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149599 - Bank of America, NA v First American Title Ins Co

Bank of America, N.A.,
 
Richard J. Landau
Christopher A. Merritt
 
Plaintiff-Appellant,
 
v
(Appeal from Ct of Appeals)
 
 
(Oakland – Langford-Morris, D.)
 
First American Title Insurance Company, Patriot Title Agency, Kirk D. Schieb, Westminster Abstract Company, Westminster Title Agency, Inc., Prime Financial Group, Inc., Velentino M. Trabucchi, Pamela S. Notturno, f/k/a Pamela S. Siira, Douglas K. Smith, Joshua J. Griggs, State Value Appraisals, LLC, Nathan B. Hogan, and Christine D. Mays,
 
Steven M. Ribiat
John R. Monnich
 
Defendants-Appellees,
 
and
 
 
 
 
 
Fred Matson, Michael Lynett, Jo Kay James, and Paul Smith,
 
Defendants.
 

Summary

The plaintiff bank sued the defendant title insurance company and closing agents to recover millions in losses from fraudulent home loans. The issues to be addressed include: (1) whether a separate contract between the lender and the closing agent existed outside of the closing protection letters; (2) whether there was a genuine issue of material fact regarding the closing agent’s violation of the terms of the lender’s written closing instructions; and (3) whether the full credit bid rule of New Freedom Mortgage Corp v Globe Mortgage Corp, 281 Mich App 63 (2008), is a correct rule of law and, if so, whether it applies to this case.