Issue No. 186 | August 26, 2020


EVENTS
Look For NEW Events Posted Since The Last Issue!
INDUSTRY NEWS
Condo Termination / Mandatory Arbitration: Unit owner could not pursue claims relating to condo termination for failure to comply with Florida Statutes section 718.117(16), which required unit owners to contest the condominium termination plan by petition for mandatory nonbinding arbitration pursuant to Florida Statutes section 718.1255 within 90 days after the termination plan is recorded – Cornerstone 417, LLC v. Cornerstone Condo. Ass’n, Inc., No. 5D19-1621 (Fla. 5th DCA July 24, 2020) (affirming dismissal with prejudice)

According to reporting by the Wall Street Journal on Saturday, the Federal Housing Finance Agency has been communicating with mortgage industry groups about delaying the implementation of a fee which would add a 0.5% surcharge to refinance mortgages sold to Fannie Mae and Freddie Mac starting Sept. 1.

At the onset of the pandemic, North Carolina passed a law allowing remote notarization and oaths by live video (e.g., Facetime, WebEx, Zoom). With a built-in sunset of August 1, 2020, the authorization for remote notarizations and oaths was expected to be temporary and short-lived.

Neither President Donald Trump nor Democratic nominee Joe Biden has made housing finance a focus of their campaigns, but the upcoming election could have a huge impact on how the federal government reforms Fannie Mae and Freddie Mac, addresses the high costs of homeownership and enforces fair-lending laws.

Longstanding but little-used state programs, with a recent dose of federal aid, avoid layoffs by putting workers on part-time duty in a downturn.

Realtor.com has launched a new tool is said helps connect closing companies and title attorneys to agents, brokers, and homebuyers, the company said.

Two weeks ago, Fannie and Freddie announced a new guaranty fee (aka "g-fee") for virtually all refinances. To say this has been a hot topic for the mortgage market would be an understatement.  

New York billionaire John Catsimatidis has already placed a sizable bet on the growth potential of downtown St. Petersburg: His Red Apple Real Estate paid $16.5 million for just over 2 acres on Central Avenue, where it is planning a 46-story mixed-use tower. 

LEGAL NEWS
When Governor Phil Murphy declared a State of Emergency and Public Health Emergency on March 9, a number of state offices were shuttered that New Jerseyans rely on to conduct essential oversight and share information with the public.

Acceleration in the context of mortgages is nothing more than a contractual remedy. It is a contractual remedy that springs from a debtor’s uncured default of a term mortgage loan and affords the mortgagee—in lieu of waiting for the contractual maturity date to occur—the right to seek an immediate payment in full of the underlying debt. 

A notice of pendency (NOP) “provides constructive notice of an action where the judgment may affect the title to real property….” A NOP may be filed in a “constructive trust action only where the plaintiff seeks to impose a trust on the defendant’s actual real property.”

After a foreclosure sale by a senior creditor, California’s Civil Code section 2924k governs how the sale proceeds are applied in the following order of priority:

On June 16, Ohio Gov. Mike DeWine signed Ohio H.B. 168, which provides purchasers of brownfield properties who meet certain criteria outlined in the bill with bona fide prospective purchaser defenses, similar to what is already available at the federal level and in many other states.

When owners file bankruptcy or projects otherwise go south, lien priority often comes to the forefront. The idea is relatively simple. Priority is how courts determine which creditors get paid first. This often pits lenders against M&M lien claimants.

Governor Kate Brown recently signed into law House Bill No. 4204, which sets forth certain prohibited activities that apply to a lender of a financing agreement relating to property located in Oregon.

TECHNOLOGY & SOCIAL MEDIA NEWS
Nine years ago, I wrote about business identity theft. The problem has not gone away. Earlier this week, California's Department of Business Oversight issued a warning about company that is impersonating itself as a licensed lender in order to perpetuate an advance loan fee scam.

Cybersecurity laws in the United States vary significantly by the business sector. There is currently no single U.S. cybersecurity law of general application. Most businesses must comply with sector-specific federal and state laws. Healthcare organizations for example may need to comply with the Federal Health Insurance Portability and Accountability Act ("HIPAA"). 

Like most internet of broken things products, we've noted how "smart" devices quite often aren't all that smart. More than a few times we've written about smart lock consumers getting locked out of their own homes without much recourse. 

The $162.8 billion real estate industry employs more than 2.2 million people. We are a cornerstone of the American economy, but our future is in danger because of a surprising weakness, inertia.

WORLD NEWS
Secure property rights are fundamental to the economic and social development of any country. However, in India, we are faced with a curious conundrum where more than 70 percent of a household’s assets are held in land and housing, yet there is insufficient data and research on people’s property rights.

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
In a little over 15 years, DHS agencies interacted with millions of travelers passing through our nation's airports… and relieved them of over $2 billion in cash. (And that's just agencies like the CBP and ICE. The DEA also lifts cash from airline passengers -- something it loves doing so much it hires TSA agents to look for money, rather than stuff that could threaten transportation security.)

BoMcCready crunched the numbers and found out how common each day of the year is for birthdays. It appears that September is the time more people are born, which leads us to believe the cold of the winter solstice and the cheer of holiday parties may have an effect.

For a language meant to serve as a means of universal communication, Esperanto is frequently—and ironically—misunderstood. The most popular constructed language in the world was created in 1887 by L.L. Zamenhof, an ophthalmologist by day and passionate polyglot by night. 

Though it'll be decades before the sea truly swallows parts of San Diego's coastline, we already know which properties are at risk. The city studied it. The U.S. Geological Service studied it.

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