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Homeowners may have been systematically over-billed for title insurance.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Misrepresentation
- Unfair and Deceptive Services
- Over Charge
- Excessive or Unauthorized Fees
Product or Service
- Title Insurance
Injury Type
- Monetary Loss
Investigation Details
This is a continuing investigation and ongoing lawsuit on behalf of consumers against one of the nation's largest title and escrow companies, First American Title Insurance, claiming the company engaged in a series of schemes and deceptions designed to bilk customers out of millions of dollars.
First American engaged in a captive reconveyance scheme - charging customers fees for reconveyance when the reconveyance is actually done by the prior lender, a charge built into the payoff amount.
First American engaged in a retained interest scheme, pooling customer's loans and taking the profit from gained interest. First American failed to disclose this to customers, which is a violation of its fiduciary duties.
First American also engaged in an affiliate reconveyance scheme, steering customers to subsidiary businesses for reconveyance tracking then charging the customer three times the rate the affiliated company charges independents,
First American engaged in a wire fee scheme, charging customers for the transfer of funds back and forth from the bank, when in reality the banks provided these for no fee or minimal cost to First American.
Other defendants include Fidelity National Title Company, Chicago Title Company and Old Republic Title and Escrow.
First American engaged in a captive reconveyance scheme - charging customers fees for reconveyance when the reconveyance is actually done by the prior lender, a charge built into the payoff amount.
First American engaged in a retained interest scheme, pooling customer's loans and taking the profit from gained interest. First American failed to disclose this to customers, which is a violation of its fiduciary duties.
First American also engaged in an affiliate reconveyance scheme, steering customers to subsidiary businesses for reconveyance tracking then charging the customer three times the rate the affiliated company charges independents,
First American engaged in a wire fee scheme, charging customers for the transfer of funds back and forth from the bank, when in reality the banks provided these for no fee or minimal cost to First American.
Other defendants include Fidelity National Title Company, Chicago Title Company and Old Republic Title and Escrow.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| First American Corporation (FAF) | First American Corporation provides title insurance, other specialty insurance, escrow services and data analytics to the home loan industry. |
| Old Republic National Title Insurance Company | Old Republic National Title Insurance Company provides title insurance. |
| Fidelity National Title Company | Fidelity National Title Company provides title insurance and escrow services. |
| First American Title Insurance Company | First American Title Insurance Company is a wholly owned subsidiary of First American Corporation and provides title insurance in the US. |
| Chicago Title Insurance Company | Chicago Title Insurance Company sells, underwrites and administers title insurance nationally. |