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Title Insurance companies may have unlawfully set title insurance rates in New York by filing misleading and incomplete information with the New York Insurance Department.
Investigation Source
- New York
Investigation Scope
Category Information
Investigation Topics
- Misrepresentation
- Unfair and Deceptive Services
- Excessive or Unauthorized Fees
- Price Fixing
Product or Service
- Title Insurance
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending class action lawsuit on behalf of New York consumers who purchased title insurance in connection with a home purchase or refinance.
The defendants are the major title insurance companies operating in New York, including: Fidelity National Title; Fidelity National Financial; First American Corp; LandAmerica Financial Group; Stewart Title Insurance; Stewart Information Services; First American Title Insurance; Fidelity National Title Company; Chicago Title Insurance Company; Old Republic Title and Escrow; Lawyers Title Insurance Corp.; TICOR Title Insurance Co.; United General Title Insurance; Commonwealth Land Title Insurance; Stewart Title Insurance Co.; Monroe Title Insurance Corp.; Title Insurance Rate Service Assoc.
The class action lawsuit alleges that the title insurance companies are required to set a standard rate approved by the New York Insurance Department. The class action lawsuit asserts that the title insurance companies collectively failed to provide appropriate information to the New York Insurance Commissioner so that it could properly determine the cost of title insurance, thereby creating a windfall for the title insurance companies.
The defendants are the major title insurance companies operating in New York, including: Fidelity National Title; Fidelity National Financial; First American Corp; LandAmerica Financial Group; Stewart Title Insurance; Stewart Information Services; First American Title Insurance; Fidelity National Title Company; Chicago Title Insurance Company; Old Republic Title and Escrow; Lawyers Title Insurance Corp.; TICOR Title Insurance Co.; United General Title Insurance; Commonwealth Land Title Insurance; Stewart Title Insurance Co.; Monroe Title Insurance Corp.; Title Insurance Rate Service Assoc.
The class action lawsuit alleges that the title insurance companies are required to set a standard rate approved by the New York Insurance Department. The class action lawsuit asserts that the title insurance companies collectively failed to provide appropriate information to the New York Insurance Commissioner so that it could properly determine the cost of title insurance, thereby creating a windfall for the title insurance companies.
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. |
| Commonwealth Land Title Insurance Co. | Commonwealth Title is a title insurance company. It was acquired by Fidelity National Financial, Inc. in 2008. |
| Ticor Title Insurance Company | Ticor Title Insurance Company provides title insurance. |
| Old Republic National Title Insurance Company | Old Republic National Title Insurance Company provides title insurance. |
| Fidelity National Financial, Inc. (FNF) | Fidelity National Financial, Inc. is a holding company that is a provider, through its subsidiaries, of title insurance, specialty insurance and claims management services. |
| LandAmerica Financial Group (LFGRQ.PK) | On November 26, 2008, LandAmerica Financial Group, Inc. and LandAmerica 1031 Exchange Services, Inc. filed for Chapter 11 bankruptcy. It was a title insurance company. |
| Stewart Information Services Corporation (STC) | Stewart Information Services Corporation, through its subsidiaries, provides insurance and related information services required for settlement by the real estate and mortgage industries in the United States, Canada, the United Kingdom, Central Europe, Mexico, Central America, and Australia. |
| 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. |
| Lawyers Title Company | Lawyers Title is a title insurance company, bought in bankruptcy by Fidelity National Financial, Inc. |
| Chicago Title Insurance Company | Chicago Title Insurance Company sells, underwrites and administers title insurance nationally. |
| Stewart Title Insurance Company | Stewart Title Insurance Company, a subsidiary of Stewart Information Services Corp., underwrites title insurance. |
| Monroe Title Insurance Corporation | Monroe Title Insurance Corporation is a title insurance company. |
| Title Insurance Rate Service Assoc. | Title Insurance Rate Service Assoc. (TIRSA) is licensed by the Superintendent of Insurance of the State of New York as the Rate Service Organization and statistical agent of the Department under Article 23 of the New York Insurance Law. Acting under the supervision of the Superintendent of Insurance, TIRSA receives, compiles and submits to the Department all statistical data for title insurance including premiums, losses and expenses. |