News By Edition

The National Council of Insurance Legislators wrote a letter to the Federal Housing Finance Agency (FHFA), voicing its concerns regarding FHFA’s announcement of its Title Acceptance Pilot.

In a 7-2 vote, the Supreme Court of the United States sided with the Consumer Financial Protection Bureau (CFPB) in the yearslong battle with Consumer Financial Services of America, ending uncertainty as to whether the CFPB’s funding structure was constitutional.

After entering into a real estate purchase option agreement to help alleviate her growing debt, the owner of property in Washington State discovered the true terms of the agreement when she filed for voluntary bankruptcy. She then filed suit against the escrow agent that facilitated the transaction.

In Mortgagee Letter 2024-10, the Federal Housing Administration (FHA) stated it is requiring FHA-approved mortgagees to notify the U.S. Department of Housing and Urban Development when a cyber incident occurs.

Fraud and forgery claims represent 21 percent of the total dollars spent by title insurers on claims expenses and losses, with an average claim cost of over $143,000, according to a new analysis conducted by consulting and actuarial firm Milliman.

The National Consumer Law Center, AARP, and the American Land Title Association have produced a new issue brief with recommendations for states to revise their laws to protect property owners from unnecessary tax foreclosures.

The Illinois General Assembly passed legislation to amend the Illinois Power of Attorney Act. The bill awaits the governor’s signature.

The Federal Housing Administration (FHA) published FHA INFO 2024-34 to address questions from stakeholders regarding reimbursement of attorney’s fees for judicial foreclosures in states where non-judicial foreclosure is preferred, but a mortgagee determines to proceed judicially because of an FHA subordinate lien.

A former title agent was sentenced to 36 months in federal prison and ordered to pay $6,634,750 in forfeiture for carrying out a $6.6 million mortgage fraud scheme.

In an adversary proceeding in a Chapter 13 bankruptcy proceeding, the debtor sued three defendants. One of those defendants filed a crossclaim against the title company that conducted the subject transaction. The U.S. Bankruptcy Court for the Northern District of Indiana heard arguments on the title company’s motion to dismiss.

Attendees at this year’s National Settlement Services Summit (NS3) in Naples, Fla., helped bring smiles to the faces of young cancer patients during the “Make a Child Smile” community service event, sponsored by Qualia.

The Illinois General Assembly is considering legislation adopting the Prohibition of Unfair Service Agreements Act.

The Ohio General Assembly is considering legislation that would require payment of property taxes and assessments when a lot is split or transferred and to prohibit tax-delinquent property owners from purchasing tax-foreclosed property.

Kentucky Gov. Andy Beshear signed legislation that, among other things, barring real property service agreements that last longer than two years or includes certain provisions.

A Glynn County, Ga., woman who managed the office of a real estate company was sentenced to prison for siphoning off more than a quarter of a million dollars from her employer.

More than 45 speakers will take the stage over three days this week at the 20th National Settlement Services Summit (NS3) at Naples Grande Beach Resort in Naples, Fla. Over 600 attendees will hear from them during 18 sessions, beginning Tuesday, May 21.

The current holder of interest in property in Brooklyn appealed a state court’s decision to grant defendants’ motions to dismiss a complaint to set aside a fraudulent conveyance of the property.

October Research, LLC debuted its new “Keys to Real Estate” podcast, hosted by Chief Knowledge Officer Mary Schuster, on May 16. Industry professionals can now hear from some of the most knowledgeable thought leaders on topics impacting the real estate transaction while on the go delivered weekly via various podcast platforms and YouTube.

Kentucky Gov. Andy Beshear signed legislation that amends state law to establish when a county clerk shall admit an amendment, renewal, modification, or extension of a recorded mortgage to record.

Kansas Gov. Laura Kelly approved legislation allowing title insurance agents to submit escrow, settlement, and closing funds through certain real-time or instant payment systems.