News By Edition

The Minnesota Legislature is considering legislation that would modify the distribution of excess proceeds from sales of tax-forfeited property.

After a dispute between a general contractor and the owner of property regarding payment, the general contractor terminated the contract. The general contractor and several subcontractors recorded mechanics’ liens on the property and filed suits to foreclose on those liens. The lender sought indemnification from its title insurer. When the insurer declined coverage, the lender filed suit.

Companies that embrace change and stay adaptable during market shifts are the ones that will succeed and grow. That’s the message Taylor Morrison Executive Vice President and President of Financial Services Tawn Kelley plans to deliver in her keynote address at the National Settlement Services Summit (NS3) May 21-23 in Naples, Fla.

Financial Crimes Enforcement Network Director Andrea Gacki spoke on its proposed rulemaking on residential real estate, the implementation of the Anti-Money Laundering Act, and the value of BSA data during the Securities Industry and Financial Markets Association Anti-Money & Financial Crimes Conference.

Tennessee Gov. Bill Lee signed legislation to require applicants for a title insurance producer license to complete a pre-licensing course.

Louisiana Gov. Jeff Landry signed legislation to modify the academic qualifications for individual title insurance producers.

Four years after they purchased property in Virginia, a couple sued their closing attorney for legal malpractice, alleging the attorney’s title examination failed to discover and disclose a gas lease and the gas company’s plans for new drilling.

Florida Gov. Ron DeSantis signed legislation that provides that certain information submitted to the clerk of circuit court of property appraiser for the purpose of registering for a recording notification service is confidential and exempt from public records requirements.

The Alabama legislature is considering legislation relating to, among other things, the duration of residential listing agreements.

Twenty consumer and housing organizations called on the National Association of Insurance Commissioners to be more transparent about its homeowners insurance data call, agree to make the data available to the public and begin collecting this and more data on a regular basis.

Elliot Eisenberg, Ph.D., chief economist at GraphsandLaughs, LLC, will share his passion and knowledge of the housing market and economy as a featured speaker at the National Settlement Services Summit (NS3) in Naples, Fla. Among the topics he plans to cover is the question he hears a lot: when will the Fed cut interest rates?

A Chicago businessman pleaded guilty to a federal fraud charge for bilking elderly homeowners in a home repair and reverse mortgage scheme.

The subsequent owners of property in Garfield Heights, Ohio, appealed the confirmation of a sheriff’s sale following a judgment in foreclosure. They also sought to intervene in the foreclosure action.

As data and cyber security issues continue to rise, hackers use every opportunity to compromise private consumer data, and affected companies are left to clean up the damage. A case out of U.S. District Court for the Eastern District of Pennsylvania may be a good indicator on how courts are approaching settlements for these incidents, including how much the attorneys are paid. A judge reinstated the attorney fee award given in a class action suit after it was vacated by the Third Circuit Court of Appeals. The judge who reinstated the $3.2 million award had been tasked with re-considering its reasonableness. Read on for more details.

The Louisiana Department of Insurance issued a final publication to amend Rule 13, “Special Assessment to Pay the Cost of Investigation, Enforcement, and Prosecution of Insurance Fraud.”

The Connecticut General Assembly is considering a bill that would require the state’s Department of Energy and Environmental Protection to release liens within a certain period of time when the lien has been satisfied.

U.S. House Reps. Mark Alford (R-Mo.), J. Luis Correa (D-Calif.), Tracey Mann (R-Kansas), and Brittany Pettersen (D-Colo.) launched the Bipartisan Congressional Real Estate Caucus.

Two men have been charged in connection with their roles in a large-scale mortgage fraud scheme in New Jersey.

The Supreme Court of Missouri, sitting en banc, recently ruled in an appeal of a coverage dispute in favor of a title insurer. The property buyers unknowingly got involved in a legal dispute over the land because the sellers constructed a barn on the property in violation of the city’s zoning ordinances. The buyers sued their title insurer when the insurer denied coverage for the dispute.

In its latest guide bulletin, Freddie Mac announced it is expanding the permitted use of attorney opinion letters.

The Oklahoma Legislature is considering modifications to the requirements under the Oklahoma Abstractors Act.

A coalition of real estate associations, including the American Land Title Association, Mortgage Bankers Association, and National Association of Realtors, wrote a letter to members of Congress and the Biden administration outlining policies the coalition believes can expand housing supply while lowering costs and improve housing equity.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a financial trend analysis focusing on patterns and trends identified in Bank Secrecy Act data linked to elder financial exploitation.

A Utah title agent has been charged with involvement in a wide-ranging scheme to defraud property buyers, sellers, and lenders.