News & Analysis as of

Title Companies

Federal District Court: Banks Do Not Owe a Duty of Care to Non-Customers Under Tennessee Law

by Burr & Forman on

In Belle Meade Title & Escrow Corp. v. Fifth Third Bank, et al., No. 3:17-cv-874, ECF No. 26, — WL —- (M.D. Tenn. Oct. 17, 2017), a federal district court granted Regions Bank’s motion to dismiss the claims against it,...more

New NYS Regulations Seek To Reign In Title Insurance Marketing Practices

by Morrison & Foerster LLP on

The New York State Department of Financial Services (DFS) has announced new regulations aimed at reforming various title insurance industry practices, including practices involving title company and agency marketing...more

Idaho Adopts New Laws Governing Notaries and Acknowledgments

by Stoel Rives LLP on

Anyone who deals with interests in real estate should be aware that Idaho recently adopted a new set of laws governing notaries and acknowledgments. This is important because Idaho law gives special protection to interests in...more

Washington Answers the Question of Whether Title Companies Owe a Duty of Care to Third Parties…

by Snell & Wilmer on

Last year, the Ninth Circuit certified to the Washington Supreme Court the question of whether title companies owe a duty of care to third parties when they record legal instruments. ...more

Buyer Beware – Know Before You Wire: FTC and NAR Warn Home Buyers on Closing Costs Wire Transfer Phishing Scams

In a recent blog post on the Federal Trade Commission (FTC) Consumer Information blog, the FTC warned home buyers of an e-mail and wire transfer phishing scam in which hackers pose as real estate professionals or title...more

U.S. Treasury Department Takes Aim at All-Cash Real Estate Purchases

by Kobre & Kim on

In an effort to detect money laundering and ill-gotten gains, the U.S. Treasury Department has imposed new rules requiring title companies to identify and disclose the beneficial owners of a corporate entity behind any...more

FinCEN Imposes New Reporting Requirements on New York and Miami Real Estate Markets

by McGuireWoods LLP on

The Financial Crimes Enforcement Network (FinCEN) recently announced two geographic targeting orders (GTOs) imposing new reporting and recordkeeping requirements on title insurance companies operating in New York City and...more

FinCEN Sets Its Sights on Luxury Real Estate

by WilmerHale on

Overview - On January 13, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) that will temporarily require title insurance companies to report...more

Amendment to Illinois Mechanics Lien Act Authorizes Bonding Over of Mechanics Liens Claims

by Miller Canfield on

As of January 1, 2016, an amendment to the Illinois Mechanics Lien Act, 770 ILCS. 60/38.1, allows parties with an interest in real estate to substitute an eligible surety bond for a claim for mechanics lien as security for...more

Property Tax and Valuation Topics: Fall 2015

by Pullman & Comley, LLC on

"Celebrity" Value? In 2004, in the quaint Fenwick borough of Old Saybrook, a developer purchased the beachfront summer home of the late actress Katharine Hepburn. The discovery of a discontinued road, which ran over...more

The CFPB Strongly Scrutinizes MSAs Under RESPA

by McGuireWoods LLP on

The Consumer Financial Protection Bureau (CFPB) recently provided guidance discouraging mortgage industry participants from entering into marketing services arrangements (MSAs). An MSA is an agreement under which a settlement...more

CFPB Guidance Cautions Against Marketing Services Agreements

by Goodwin on

On October 8, 2015, the CFPB issued compliance Bulletin 2015-05 cautioning against the use of marketing services agreements (MSAs), due to the “substantial legal and regulatory risk” of violating the Real Estate Settlement...more

CFPB Bulletin Cautions That Marketing Services Agreements Often Violate RESPA

by BakerHostetler on

Lenders utilizing “marketing services agreements” (“MSAs”) beware: On October 8, the Consumer Financial Protection Bureau (“CFPB”) issued a new bulletin strongly cautioning that MSAs often violate Real Estate Settlement...more

No deference for CFPB amicus brief from Ninth Circuit

by Ballard Spahr LLP on

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

E-signatures – Do They Change Ontario Real Estate Deals?

by Bennett Jones LLP on

Over the last 20 years, since the introduction of the electronic land registry system, real estate in Ontario has slowly been making its way into the electronic age. On July 1st, 2015 another step was taken. All real estate...more

Money Laundering Crackdown in Real Estate Sector?

by Snell & Wilmer on

The Director of the Financial Crimes Enforcement Network (also known as FinCEN) recently gave a speech in San Francisco regarding the agency’s investigative priorities. Director Jennifer Shasky Calvery’s comments drew media...more

CFPB “Final” TRID Webinar

by Ballard Spahr LLP on

The CFPB staff held a “final” webinar on May 26, 2015, to address the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule that becomes effective on August 1, 2015. Presumably the...more

CFPB Ups the Ante in RESPA Crackdowns

by Morrison & Foerster LLP on

On April 29, 2015, the CFPB, in conjunction with the Maryland Attorney General, filed six proposed consent orders—five of which are against individual defendants—in its latest RESPA enforcement action. The Bureau alleges that...more

Aggressive Regulators and the Plaintiffs’ Lawyers Who Follow Them

by Carlton Fields on

As soon as a putative class action complaint hits the clerk’s office alleging a new theory of liability, plaintiffs’ lawyers rush to sign up potential class representatives and file copycat suits in as many jurisdictions as...more

Title Insurance Regulatory and Legislative Update - January 2015

by Carlton Fields on

CONNECTICUT - Own Risk and Solvency Assessment Report:  The Connecticut Department of Insurance issued Bulletin FS-29 which discusses Public Act No.14-107 (the “Act”; effective January 1, 2015).  ...more

It’s Not Personal: Ninth Circuit Denies Putative Class Representative’s Appeal as Moot

In Campion v. Old Republic Protection Company, Inc., No. 12-56784, (Dec. 31, 2014) the Ninth Circuit Court of Appeals held that a putative class representative’s appeal was moot because he had no personal stake in the case...more

EEOC Sues First Title & Escrowand Related Companies for Disability Discrimination

Settlement Services Companies Revoked Part-Time Schedule and Terminated Employee Who Needed Dialysis, Federal Agency Charges - BALTIMORE - Rockville, Md.-based First Title & Escrow, Inc. and its related companies that...more

CFPB settles RESPA charges for marketing services agreements allegedly tied to referrals

by Ballard Spahr LLP on

The CFPB has announced that it has entered into a consent order with a Michigan title insurance agency to settle charges that the agency violated the Real Estate Settlement Procedures Act (RESPA) by paying fees to various...more

Mortgage Lending Legal and Regulatory Highlights

by LeClairRyan on

In its spring edition of Supervisory Highlights, the CFPB cautions financial institutions of the increased risk of a fair lending violation for failing to maintain adequate policies and procedures to document exceptions to...more

CFPB orders New Jersey title services company to pay for illegal mortgage referrals

by Ballard Spahr LLP on

On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for...more

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