Issue No. 176 | June 17, 2020


EVENTS
Look For NEW Events Posted Since The Last Issue!
INDUSTRY NEWS
Wrongful Foreclosure: Borrower could not sustain wrongful foreclosure claim against lender where certificate of sale had been vacated and certificate of title was never issued – Jallali v. Christiana Tr., No. 4D19-2717 (Fla. 4th DCA May 20, 2020)

It has become apparent that this health crisis will lead to many changes in everyone's behavior, and certain socioeconomic trends are beginning to become clearer. As a global real estate advisor and managing partner of a firm with a presence in over 90 cities, I always use a worldwide approach for our multicity and multiproject clients in order to make investments in the right location at the right time.

The Great Recession of 2008 tore through small towns and industrial cities, leaving lasting damage throughout the Great Lakes region and other legacy cities. The devastation of the foreclosure crisis can still be felt in the form of hypervacancy and underwater mortgages, an inversion of the affordability crisis as it plays out on the coasts.

The Maryland Insurance Administration today issued Bulletin No. 20-26. This bulletin reminds settlement service providers that they CANNOT require the use of a specific title insurance company as a requirement for seller closing cost assistance.

So it is no surprise that in performing remote online and remote ink-signed notarizations (RON and RIN, respectively) today, Notaries also must keep records in the form of an audiovisual recording of the notarization, store the recordings for future evidentiary purposes, and protect the recordings from unauthorized access.

The American Land Title Association has added a key feature to its ALTA Registry: a designation that clearly identifies title and settlement company locations that can perform remote online notarization closings.

But lenders have tightened their underwriting rules to the point where only the best prospects — those with the most cash for a down payment and the highest credit scores — can qualify.

A new report from a leading commercial real estate services firm estimates that there will be demand for 400 million to 500 million square feet of industrial space in response to the supply chain disruptions caused by the pandemic.

Mortgage applications continued an eight-week streak of gains as home buyers rush back into the housing market.

Fraud Insights - My co-worker keeps barking
Working from home? Getting used to a new work environment is stressful and somewhat overwhelming for settlement agents who are used to collaborating constantly with their colleagues and customers in their office space.

LEGAL NEWS
The Planning Board has given unanimous support to a project redeveloping the Ferris Salvage site on Franklin Street, bringing the city one step closer to resolving a decades-old land dispute.

The global COVID-19 outbreak has encouraged widespread orders to protect renters and owners of commercial and residential real property. In this 50 state-by-state survey we offer a summary of cities and states that have enacted policies or implemented moratoriums for evictions or foreclosures due to COVID-19.

The article “New Statute Eliminating Waiver of Standing Defense Imperils Title Insurance (and Foreclosures)” (April 28) dispenses dire warnings about the parade of horribles that supposedly will ensue from a new law that makes the defense of lack of standing nonwaivable in a residential foreclosure action.

Wells Fargo also submitted a claim, seeking all of the proceeds, pointing to California Civil Code Section 2924k, which sets forth the order of payment priority with respect to a nonjudicial foreclosure, as follows: (1) costs of foreclosure; (2) foreclosing creditor’s secured obligations; (3) junior lienholders in their order of priority; and (4) vested owner of record at the time of the foreclosure sale.

WORLD NEWS
A local politician in Northern Thailand has shot and killed a woman while arguing over a block of land in a heated land dispute on Monday. The shooting occurred about 9.30pm at a house in Lampang Province.

TECHNOLOGY & SOCIAL MEDIA NEWS
Businesses of all kinds have experienced a complete evolution over the past 20 years. Technology seems to have changed the way organizations operate at every level. From enhancing customer support services to automating daily tasks that used to require manual oversight, technology is now the backbone of most industries. 

TITLE AGENCY & PEOPLE IN THE NEWS
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...

OTHER TRENDING NEWS
Inexplicably bad property photographs. It's that simple.

Marianne Mathieu, NTP
Vice President/National Agency Accounts
Fidelity National Financial
(347) 987-0677