Tag Archives: Title Insurance Issues

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Title Insurance Issues

Title Insurance Talk: mortgage broker advertises interest rates tied to affiliated title insurance

A friend showed me the mortgage rate section of the Tribune Review last weekend and pointed to a mortgage company listing that had asterisks next to a few interest rates. These asterisks pointed to a note that the rates were only available if the transaction was a purchase and the borrower used a particular title provider.

Clearly the mortgage broker sought to avoid Pennsylvania’s discounted refinance title premiums as part of this package deal. Only purchases transactions are eligible so there’s enough cash in the pot to subsidize the rates. The consumer appears to be getting a deal with the package.

What do you think about this offer? Is it a problem under RESPA or PA lending or insurance law?

I’ve pondered on it and I’m really not sure. It’s very much like the deals offered to buyers in construction transactions. You get the good price if you use the affiliate. If you don’t use the affiliate, you pay higher than market. As far as I could tell these interest rates weren’t especially low.

What’s also interesting is that I did some checking around and found that the mortgage broker is an attorney who is operating the title services business through the law firm and not as a title agent. He’s working under the approved attorney program. That means that TIRBOP r

via Title Insurance Talk: mortgage broker advertises interest rates tied to affiliated title insurance.

Title Insurance Issues

Lancaster County woman convicted of fraud – The York Daily Record

Lancaster County woman convicted of fraud

By KEVIN HORAN

Daily Record/Sunday News

Updated: 09/14/2010 11:40:08 AM EDT

A 48-year-old Mount Joy, Lancaster County, woman was convicted of wire fraud last week after she defrauded a Jacobus real estate settlement firm and a real estate title insurance company out of more than $266,000, the U.S. Department of Justice said.

According to the department:

The woman, Shawn Chambers-Galis, diverted more than $273,000 from the escrow accounts of her Jacobus firm, Donegal Settlement Services, money which should have gone toward paying off mortgages at real estate closings. Commonwealth Land Title Insurance Company paid $266,309 to clear the properties’ titles.

Chambers-Galis deposited at least $142,691 of the diverted money into her personal checking account and used $22,500 more to buy a real estate agency franchise.

The jury acquitted Chambers-Galis on four related unlawful monetary transaction counts.

U.S. District Judge William W. Caldwell deferred sentencing pending preparation of a pre-sentence report.

via Lancaster County woman convicted of fraud – The York Daily Record.