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We transfer ownership by private contract between parties; no advance government approval is required. By contrast, many European countries have a centralized, government-managed land registration system, which requires government review before property transfers are effective. Among the many benefits of the U.S.
New York may soon allow title insurance for state land purchases, a shift that could streamline conservation efforts and resolve longstanding property disputes. Proposed changes New York is currently the only state that does not accept title insurance for government land purchases. The change, which was included in Gov.
Hladik, Chair, Legal League This article originally appeared in the March 2025 edition of MortgagePoint magazine, online now. Hladik serves as Chair of Legal League , and is a Partner at Hladik, Onorato & Federman LLP. Q: What were some of the key accomplishments of Legal League in 2024?
Open to all mortgage lending and servicing professionals, GSEs , government entities, and Legal League members, the annual Spring Servicer Summit gathers the nations elite financial services law firms to discuss default policies, procedures, and emerging issues with leading mortgage servicing executives.
For most real estate industry professionals, title insurance needs no introduction. A trusted product , title insurance has been used to protect real estate transactions and property rights for over a century. Title insurance is different than most other insurance products. Diane Tomb, ALTA CEO Contributor.
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are aiming to remind homeowners and renters impacted by the ongoing wildfires in Los Angeles of various relief options. Foreclosure and other legal proceedings are also suspended while homeowners are on a forbearance plan, Freddie Mac explained.
Moreover, legal services will cost at least $5,000 and likely much more. This problem is not easily solved, but some private companies and county governments are trying valiantly to stem the tide by offering title monitoring services, which alert property owners as soon as a deed affecting their title is filed.
The checklist covers such broad areas and topics as: organizational structure; litigation; compliance ; intellectual property; real property; financial and tax; labor and employment; material, vendor, and software contracts; insurance; and customers. Patent & Trademark Office. Is the seller subject to a probationary review?
million to settle allegations that it improperly originated and underwrote mortgages insured by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) programs. Like its peers, Movement has the authority to originate and underwrite loans without first having the government review them.
The American Land Title Association is making it clear that it won’t have the Consumer Financial Protection Bureau making drastic changes to title insurance without first at least hearing the trade groups thoughts on the issue. 2, the trade group stressed the importance of title insurance.
Prior to the advent and widespread use of title insurance, before taking title to a property, the buyer required that the title be free of any rights, interests, liens or encumbrances of others for which the buyer would be responsible for. We haven’t seen any real data based on the conversation that it is going to save money.
Independent academic studies have largely challenged this conception, particularly for medicinal use , but the ongoing Schedule I classification means that in the eyes of the federal government, marijuana use is illegal and constitutes a criminal offense. My] third back surgery was in 2018.
Under the new law, if a deed or mortgage is filed with the clerk of a superior court for recording by a self-filer i.e., a person who is not an insurance agent, attorney, bank or credit union agent, mortgage lender or servicer, land surveyor or public official it must be submitted via electronic filing.
This article addresses two legal issues relevant to the review: FHFA’s statutory authority to reduce the number of Federal Home Loan Banks, and The application of the FHLBank statutory “super lien”. This provision may be challenged by the affected FHLBank under legal process. Short-term advances are not so restricted.
In an analysis of more than 100 real estate wire fraud cases, CertifID found that the most common wire fraud-related legal liability issues for real estate firms are negligence, breach of contract, deceptive business practices and breach of fiduciary duty. Despite governing this issue, the code does not include a mandate for account matching.
Cooper Group mrcoopergroup.com/ Servicing Coppell, TX Mortgage Machine Services, Inc. Cooper Group mrcoopergroup.com/ Servicing Coppell, TX Mortgage Machine Services, Inc. Cooper Group mrcoopergroup.com/ Servicing Coppell, TX Mortgage Machine Services, Inc. Cooper Group mrcoopergroup.com/ Servicing Coppell, TX Mortgage Machine Services, Inc.
The Merriam-Webster dictionary defines fraud as the “intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right,” and from identity theft to sweepstakes and investment scams, it can take countless forms at a high cost to consumers.
There is a legal description. In Decentraland or Sandbox, for example, the legal descriptions are individual pixels (essentially code) that define the “parcels.” Section E: Yay, no government fees… for now! The IRS and government agencies haven’t provided guidance and regulation yet. Defining virtual real estate.
AmTrust Title Insurance Company has added two executives to its team, naming James Bozzomo as chief underwriting counsel for direct operations and Jefferson Howeth as senior corporate counsel. Before joining AmTrust, Bozzomo was senior vice president and managing counsel at Commonwealth Land Title Insurance Company.
The Federal Deposit Insurance Corporation (FDIC) has named former Fannie Mae CEO and Blend president Tim Mayopoulos as CEO of Silicon Valley Bank N.A. , an FDIC-operated “bridge bank” meant to protect all depositors of the now shut-down Silicon Valley Bank (SVB).
Qualia surveyed 378 title and escrow professionals about their thoughts on AI usage and application in the title insurance industry. The biggest risks of AI usage, according to respondents, are increased or more sophisticated fraud attempts , data security issues, regularity or legal concerns, and ethical concerns.
It accused the lender of ”forging certifications and using unqualified underwriters to approve Federal Housing Administration (FHA) insured Home Equity Conversion Mortgages (HECM),” according to the original announcement. In 1989, the first FHA-insured HECM was issued to Marjorie Mason of Fairway, Kansas, by the James B.
Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance.
The requirement also applies to mortgage lenders, legal experts say. The CFPB, a government watchdog agency, said lenders aren’t absolved from adverse action notice requirements under the Equal Credit Opportunity Act if they use complex algorithms, which Rohit Chopra, the director of the CFPB, has dubbed “black-box models.”.
housing entities are at odds over the future of the federal government’s cash-strapped flood insurance program. But Fannie Mae , the government-sponsored entity that backstops a significant portion of the country’s mortgages, does not seek an exception to the 1974 Federal Privacy Act. Two of the most powerful U.S.
The trade organization announced Elizabeth Blosser as its new vice president of government affairs. She ensured the association continued to provide networking and educational opportunities to the title insurance industry within the new platform. Finally, it named Emily Tryon its senior director of public policy and government affairs.
aka Nutter Home Loans , to resolve allegations that the lender had underwritten ineligible reverse mortgages to be insured by the Federal Housing Administration (FHA). government. Lenders must ensure that the loans they take on are eligible for governmentinsurance. Nutter & Co. , The lender “has agreed to pay $2.4
Does the cost of homeowners insurance affect the price of a home? In recent years, insurance companies have pulled out of some markets altogether after sustaining massive losses due to wildfires, flooding, and other climate-related disasters. In some markets, the answer is increasingly yes.
Homeowner’s insurance, the servicer, and even the GSE (the actual holder of the default risk on the mortgage), represent small overall costs by comparison. A title insurance policy protects homeowners from having to pay for the costs, legal and otherwise, of resolving any covered title claim that may reveal itself after the closing.
former Federal Housing Financing Agency (FHFA) director Mark Calabria made the argument that a larger credit box has caused the government-sponsored enterprises (GSEs) to take on far more risk than they should be. “If you don’t fix them, the ability legally to take additional risk is constrained,” he said.
But shocks to the mortgage market can deteriorate borrowers’ income, balance sheets and access to credit, affecting borrowers, government agencies, insurance companies and local governments. “I encourage Congress to remove any legal impediments to information sharing between Ginnie Mae and state regulators.
Given the numerous risks and challenges associated with heirs’ property and the higher incidence in low- to moderate-income communities, the American Land Title Association (ALTA) is committed to expanding awareness of heirs’ property and collaborating with industry and government partners to address this often-overlooked hurdle to wealth building.
The FHFA reported the government sponsored entities expect e-mortgage purchases to increase in 2021. In 2017, the associations collaborated to create standard legislation that is safe for consumers, ensures the transaction can be insurable and is technology neutral.
in which title insurance companies are required by law to file reports identifying individuals who made all-cash real estate purchases exceeding $300,000 through shell companies. home purchases, there are plenty of legal and practical reasons for buying a home through an LLC or trust. trillion in existing home sales in 2021.
billion for the government-sponsored entity. McCord used escrow accounts, meant to pay homeowners’ taxes and insurance premiums, to cover First Mortgage Company’s operating expenses. As part of the plea deal, the government agreed not to push for a sentence longer than 8.5 His company serviced about 12,000 loans worth $1.8
government. Even after the 2015 law enforcement order, RMK continued to lie to military families by falsely implying government endorsement of its home loans,” CFPB Director Rohit Chopra said in a statement. RMK originated consumer mortgages, including mortgages guaranteed by the VA and mortgages insured by the FHA.
Four title insurance firms have agreed to pay nearly $3.3 code, as the federal law governing these businesses, the Real Estate Settlement Procedures Act (RESPA), allows for affiliated business agreements that meet certain criteria. million, $1 million, $325,000 and $65,000, respectively. However, due to D.C.
They need to not only help borrowers enter forbearance but are also required to reach out before the end of each forbearance period to determine the appropriate post-forbearance relief option based on investor/insurer waterfalls. The government response to COVID-19 has complicated this, as guidelines and requirements can change quickly.
Unlike currencies issued by a country’s government, cryptocurrency is digital and has no central administration. The NFT representing ownership of an LLC representing ownership of a house is 100% legally meaningless. A deed transfer often includes the new owner ensuring they are the property holder through title insurance.
The program helped a generation of Americans purchase their first home, however, due to a government policy known as “red-lining,” banks were effectively prohibited from issuing FHA-insured loans in neighborhoods that were predominantly Black or Hispanic. Between the launch of FHA in 1934 and when President Lyndon B.
In legal disputes, the accurate valuation of real estate can be pivotal, making real estate appraisers key expert witnesses. Their specialized knowledge and objective analysis provide crucial evidence that can shed light on complex issues, shape legal strategies, and underpin strong case arguments.
The following day, Martin Gruenberg, chairman at the Federal Deposit Insurance Corp. Kevin Stein, chief of legal and strategy at Rise Economy, said during the same session that the new CRA rules ignore some relevant topics.
Mortgage Insurers — sent a letter on Monday to the Federal Housing Finance Agency (FHFA) to express concerns about the FHFA’s intent to publish the VantageScore 4.0 historical dataset.
Buying a Home As a Government Employee Are you a government employee preparing to buy a home? With the right resources, you can ensure a successful investment and one in which you may save tens of thousands of dollars thanks to being a government employee. Who Is a Government Employee?
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