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  • FinCEN Renews Anti-Money Laundering Efforts for High-End Real Estate Transactions

    The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury is again extending the Global Targeting Orders (GTOs) that impose data collection and reporting requirements on title companies involved in certain high-end real estate transactions.

    Set to expire on February 23, 2017, FinCEN discovered that a significant portion of the reported covered transactions in the latest GTOs were linked to possible criminal activity by the individuals revealed to be the beneficial owners of the shell company purchasers. As a result, FinCEN is extending the current GTOs... Read More

  • FHA Appraiser Identity Theft

    The U.S. Department of Housing and Urban Development (HUD) - Office of Inspector General (OIG) recently became aware of a number of instances of appraiser identity theft. The fraudulent schemes varied, but stemmed from someone using the state certification number of a Federal Housing Administration (FHA) roster appraiser. In many cases, the harm was made possible when an FHA roster appraiser provided his or her personal identification number (PIN) for the desktop appraisal software to a colleague or supervisor. The FHA roster appraiser was unaware of the misuse until it came to light... Read More

  • NAR Seeks Improvements to the Digital Millennium Copyright Act

    The Digital Millennium Copyright Act ("DMCA") of 1998 endeavors to balance the interests of internet service providers and copyright owners when copyright infringement occurs in the digital environment. 

    In comments filed with the U.S. Copyright Office on February 21, NAR stressed that the Digital Millennium Copyright Act (DMCA) is a highly effective risk management tool for owners of brokerage websites.  However, NAR suggested three areas for improvement of the DMCA. (1) modifying the online registration process for copyright agents to permit naming of multiple... Read More

  • CFPB Petition for Rehearing PHH Case Granted

    On February 16, 2017, the U.S. Court of Appeals for the D.C. Circuit granted the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing by the full bench of the D.C. Circuit (en banc), vacating the three-judge panel decision issued on October 11, 2016, in the case of CFPB v. PHH Corporation.

    Recall that in October, the three-judge panel vacated a $109 million penalty imposed by the CFPB against PHH for allegedly violating the Real Estate Settlement Procedures Act (RESPA) by paying for referrals where there is... Read More

  • Supreme Court To Hear Property Rights Case

    The United States Supreme Court has agreed to hear oral argument in an important property righst case, Murr v. State of Wisconsin, on March 20, 2017.

    The Murr case, for which NAR submitted an Amicus Brief, arises from a Wisconsin’s family’s attempt to sell or develop a small river-front plot of land which they acquired in 1963 for investment purposes.  The family also owns a different, adjacent lot containing a small lake cabin they use for family vacations and recreation. The family of the late William Murr want to sell the vacant parcel, to fund repair of... Read More

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