News By Edition

The New York Assembly is considering legislation amending its real property tax law and social services law to “provide homeowners at risk of tax lien foreclosures the same protections that are afforded to borrowers in residential mortgage foreclosure proceedings.”

The Consumer Financial Protection Bureau has issued a request for information on mortgage closing costs, seeking input on how closing costs “may be inflated and constraining” the mortgage lending market. Industry experts and associations reacted to the announcement. Read on for more details.

The Financial Crimes Enforcement Network updated its Frequently Asked Questions in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule and Beneficial Ownership Information Access and Safeguards Rule.

The Utah Department of Insurance adopted amendments to its rule regarding unfair inducements and marketing practices in obtaining title insurance business.

According to a recent filing with the Securities and Exchange Commission, a December 2023 cyberattack against First American Financial Corp. potentially compromised personal information belonging to roughly 44,000 people.

A grantee’s successor-in-interest to a deed brought an action against the grantor and purchaser of property after the execution sale of property for a judgment creditor, seeking to quiet title or succeed to first lienholder position via equitable subrogation. The case eventually went before the Supreme Court of North Carolina.

Florida Gov. Ron DeSantis signed legislation requiring sellers of residential property to provide a disclosure of flood risks before the sale.

The New York Assembly is considering legislation that would limit recordkeeping and reporting duties of public notaries to electronic notarization acts.

The Rhode Island General Assembly is considering legislation that would require radon testing to be performed within one year prior to the closing of any residential real estate transactions.

A Virginia man pleaded guilty to a conspiracy that fraudulently promised thousands of homeowners legal help in avoiding foreclosure. The scheme generated at least $15 million for the conspirators but never provided any legal services to the client-victims.

For years, the owner of property in the town of Kent, Conn., had an understanding with his parents that he could park on their property and have access to his adjacent property. He lost that access when his parents sold the lot. He filed a claim with his title insurer, who denied it. After that, he filed suit against his title insurer for breach of contract.

Arizona Gov. Katie Hobbs signed legislation regarding the enforcement of indemnity agreements in title insurance.

Louisiana Gov. Jeff Landry signed legislation to protect agricultural land from foreign adversaries.

As part of its Title Fraud Prevention Through Identity Verification Pilot Program, The Lee County, Fla., clerk of court and comptroller requires all electronically recorded deeds in the county to be accompanied by copies of the grantors’ and grantees’ government-issued photo identification.

A Charlotte, N.C., man was sentenced to time in federal prison for his role in a fraudulent real estate scheme.

In an action brought to quiet title by virtue of adverse possession and to cancel a New York City declaration that the deed transferring ownership between two prior owners may be fraudulent, a New York state court determined whether the subject deed was fraudulent.

Maryland Gov. Wes Moore signed legislation requiring reporting relating to minority business participation in the state’s procurement by industry type to include real property title insurance services.

The Rhode Island General Assembly is considering legislation that would require information on the public’s rights and privileges of the shore to be included in disclosure forms for the sale of vacant shoreline land or real property.

The New York State Department of Financial Services issued a guidance letter notifying regulated insurance agents and mortgage loan originators of a model cybersecurity program template.

A Modesto, Calif., man pleaded guilty to conspiring to commit bank fraud.

The California State Assembly is considering legislation which would authorize the recoding of certified copies of electronic documents in county records.

Oklahoma Gov. Kevin Stitt signed legislation to modify the requirements under the Oklahoma Abstractors Act.

Minnesota Attorney General Keith Ellison issued a warning to Minnesotans about possible risks when buying a home on a “contract for deed.” Contracts for deed, where the buyer pays the seller over a period of time rather than all at once, are known as a poor man’s mortgage that combine all the responsibilities of homeownership with all the disadvantages of renting, while offering the benefits of neither, he said.

U.S. District Judge Lydia Griggsby sentenced a former Baltimore City state’s attorney for making a false mortgage application and for two counts of perjury.