Issue No. 182 | July 29, 2020


EVENTS
Look For NEW Events Posted Since The Last Issue!
INDUSTRY NEWS
HUD recently issued Mortgagee Letter 2020-21 (ML 20-21), implementing certain enhancements to the FHA Claims Without Conveyance of Title (CWCOT) procedures. 

The Maryland Insurance Administration today issued Bulletin No. 20-29. The bulletin authorizes the temporary suspension of Section 10-121 (k) of the state’s code. This section requires title insurers to conduct in-person audits of certain title producers during each calendar year.

In a letter this week to Representative Mike Crapo and Rep. Sherrod Brown, the Chair and Ranking Member of the Senate Banking Committee, the Commercial Real Estate Finance Council (CREFC), the Mortgage Bankers Association (MBA), the International Council of Shopping Centers (ICSC)...

According to industry experts the CFPB has mixed views on how focused the agency is on regulation and enforcement issues. There is, however, a consensus that the bureau is focusing on borrowers in distress during the public health crisis.

Maryland Insurance Administration:Seller’s closing assistance and required use of a specific title company
The Maryland Insurance Administration (“the Administration”) has recently learned that some contracts for the sale of real property located in the State of Maryland contain language requiring that, in order for the buyer to receive seller closing cost assistance for the subject transaction, the buyer must purchase title insurance from a specific title company.

LEGAL NEWS
The New York Supreme Court, Kings County, recently dismissed a complaint against a title insurance company, finding that the encroachments at issue were disclosed in a survey and barred by the policy’s Exclusion 3(a).

In a momentous opinion related to jurisdiction over Indigenous lands in the United States (also referred to as “tribal lands”), the U.S. Supreme Court (“the Court”) ruled that a large tract of eastern Oklahoma is part of the Muscogee (Creek) Nation reservation.

The U.S. Court of Appeals for the Ninth Circuit recently held that, under the federal Housing and Economic Recovery Act (HERA) statute of limitations provisions, a quiet title action brought by Freddie Mac or Fannie Mae is a “contract” claim with a six-year statute of limitations, and not a “tort” claim subject to a three-year statute of limitations.

In the mid-1950s, my Father was having the first of several ponds dug on farm property in northeastern Indiana that he and my Mother had purchased a few years earlier. During the excavation Mastodon bones (fossils) were unearthed in the muck and grey/blue clay, including a nearly full set of teeth and jaw bones. Mastodon bones were also unearthed on nearby farms and when a local branch campus of Purdue and Indiana Universities opened in the fall of 1964 it was given the nickname “Mastodons.” 

TECHNOLOGY & SOCIAL MEDIA NEWS
Since 2015, the blockchain industry has generated a variety of economic concepts and supported them with relevant technologies: initial coin offerings, initial exchange offerings, security token offerings, data access object, permissioned ledgers, stablecoins, decentralized finance, etc.

A statement of charges was announced on July 21, 2020 against a large real estate title insurer alleging that a design defect in a data management computer program resulted in the exposure over the course of several years of hundreds of millions of documents—millions of which contained sensitive personal information of consumers, including bank account information, mortgage and tax records, Social Security Numbers, wire transaction receipts, and drivers' license images.

Due to COVID-19, Maine’s attorney general agreed to delay until August 1, 2020 enforcement of the state’s new internet privacy law, “An Act to Protect the Privacy of Online Customer Information” (Act), which officially went into effect on July 1, 2020.  

A couple of years ago, investigators in California used a DNA matching service to track down the so-called "Golden State Killer." Uploading a sample of the suspected serial murder's DNA, they were able to identify distant relatives of the suspect. 

WORLD NEWS
Simons J recently delivered a judgment in the case of Promontoria (Oyster) DAC ("Promontoria") v Kieran McKenna [2020] IEHC 337, in which he considered the proofs required for an application for a well charging order and order for sale and in particular whether it was necessary for a plaintiff to provide evidence as to the creation of an equitable mortgage.

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
The historic town of Cinquefrondi in the southern part of Italy has seen a decrease in its population as young people move to the cities and don’t return once they start their own families. 

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