News By Edition

The title companies that eventually were forced to purchase property after the U.S. Department of Housing and Urban Development (HUD) failed to record a reconveyance of a deed of trust on a reverse mortgage it held filed suit against HUD and the loan servicer. The servicer’s email system had been compromised and bad actors sent a fraudulent payoff statement to the title companies when conducting a sale of the subject property.

The American Bankers Association and the U.S. Postal Inspection Service announced a new joint effort to combat check fraud designed to educate postal workers and bank customers about check fraud and training bank employees and postal workers on red flags of check fraud.

Consumer Financial Protection Bureau Director Rohit Chopra recently spoke before the White House Office of Science and Technology Policy regarding data protection and national security.

The Federal Trade Commission’s (FTC) new rule on government and business impersonation went into effect on April 1. In announcing the new rule, the FTC highlighted new data on the most common ways consumers are targeted by these scams.

Arizona Gov. Katie Hobbs signed the Uniform Unlawful Restrictions in Land Records Act.

The Maryland Insurance Administration issued Bulletin 24-7 regarding changes to Code of Maryland Regulations 31.04.22, promulgated to implement changes after the state’s general assembly enacted SB 293 regarding agent reviews and reporting requirements.

Idaho Gov. Brad Little signed legislation revising the state’s statute regarding the release of liens.

A bank that held the mortgage on property in Las Vegas filed suit against the title insurer that insured the lender’s title interest after a homeowners association foreclosed on its lien and sold the property. The insurer moved to dismiss the case.

Wisconsin Gov. Tony Evers signed legislation regarding the county sale of tax-deeded land.

The Oklahoma Legislature is considering legislation that would direct title insurance producers or title insurers to provide certain requested copies at no charge at a modified time frame.

U.S. Sen. Reverend Raphael Warnock (D-Ga.) and Sen. Laphonza Butler (D-Calif.) reintroduced the Downpayment Toward Equity Act to provide downpayment assistance to first-generation homebuyers and help make it possible for every American to achieve the dream of homeownership.

West Virginia Gov. Jim Justice signed legislation that requires surveyors to offer to record surveys of property.

The Florida Legislature passed legislation requiring the county recorder or clerk of court to make certain information publicly available through a searchable database on the county recorder’s or clerk of court’s official website. The bill awaits the governor’s signature.

The Rhode Island Insurance Division issued Bulletin 2024-03 regarding the use of artificial intelligence systems by insurers.

October Research CEO and Publisher Erica Meyer and Chief Knowledge Officer Mary Schuster were invited to speak to the National Association of Insurance Commissioners Title Insurance Task Force about the daily challenges faced by title insurers. Schuster shared some of the specifics of the presentation. Read on for more.

The West Virginia Legislature passed the Unfair Real Estate Services Agreement Act. The bill awaits the governor’s signature.

Utah Gov. Spencer Cox signed legislation that modifies notice requirements related to real property.

Financial Crimes Enforcement Network Director Andrea Gacki joined public and private sector financial industry leaders this week at the Financial and International Business Association’s (FIBA) annual anti-money laundering conference to discuss regulatory expectations and best practices to prevent financial crimes.