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MV Realty settles NTRAP suit, but more legal woes loom

MV Realty settles NTRAP suit, but more legal woes loom

Industry News, Politics and policy, Regulation and compliance, State regulators, Title insurance /

Florida-based real estate firm MV Realty sees a potential new legal challenge even after settling another of the numerous lawsuits that accuse it of predatory entrapment in regards to its controversial homeowner benefit agreement program.  Processing Content Massachusetts Attorney General Andrea Joy Campbell announced her office reached an agreement with the firm, issuing a $2.25 […]

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Virginia’s top bank cop for 28 years leaves national legacy

Community banking, State regulators, Virginia /

Key insight: Joe Face is retiring after 28 years as commissioner of Virginia’s Bureau of Financial Institutions, the longest tenure in the job in the state’s history. Why it matters: A commitment to strengthening the dual bank regulatory system has been a hallmark of Face’s tenure. Expert quote: Face “has been at the forefront of

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New York becomes latest state to outlaw NTRAPs

Industry News, Law and legal issues, Regulation and compliance, State regulators, Title insurance /

New York became the latest state to officially enact legislation that outlaws the practice known as Non-Title Recorded Agreements for Personal Services or NTRAPS, which threatens senior citizens with loss of their homes.  Processing Content Gov. Kathie Hochul signed the bill into law after it passed the New York State Legislature with wide bipartisan support

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MV Realty settles NTRAPS cases in Idaho, New Jersey

Housing markets, Industry News, Politics and policy, State regulators, Title insurance /

Embattled MV Realty has settled a lawsuit filed by Idaho Attorney General Raul Labrador involving an agreement it promoted known as Non-Title Recorded Agreements for Personal Services or NTRAPS. These contracts, also known as “Homeowner Benefit Agreements,” lock a homeowner into a long-term arrangement to sell the property in exchange for a fee. This encumbrance

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‘Predatory’ NTRAPs outlawed in another state

Industry News, Politics and policy, State regulators, Title insurance /

Officials in New England approved a new law that makes unenforceable a “predatory” practice often targeting older homeowners that binds them to a single real estate broker and limits future options to sell their homes.   Rhode Island recently became the latest state to pass legislation against NTRAPs, or non-title recorded agreements for personal services. Officials

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