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  First U.S. Circuit Court of Appeals determines coverage for development rights Wednesday, August 10, 2022 The First U.S. Circuit Court of Appeals recently heard a case brought by a developer against its title insurer for breach of coverage after the insurer denied coverage of the loss or damage to developer’s right, title and interest in property In Newport, R.I., as a result of the Rhode Island Supreme Court’s decision in a related case. |
 Missouri federal court remands case to state Wednesday, August 10, 2022 After a property owner filed suit against its title insurer and escrow agent in Missouri state court, the title insurer removed the case to federal court. It argued that the property owner fraudulently joined the escrow agent as a party to defeat diversity jurisdiction and failed to state a negligence claim against the escrow agent. |
Utah proposes repealing ‘unnecessary’ fraud-reporting rule Wednesday, August 10, 2022 The Utah Department of Insurance is considering repealing R590-248, the Mandatory Fraud Reporting Rule, noting it is not used for enforcement. Comments are being accepted until Aug. 15 and the earliest effective date is Aug. 22, 2022.
Texas Department of Insurance warns of scammer Wednesday, August 10, 2022 The Texas Department of Insurance urged consumers to be wary of phone calls or other communications from anyone claiming to be a representative of the department.
Investment firm charged with misleading investors in fix-and-flip securitizationWednesday, August 10, 2022 The Securities and Exchange Commission charged Atlanta-based Angel Oak Capital Advisors, LLC and its portfolio manager Ashish Negandhi for misleading investors about the firm’s fix-and-flip loan securitization’s delinquency rates. The firm had raised $90 million through a first-of-its kind securitization of loans made to borrowers for the purpose of purchasing, renovating and selling residential properties.
 Title company sues Baltimore over recordation taxes Monday, August 8, 2022 A title company filed suit against the city of Baltimore, Md., challenging the city’s alleged construction holdback policy, whereby it charged a recordation tax on any construction holdback identified in purchase money deeds of trust. It argued the practice is unlawful and not supported by the language of state law.
Homebuyer sues title agent, insurer to recover damages Monday, August 8, 2022 A homebuyer in New York City filed suit against her title insurer and title agent for failing to timely record her deed, failing to use escrow funds to pay off existing mortgages on the property and breaching their duty to defend her in two separate actions regarding her purchase. The case eventually went to the Supreme Court of the State of New York Appellate Division: Second Judicial Department.
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