Industry & Technology news compliments of Marianne Mathieu
Title Insurance Industry & Technology News 9/20/17
Compliments of Marianne Mathieu
Industry News
Real Property & Title Insurance Update: Week Ending September 1, 2017
JD Supra -
Real Property Update:
Foreclosure / Statute of Limitations
Insurance Policy
Lis Pendens / Bond
Foreclosure / Banking Statute of Frauds / Standing
Insurance / Sinkhole
Title Insurance Update
Indemnity
Recoupment
The Effects of the Petrochemical Projects Boom in the US Gulf Coast on Real Estate Practices
Who's Who Legal - In March of this year, ExxonMobil announced a US $20 billion investment to expand its chemical manufacturing capacity along the US Gulf Coast (news.exxonmobil.com, “ExxonMobil Plans Investments of $20 Billion to Expand Manufacturing in US Gulf Region”, 6 March 2017).

Five Things to Know When Buying Real Estate "Out-of-State"
Lexology- As businesses and real estate developers grow and seek out new opportunities, they often venture into neighboring states from their home office. As clients find out when they branch out into new states, the laws, customs, taxes, title insurance, financing documents and costs tend to vary from state-to-state. Those differences can make or break the financial viability of a potential deal.

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Rep. Dave Trott, former title agent, is retiring from U.S. House
The Detroit News - Republican U.S. Rep. Dave Trott of Birmingham said Monday he will retire from Congress at the end of his second term, putting his seat in play and open to potential Democratic takeover in next year’s midterm elections.

Fannie-Freddie Reform Won't Happen Until 2018, Mnuchin Says
Bloomberg - Treasury Secretary Steven Mnuchin said plans for overhauling Fannie Mae and Freddie Mac won’t be addressed until next year, adding that he expects the companies to continue turning over their profits to the government.

Legal News
Arizona Court of Appeals Awards Attorneys' Fees in Quiet-Title Action
JD Supra - In Arizona, a party successfully quieting title to property may recover its attorneys’ fees if it satisfies three requirements: (1) the party requests a quitclaim deed from the party adversely claiming title twenty days before bringing the quiet-title action; (2) the party tenders five dollars for the execution and delivery of the deed; and (3) the adverse party fails to comply. 

Mortgages or milk - do you need to check your expiration date?
JD Supra - There are borrowers out there who believe that the Massachusetts Obsolete Mortgage Statute, M.G.L. c. 260 sec. 33, relieves them of their repayment obligations. This statute, amended back in 2006, provides that five years after a mortgage reaches its term (or 35 years after the time the mortgage is recorded where a maturity date is not specified) it will be discharged by operation of law absent the timely recording of an extension or affidavit. 

The North Carolina Uniform Power of Attorney Act: A Practical Introduction for Real Estate Practitioners
JD Supra - Can we all agree that dealing with a power of attorney in North Carolina has long been, at best, a frustrating experience? Well, help is on the way! On July 20, 2017, Governor Cooper signed Senate Bill 569, "An Act to Adopt the Uniform Power of Attorney Act in this State," into law as Session Law 2017-153. It will take effect on January 1, 2018, and if you haven't already done so, you need to read it if you practice real estate law or are called upon to consider powers of attorney!

CFPB's Richard Cordray wants to replace arbitration with a broken class-action system
Washington Examiner - The timing of the Consumer Financial Protection Bureau's new rule pushing class action lawsuits at the expense of consumer arbitration agreements is a bit ironic.

You Can’t Ignore RESPA Section 8(c)
JD Supra - It’s been over a year since the Consumer Financial Protection Bureau (CFPB) turned the real estate settlement services industry on its head by announcing in its first ever administrative appeal that Section 8(c) of the Real Estate Settlement Procedures Act (RESPA) was not, as it had long been interpreted, a series of safe harbor exemptions to the prohibitions of Section 8(a) and 8(b), but rather a mere “interpretive tool” with which to interpret the prohibitions. 

Technology News
Will Blockchain Revolutionize Global Real Estate Next?
Fast Company - Blockchains are best known for keeping track of who owns purely digital currencies like bitcoin, but government agencies and for-profit companies are increasingly exploring how the digital ledgers can be used to track ownership of something very tangible: real estate.

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Trust But Verify: New York Cyber Regs Mean Managing Third-Party Security
Insurance Journal - This year, the beginning of September marked a critical implementation deadline for some of the toughest new cybersecurity regulations in the country – the New York State Department of Financial Services (NYDFS) 23NYCRR 500. This set of regulations mandates that businesses supervised by the NYDFS – including banks, trusts, budget planners, check cashers, credit unions, money transmitters, licensed lenders, mortgage brokers or bankers, and insurance companies – protect consumers and trading partners from cyber attacks and data breaches.

In Other News
Equifax isn't calling
Federal Trade Commission - Ring, ring. "This is Equifax calling to verify your account information." Stop. Don’t tell them anything. They’re not from Equifax. It’s a scam. Equifax will not call you out of the blue.

What "Arrested Development" Teaches the Family Business
JD Supra - The award-winning TV sitcom Arrested Development, now in re-runs on Netflix, was premised on the rise (and mostly fall) of an American family business, the Bluth Company, owned by a comically dysfunctional family.

Close Your Tabs
Adequate Man - If you use the internet with any regularity, or, bless your soul, use it for a living, you’re familiar with the initial stages of this disease. Open browser of your choice and pop open a tab. Navigate to some good Content. Click hyperlink from there and watch as new tab opens.

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Disruptive Cost Savings
Bridge Tower Media - A guide to forward-thinking frugality for small and mid-size businesses,

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Title Agents Go Nationwide
For agents interested in growing their businesses by expanding into multiple states, we’re here to make the process simple and profitable. We offer you one point of contact to streamline your options and solutions.


Marianne Mathieu, NTP
Vice President/National Agency Accounts
Fidelity National Title Group
347-987-0677