The District of Columbia (DC) Office of the Attorney General (OAG) recently entered into settlements with four title companies in connection with title company joint ventures that included the companies and real estate agents as owners. The basic allegation of the OAG is that real estate agents were offered the opportunity to purchase interests in title company joint ventures, and that the referral of consumers to the ventures by the agents for title and escrow business violated the DC anti-inducement provision applicable to title insurance, and also the unfair and deceptive trade practice prohibition under the DC Consumer Protection Procedures Act (CCPA).… Continue Reading
Title Insurance
4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation Claim
A three judge panel of the U.S. Court of Appeals for the Fourth Circuit (Fourth Circuit) recently held in Baehrs v. The Creig Northrop Team et al that although the plaintiffs had alleged a violation of the Real Estate Settlement Procedures Act (RESPA), they lacked standing under Article III of the U.S.… Continue Reading
House Passes Bill to Amend TRID Rule Disclosures
By Richard J. Andreano, Jr. on
On February 14, 2018, the United States House of Representatives passed the TRID Improvement Act of 2017, H.R. 3978, by a vote of 245 to 171. The bill would amend the manner in which title insurance premiums are disclosed under the TILA/RESPA Integrated Disclosure (TRID) rule.
Under title insurance price structures in many states, when a consumer purchases both an owner’s title insurance policy and lender’s title insurance policy at the same time, a discount is offered on the price of the lender’s title insurance policy. … Continue Reading
CFPB enters into RESPA settlement with title agent
By Richard J. Andreano, Jr. on
The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order with Meridian Title Corporation (Meridian) under the Real Estate Settlement Procedures Act (RESPA).
The CFPB found that Meridian is a title insurance agency that issues title insurance policies and provides loan settlement services in connection with residential mortgage transactions that are subject to RESPA.… Continue Reading