By a vote of 269-143, the U.S. House of Representatives on Wednesday passed a bill that corrects the inaccurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures (TRID) and help consumers understand the true cost of their real estate transaction. Under the current regulation, the CFPB does not allow title insurance companies to disclose available discounts for lenders title insurance on the government mandated disclosures. This results in the inaccurate disclosure of title insurance premiums in about half of the states, including Florida.
Managing many properties is challenging and demanding, and as such, requires proper procedures to reduce the risks and results of tenant abuse or misuse of the property. One notable area of risk management is preventing or mitigating a tenant’s damaging the property, and more particularly, to get the tenant to pay for damages to the property as quickly as possible and before having to make a claim on the security deposit.
According to the FBI, the Internet Crime Complaint Center saw a 480 percent increase in the number of complaints filed in 2016 by those in the real estate industry. Most of these complaints were related to wire fraud, a scam becoming more common in the real estate industry.