NY Attorney General Settles With 2 Title Insurance Companies Over Kickbacks
Two title insurance companies in New York have settled with the Attorney General over how they sold their title insurance to consumers. The companies, Fidelity National Title Group Inc. and First American Corp, were accused of paying rebates to developers and national chain stores.
What is ironic is that the title insurance rates are fixed in New York. So the rebates are going to the national companies where this could make a significant difference in other states.
“New York has the highest title-insurance rates in the nation,” Spitzer said at a news conference. “This settlement should greatly benefit New York home buyers who for too long have paid too much for their title insurance.”
Fidelity and First American, under the agreements, will ask New York regulators for title-insurance rate reductions of 15 percent for all New York properties up to $1 million.
The two companies paid fines of $2 million each and agreed to end the illegal practice of paying secret rebates to favored customers, such as big real estate developers and national chain stores, Spitzer’s office said.
Spitzer’s investigation of other title insurers continues. His office is also probing title agents, mortgage brokers and attorneys who received fees for referring clients. Via Money Magazine.
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