Title Insurance

News & Analysis as of

Title Insurance Regulatory and Legislative Update - May 2015

NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS - Title Insurance Task Force To Survey Affiliated Business Arrangements: The Title Insurance Task Force (“Task Force”) recently conducted a conference call and among the...more

NYDFS Releases New Title Insurance Rates for Refinancings; Consumers Save Up to 65 Percent

On May 12, the NYDFS announced newly approved title insurance industry rates for mortgage refinancing transactions, which is just one of the steps the NYDFS is planning to take to reform and lower title insurance rates....more

Calculating Title Insurance Claims: Reduction in Value vs. Insured Claim

After a mortgagor filed bankruptcy, a lender brought claims under a ship mortgage insurance title policy. [See, First Am. Bank v. First Am. Transp. Title Ins. Co., 759 F.3d 427 (5th Cir. 2014).] The lender appealed the...more

How Construction Lenders Can Avoid Title Insurance Coverage Denial for Mechanics Liens

A title insurance company can deny a construction lender’s coverage against mechanics liens that were asserted after the lender stopped funding the construction escrow, even though the lender was entitled to do so under the...more

Beyond the Policy: Are Title Insurers Liable for Negligence?

When Longview Power built a coal-fired power plant costing well over a billion dollars, its lender obtained $825 million in title insurance coverage from First American, and First American signed Reinsurance Agreements with...more

NY Proposes New Title Insurance Regulations To Help Reduce Closing Costs

On April 29, New York Governor Andrew Cuomo unveiled new title insurance regulations aimed at reducing title insurance closing costs of up to 20 percent for new homebuyers by eliminating kickbacks and other improper...more

Mortgage Lenders Should Timely Consider Protection Afforded by Closing Protection Letters

Mortgage lenders and servicers frequently consider potential indemnity due under finally issued lender’s title insurance policies and strive to submit timely claims when a covered defect arises. These same parties should also...more

Real Property, Financial Services & Title Insurance Update: Week Ending April 17 & 24, 2015

Statute of Limitations/Liens: one year statute of limitations to enforce equitable lien under Fla. Stat. sec. 95.11(5)(b) runs from last furnishing of labor, services, or material for improvement of real property; Fla. Stat....more

Spring Cleaning: Out With the Old, In With the New Pennsylvania Withdraws Endorsement 1010 and Introduces Endorsement 1530

Effective April 1, 2015, the Pennsylvania Department of Insurance (DOI) approved the Title Insurance Rating Bureau of Pennsylvania’s (TIRBOP) filing of Pennsylvania Endorsement 1530, along with the withdrawal of Pennsylvania...more

House passes bill to amend TILA points and fees definition for mortgage loans

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more

Title Insurance Regulatory and Legislative Update - April 2015

Title Guaranty Fund Guidelines Adopted: The Title Insurance Task Force met at the NAIC Spring National Meeting in Phoenix, Arizona and adopted the “Title Insurance Guaranty Association-Title Insurance Consumer Protection Fund...more

Energy Newsletter - April 2015

In This Issue: - Global Solar Energy – A Bright Future - Shared (Common) Facilities in LNG Projects - Hydropower Concessions – Long Awaited Reform - FERC's Order No. 807 Addresses Open Access And...more

Nature Of Reinsurance Relationship Precludes Dismissal Of Negligence Claim Brought By Reinsurer Against Cedent

A federal district court has denied a cedent’s motion to dismiss a negligence claim brought against it by its reinsurer, Old Republic National Title Insurance. The dispute between Old Republic and First American Title arose...more

Settlement Reached in Stock-Drop Case

A class of former LandAmerica Financial Group employees agreed to a $5 million settlement of stock-drop claims arising from LandAmerica’s 2008 bankruptcy, and have submitted the agreement for court approval. LandAmerica filed...more

New CFPB Consent Orders Point to Growing Indirect Regulation of Title Insurance

The Dodd-Frank Act of 2010 granted rule-making authority under the Real Estate Settlement Procedures Act (RESPA) to the CFPB and, with respect to entities under its jurisdiction, generally granted authority to the CFPB to...more

Real Property, Financial Services & Title Insurance Update: Week Ending April 3, 2015

REAL PROPERTY UPDATE - Judgment: amount awarded in judgment of foreclosure must be supported by competent evidence and lender not entitled to award of interest or fees when only statement in evidence reflected...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 27, 2015

REAL PROPERTY UPDATE - Marketable Record Title Act: right-of-way held by Florida Department of Transportation qualifies for right of way exception under MRTA and remainder of property held in fee by Florida Department...more

7th Circuit Rules That Title Insurer Is Not Liable for Construction Liens Resulting From Lender’s Failure to Fund

The 7th Circuit has ruled that a lender is not insured by a title company for liens that arise after a construction loan became significantly out of balance and the lender stopped funding. In BB Syndication Services, Inc v....more

To Fund or Not to Fund – that is the Question

On Friday the 13th (3/13/2015), the Court of Appeals for the 7th Circuit decided that a title insurer did not have to provide coverage to its insured – the perfected, first lien lender – for priming mechanics’ liens that –...more

Seventh Circuit Court of Appeals: No Coverage under Title Insurance for Mechanics’ Liens Arising after Construction Lender Stops...

On March 12, 2015, the United States Court of Appeals for the Seventh Circuit entered an opinion interpreting “the most litigated provision in the standard-form title-insurance policy purchased by real-estate lenders to...more

Title Insurance Regulatory and Legislative Update - March 2015

Title Guaranty Fund Update: The Title Insurance Task Force met recently by teleconference and received an update on the activities of the Title Insurance Guaranty Fund Working Group. The draft “Title Insurance Guaranty...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 27, 2015

Foreclosure/Statute of Limitations: filing date of amended complaint for purposes of statute of limitations relates back to filing date of original complaint – HSBC Bank USA, National Association as Trustee for Nomura Asset...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 20, 2015

REAL PROPERTY UPDATE - Sinkhole/Appraisal: reversing non-final order compelling appraisal of sinkhole claim because one is not appropriate under section 631.54(3)(c), Florida Statutes – Fla. Ins. Guar. Ass’n, Inc. v....more

Bank of Delmarva v. South Shore Ventures, LLC, Del. Super., C.A. No. S13C-05-008 THG (Oct. 21, 2014)

The Superior Court granted the Bank of Delmarva’s (“Bank”) motion for summary judgment as to each of Defendant John E. O’Brien’s (“Defendant”) counterclaims. In 2005, Defendant along with South Shore Ventures, LLC (“Shore”)...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 13, 2015

Foreclosure: trial court violated purchaser’s procedural due process rights in setting aside judicial sale of property without giving notice to purchaser. Further, trial court abused its discretion in setting aside judicial...more

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