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The Legal Description Edition
April 1, 2013
The Dodd-Frank Wall Street Reform and Consumer Protection Act required ability-to-repay rule, and the rule’s qualified mortgage standards, have been watched carefully by industry members and interested parties. One group that has been watching to see how the rule will impact their business is those involved in affiliated businesses. They are concerned the rule, as written, would have an adverse impact on their business. To counteract those potential impacts, legislators from both sides of the aisle have introduced the Consumer Mortgage Choice Act, which they feel will benefit consumers and industry members. In this issue, we break down the bill and the arguments for and against its passage. In addition, we give you the latest on Florida’s progress to requiring a title agent data call and how the industry and regulators have worked together to make this a reality. |
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Beware data security, escrow account breaches
Posted Date: Monday, April 1, 2013
Much has been said about lender angst regarding their liability for third party service providers. What are they most concerned about? Data and escrow security.
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Legislators, industry take second bite at ‘discriminatory’ QM points and fees definition
Posted Date: Wednesday, March 27, 2013
One of the qualified mortgage requirements, the points and fees definition and threshold, have been troubling to proponents of affiliated business in the real estate and mortgage markets. While industry members have been hard at work trying to figure out what this new rule means for their business practices, others have introduced a bill to amend the statute and rule to end what they consider a discriminatory practice. That bill, H.R. 1077, the Consumer Mortgage Choice Act, was introduced last month.
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Florida gets closer to agent data call reality
Posted Date: Monday, March 25, 2013
In an attempt to ensure that the rates promulgated by the Florida Office of Insurance Regulation are accurate and sufficient, the title industry, the OIR and the state’s Department of Financial Services have been working for a few years to find a way to gather the data necessary to establish accurate rates. With the release of a rule by OIR last month, that goal is close to becoming a reality.
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Escrow attorney impersonator gets seven years for fraud scheme
Posted Date: Thursday, March 21, 2013
A man who posed as an escrow attorney to induce investors to purchase a golf course in Loudoun County, Va., has been sentenced to seven years in prison. The scheme resulted in losses of at least $2.8 million to more than a dozen victims. In addition, another man was charged for assisting the defendant by impersonating an escrow attorney and the defendant’s father. Read on for more details.
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Nevada bill would allow homeowners to demand servicers ‘show the note’
Posted Date: Thursday, March 21, 2013
The Nevada legislature is considering a bill that, if passed, would allow homeowners to demand servicers provide them with copies of the note and mortgage. If it is not provided, the bill would allow them to file a quiet title claim, giving them the property free and clear of any lien by the mortgagee. Read on for details.
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Bank, insurer argue over handling of title defect
Posted Date: Thursday, March 21, 2013
After discovering that another’s ownership interest was not properly subordinated, a bank relied on its title insurer to get the person to sign a subordination agreement. Despite the insurer and the bank believing the interest was subordinated, when the bank went to sell the property, the sale fell through because the buyer believed the other party’s interest was still attached to the property. After waiting 16 months for the title insurer to address its claim, the bank filed suit, alleging breach of contract. Read on to find out what the U .S. District Court for the Middle District of Georgia had to say when the case went before it on the insurer’s motion for a judgment on the pleadings.
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FDIC sues underwriter for conducting property flips
Posted Date: Thursday, March 21, 2013
The FDIC, as receiver for an Illinois bank, sued an underwriter, alleging the underwriter played a role in conducting property flips on four Chicago properties without the bank’s knowledge. It filed claims for, among other things, negligent supervision, negligent misrepresentation and vicarious liability. Read on for what the U.S. District Court for the Northern District of Illinois had to say when the case came to it on the underwriter’s motion to dismiss certain claims against it.
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Utah considers new mortgage release act
Posted Date: Monday, March 18, 2013
The Utah legislature is considering a bill that, if passed, would allow title insurers and agents to reconvey or release mortgages. Read on for more details.
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Maryland may amend manufactured home lien law
Posted Date: Monday, March 18, 2013
The General Assembly of Maryland is considering a bill that would alter certain lien information that must be included in certain statements that accompany the recordation of an affidavit of affixation for a manufactured home. Among other things, the bill would change the definition of lien in this context. Read on for more details.
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Data security looms large for lenders
Posted Date: Monday, March 18, 2013
During the American Land Title Association Business Strategies Conference, lenders discussed the current uncertain nature of business and regulation today. On the forefront of their minds was data security. Read on for more on what that could mean for title agents going forward.
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Judge determines justifiable reliance on HUD-1 in overcharge suit
Posted Date: Wednesday, March 13, 2013
A judge in the U.S. District Court for the Eastern District of Pennsylvania determined whether a homeowner and others similarly situated, justifiably relied on the title premium stated in their HUD-1 settlement statements when answering a motion to decertify a class and another for partial summary judgment. Read on for more details.
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Man faces 110 years in prison
Posted Date: Wednesday, March 13, 2013
After pleading no contest to 10 felonies in connection with his operation of a mortgage fraud scheme, a Nevada man faces up to 110 years in federal prison. Read on for more details.
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Pa. recorders may perform records checks to weed out fraud
Posted Date: Wednesday, March 13, 2013
The General Assembly of Pennsylvania has introduced a bill that, if passed, would require county recorders of deeds to perform records checks in an attempt to weed out deed fraud. Read on for more details.
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Learn how to comply with new loan servicing standards
Posted Date: Wednesday, March 13, 2013
Under a mandate by the Dodd-Frank Act, the Consumer Financial Protection Bureau released a final rule on Jan. 17 on new mortgage servicing standards, amending Regulation X and Regulation Z. It requires training, retooling and the implementation of new policies and procedures and RESPA News is ready to help with a 90-minute webinar. Read on for details.
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Cordray nomination hearing brings questions about structure, accountability
Posted Date: Wednesday, March 13, 2013
During Richard Cordray’s nomination hearing in the U.S. Senate Committee on Banking, Housing and Urban Affairs, committee members hammered home concerns about the structure and accountability of the Consumer Financial Protection Bureau. Read on for more details.
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Mortgage broker indicted for scheming 350 victims
Posted Date: Monday, March 11, 2013
A New York broker was indicted for conspiring to defraud 350 individuals of more than $1.2 million. He offered them loans to purchase property, then absconded with the funds. Read on for more details.
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Title insurers debate responsibility for handling claim
Posted Date: Monday, March 11, 2013
After two national underwriters agreed to co-insure a lender policy, the insured development projects went into bankruptcy. The lender worked with the companies to address its claim, but sued one of the insurers for bad faith and breach of contract. The insurer moved to implead the other underwriter, who moved to dismiss the impleader complaint. Read on to find out what the U.S. District Court for the Central District of California had to say.
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