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June 10, 2024

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June 10, 2024
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NCOIL voices concerns on FHFA’s Title Acceptance Pilot
Posted Date: Wednesday, May 29, 2024
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.

Supreme Court finds CFPB funding structure constitutional, industry reacts
Posted Date: Monday, May 20, 2024
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.

Property owner sues after real estate purchase option agreement
Posted Date: Monday, March 25, 2024
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.

FHA requires reporting of significant cyber incidents
Posted Date: Wednesday, May 29, 2024
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.

Study shows average title fraud, forgery claims cost $143,000
Posted Date: Wednesday, May 29, 2024
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.

Consumer, industry advocates produce issue brief on property tax foreclosure laws
Posted Date: Wednesday, May 29, 2024
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.

Illinois amends power of attorney act
Posted Date: Wednesday, May 29, 2024
The Illinois General Assembly passed legislation to amend the Illinois Power of Attorney Act. The bill awaits the governor’s signature.

FHA publishes FAQs on reimbursement of attorney fees in judicial foreclosures
Posted Date: Wednesday, May 29, 2024
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.

Former title agent sentenced for role in $6.6 million mortgage fraud
Posted Date: Wednesday, May 29, 2024
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.

Defendant files cross claim for breach of contract in bankruptcy adversary proceeding
Posted Date: Wednesday, May 22, 2024
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.

Make a Child Smile at NS3 helps brighten lives of children with cancer
Posted Date: Wednesday, May 22, 2024
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.

Illinois considering Prohibition of Unfair Service Agreements Act
Posted Date: Wednesday, May 22, 2024
The Illinois General Assembly is considering legislation adopting the Prohibition of Unfair Service Agreements Act.

Ohio considers property tax legislation
Posted Date: Wednesday, May 22, 2024
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 adopts real estate agreement legislation
Posted Date: Wednesday, May 22, 2024
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.

Georgia woman sentenced for defrauding real estate company
Posted Date: Wednesday, May 22, 2024
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.

Industry leaders take to the NS3 stage in Naples
Posted Date: Monday, May 20, 2024
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.

Parties dispute dismissal of fraudulent conveyance suit
Posted Date: Monday, May 20, 2024
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 launches ‘Keys to Real Estate’ podcast
Posted Date: Monday, May 20, 2024
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 adopts bill on admitting amendments of recorded mortgages
Posted Date: Monday, May 20, 2024
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 adopts bill allowing real time payments
Posted Date: Monday, May 20, 2024
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.
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