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Associations make their voices heard on qualified mortgage definition
Posted Date: Monday, May 7, 2012
Associations from every area of the real estate industry, consumer groups and others are making sure their voices are heard before the Consumer Financial Protection Bureau releases its ability-to-repay rule, which is expected out sometime this spring. Specific concerns revolve around the definition of qualified mortgage the bureau is to come up with as part of the rule.
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New, revised standard endorsements show increase in energy, mineral coverage
Posted Date: Monday, May 7, 2012
As the demand for renewable energy and domestic oil and gas reserves has increased over the last several years, so has the demand from energy developers for title insurance endorsements to protect their investments. While individual insurers have been offering this coverage for years, the American Land Title Association recently adopted standard forms for this coverage. The Legal Description spoke with members of the ALTA forms committee to give readers an inside look at the new coverages.
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NAIC gets to work on escrow theft white paper
Posted Date: Thursday, April 26, 2012
Concerned about increased reports of escrow fraud, as well as agent and underwriter solvency, the National Association of Insurance Commissioners’ Title Insurance Task Force established an Escrow Theft White Paper Subgroup to create a white paper about the issue and various solutions states could put in place to curb escrow fraud in individual jurisdictions. Read on to find out what was discussed at the group’s first conference call.
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Insurance Division to hold hearing in New Mexico Title investigation
Posted Date: Wednesday, April 25, 2012
State regulators have been working hard investigating the abrupt closure of New Mexico Title, which left many customers in a lurch. The state’s Insurance Division is holding a public meeting about their investigation on May 1. Read on for the latest news in the case.
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Can underwriter intervene in suit between agent, liability insurer?
Posted Date: Wednesday, April 25, 2012
After a liability insurer sued a title agent it insured, the agent’s underwriter tried to step in. Both parties to the suit opposed intervention when the motion came before the U.S. District Court for the District of Utah. Read on for the court’s decision.
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When does a defendant become a prevailing party?
Posted Date: Wednesday, April 25, 2012
After two underwriters successfully convinced a Maryland court that homeowners must first seek an administrative remedy before suing the insurers in a reissue rate dispute, they were awarded costs. The homeowners sought reconsideration, claiming that the insurers were not prevailing parties under the law. Read on for the decision of the U.S. District Court for the District of Maryland on this matter.
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FinCEN releases 2011 SARs report
Posted Date: Wednesday, April 25, 2012
The Financial Crimes Enforcement Network released its full year 2011 update of mortgage loan fraud reported suspicious activity reports, showing a 31 percent increase in SARs filings over 2010. Read on for more from the report.
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Louisiana clerks sue banks for alleged racketeering
Posted Date: Monday, April 23, 2012
Thirty of Louisiana’s parish clerks are suing 17 banks that used Mortgage Electronic Registration Systems Inc., alleging that the group committed a racketeering scheme to avoid paying recording fees to the parishes for mortgage assignments. Read on for more details from the complaint.
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NAILTA voices opinion on qualified mortgages
Posted Date: Monday, April 23, 2012
The National Association of Independent Land Title Agents submitted a letter to the Consumer Financial Protection Bureau regarding the bureau’s efforts to define “qualified mortgage” under the Dodd Frank Wall Street Reform and Consumer Protection Act. Read on to find out what the association had to say.
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Real estate attorney, others plead guilty to fraud scheme
Posted Date: Monday, April 23, 2012
A New York real estate attorney, mortgage loan officer and mortgage loan processor have pled guilty for their roles in a $9 million mortgage fraud scheme. They are just the latest of a 12-person fraud ring to plead guilty to the charges against them.
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Maine Supreme Judicial Court rules on access in bulk to public records
Posted Date: Monday, April 23, 2012
Addressing a question of first impression in the state, The Maine Supreme Judicial Court ruled on what recorders can charge to provide bulk, digital delivery of their real property records. Find out what the standard will now be in Maine for this long-standing title industry issue.
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HUD bans title agent, others after reverse mortgage fraud convictions
Posted Date: Thursday, April 19, 2012
The U.S. Department of Housing and Urban Development debarred a title agent and three mortgage loan officers following their criminal convictions on charges they defrauded elderly borrowers, mortgage lenders and the Federal Housing Administration. Read on for details.
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Association comments on final combined prototype
Posted Date: Thursday, April 19, 2012
As the comment period closes on the last prototypes of the combined mortgage disclosures required under the Dodd Frank Wall Street Reform and Consumer Protection Act, the American Land Title Association took one more opportunity to voice its suggestions. Read on for the association’s suggested changes.
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Trade groups urge broadly-defined qualified mortgage
Posted Date: Thursday, April 19, 2012
More than 30 major trade groups, including the American Land Title Association, urged the Consumer Financial Protection Bureau to include a broadly-defined qualified mortgage as part of the bureau’s ability-to-repay rule. Read on for the details.
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Liability insurer, escrow co. dispute coverage of negligence suit
Posted Date: Thursday, April 19, 2012
After an escrow company was sued for failing to disburse escrow funds to satisfy buyers’ obligations, it turned to its liability insurer to defend it in court. When the liability insurer denied coverage, the escrow company filed suit against it. Read on for more details from the case.
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N.Y. court returns dismissed escrow case to trial
Posted Date: Monday, April 16, 2012
The New York Supreme Court, Appellate Division, held that prospective purchaser sufficiently alleged a cause of action against escrow agent for breach of fiduciary duty, overturning the lower court’s granting of the escrow agent’s motion to dismiss, and returning the case to trial. Read on for the details of the dispute.
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CFPB says banks responsible for service providers
Posted Date: Monday, April 16, 2012
The Consumer Financial Protection Bureau issued a bulletin stating that financial institutions may be held responsible for the actions of the companies with which they contract, taking a close look at service providers’ interactions with consumers. Read on for more details.
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Alaska residency, private transfer fee bill to the governor
Posted Date: Monday, April 16, 2012
A bill that would require all title insurance producers working in the state to be residents of the state, as well as ban the use of private transfer fees, has been put before Alaska Gov. Sean Parnell. Read on for more details.
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Maryland awaits signature on manufactured housing bill
Posted Date: Monday, April 16, 2012
The General Assembly of Maryland has adopted a bill that would establish procedures for affixing and severing manufactured homes from real property. All that is left now is the governor’s signature.
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Mortgage fraud mastermind pleads guilty to conspiracy
Posted Date: Monday, April 16, 2012
A Long Island mortgage broker pleaded guilty to conspiring to commit wire fraud and bank fraud in connection with a $66 million mortgage fraud scheme. Read on for more details.
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Attorney suspended after IOLA accounts raided by brother, bookkeeper
Posted Date: Monday, April 16, 2012
A New York appellate court held that a two-year suspension from the practice of law was appropriate discipline for an attorney whose IOLA account was allegedly raided by his brother and the law firm bookkeeper. The court said the attorney had failed to maintain “appropriate vigilance” over his firms’ accounts. Read on for the details.
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