CFPB Releases New Proposed Rule to Modify HUD-1 Settlement Statement

The Consumer Financial Protection Bureau has just released today a notice of proposed rulemaking to modify the HUD-1 Settlement Statement and mortgage disclosures associated with real estate closings involving federally-related mortgage loans.  In other words, this is the change that everyone will have to comply with.  To view the proposal please click here: A detailed summary…

CFPB Integrated Mortgage Disclosures Under RESPA (Docket No. CFPB-2012-0028)

The Consumer Financial Protection Bureau “CFPB” released the “Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act“ (Regulation Z) proposed rule today. The CFPB is asking the public to comment on the rule on or before November 6, 2012 with the exception of 12 CFR 1026.1(c) and 1024.4 in which comments are…

The Edwards Decision

06-28-2012 Yesterday, the United States Supreme Court (“SCOTUS”) issued its long-awaited decision in the Edwards v. First American Title case.  The Court, in a 9-0 decision, dismissed First American’s appeal as having been improvidently granted. Procedurally, the decision results in the case returning to the U.S. District Court in California where a class action complaint consisting of two…

Kentucky sues MERS!

As reported at Source of Title: “County attorneys for 14 of Kentucky’s 120 counties have jointly filed a class action suit against MERS and dozens of MERS shareholders, including title industry organizations such as ALTA, First American, and Stewart.  The lawsuit accuses MERS of negligent and/or willful violation of Kentucky recording laws, fraud, unjust enrichment,…

Louisiana Clerks of Court Sue MERS

In the continuing saga of fraud, racketeering and debauchery, the incorrigible MERS is once again in the news.  This time in the state of Louisiana.  Clerks of court in 30 of Louisiana’s 64 parishes have combined to file a lawsuit this week against 17 MERS member banks and financial institutions, alleging violations of federal racketeering…

New Jersey Forms State Organization

This month, independent title agents in New Jersey have gathered to organize their own state independent land title agent organizations with the help and support of NAILTA.  The New Jersey Association of Independent Land Title Agents (NJAILTA) is now fully operational and seeking additional members. Congratulations! We look forward to continuing to foster the growth and development of…

Wanted: Annual Conference Speakers and Committee Volunteers

This year, NAILTA is proud to celebrate our fourth annual national convention in Baltimore, Maryland, September 30, 2012 through October 2, 2012 at the Hyatt Regency Hotel – Inner Harbor.  We are working hard to obtain presentation and speaker commitments from the following: Consumer Financial Protection Bureau State Department of Insurance Representatives HUD Members of Congress Regional Title Insurance Underwriters Title…