insured sues title company for refusal to reimburseMonday, September 17, 2018 After settling a lawsuit against his neighbor because his fence encroached on his property, the insured sought reimbursement of the cost of the suit from his title insurer. He filed suit against the insurer when the insurer didn’t reimburse him. The case eventually went to the Missouri Court of Appeals, Eastern District. Read on for more details.
Wife questions reverse mortgage foreclosure after husband dies Monday, September 17, 2018 Without his wife’s knowledge, an Alabama man obtained a reverse mortgage on their property, knowingly misstating that he was unmarried to avoid needing his wife’s signature. After he passed away, the reverse mortgage servicer began foreclosure proceedings against the property and the wife filed suit. Read on for more details.
Arizona man indicted for $6 million fraud Monday, September 17, 2018 An Arizona man was indicted on several felony counts for allegedly filing a series of forged lien release documents with the intent of freeing up equity in the homes he owned to take out new loans on those properties. Read on for more details.
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