Title Insurance: Actions Needed to Improve Oversight of the Title Industry and Better Protect Consumers
DIANE Publishing, 2007 - 68 pages
Previously, the author identified issues related to title insurance markets, including questions about the extent to which premium rates reflect underlying costs, oversight of title agent practices, & the implications of recent state & fed. investigations. This report addresses those issues by examining: (1) the characteristics of title insurance markets across states; (2) factors influencing competition & prices within those markets; & (3) the current regulatory environment & planned regulatory changes. To conduct this review, the author analyzed available industry data & studies, & interviewed industry & regulatory officials in a sample of 6 states selected on the basis of differences in size, industry practices, regulatory environments, & number of investigations.
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ABAs afﬁliated agents agencies alleged amount California California Insurance Commissioner captive reinsurance arrangements civil money penalties closing costs Colorado conﬂicts of interest consumer referrals coordination difﬁcult entities escrow examination services federal ﬁnancial ﬁve GAO analysis Government Accountability Ofﬁce Housing and Urban HUD ofﬁcials HUD’s identiﬁed independent agents industry participants Insurance Commissioners insurance regulators insurers and agents investigations involved Iowa issues kickbacks laws lenders loan mortgage brokers mortgage professionals NAIC oversight of title owner’s policy owners paid by consumers percent premium rates premiums paid premiums written price competition proﬁts raise questions real estate agents Real Estate Settlement referral fees reﬁnancing reﬂect regulatory ofﬁcials result return on equity sale of title search and examination Secretary for Housing settlement services Six Sample Speciﬁcally title agents title industry ofﬁcials title insurance industry title insurance markets title insurance premium title plant title search transactions underwriter Urban Development violations
Page 59 - As agreed with your office, unless you publicly announce the contents of this report earlier, we plan no further distribution until 30 days from the report date. At that time, we will send copies of this report to the Secretaries of Agriculture and the Interior and other interested parties.
Page 60 - Contact points for our Offices of Congressional Relations and Public Affairs may be found on the last page of this report. Key contributors to this report are listed in appendix V. John B. Stephenson Director, Natural Resources and Environment Appendix I Objectives, Scope, and Methodology The objectives of this review were to provide information on (1) states...
Page 47 - Any action under this section may be brought in any United States district court, or in any other court of competent jurisdiction, within one year from the date of the occurrence of the violation.
Page 7 - Federal agency" means any department, agency, corporation, or other entity or instrumentality of the executive branch of the Federal Government, including the United States Postal Service, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation. (6) The term "Federal building...
Page 2 - Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and four US territories.
Page 58 - Agency Comments and Our Evaluation We requested comments on a draft of this report from the Secretary of the Treasury and the Commissioner of Customs.
Page 8 - Foreclosure depends upon the security instrument. For deeds of trust, the foreclosure process takes about 91 days. Arizonans use ALTA owner's and lender's policies, standard or extended, with standard endorsements. The seller customarily pays for the owner's policy, and the buyer pays for the lender's policy. They split escrow costs otherwise. There are no documentary, transfer, or mortgage taxes. The first property tax installment is due October 1st and delinquent November 1st; the second half is...
Page 66 - Enclosed is the FDIC Division of Supervision's response to the United States General Accounting Office draft report to Congress entitled, "Electronic Banking: Experiences Reported by Banks in Implementing On-line Banking".