Florida Mortgage | Title Company faces $5Million Fine

Another sign that the State of Florida's Department of Financial Services is looking to clean up the industry was announced in the Palm Beach Post Saturday (November 17, 2007)... link to article

First American Title Company, the nation's largest Title Insurance Service Provider, agreed to pay fines of $5Million for setting up 87 "sham" title insurance agencies in Real Estate and Mortgage offices throughout the state. These "agencies" would then pass fees onto the limited partners, a.k.a. the Realtors and Mortgage Brokers - which the State of Florida views as a kickback.

State and Federal Laws prohibit any Real Estate or Mortgage Professional from accepting any referral fees from Title Insurance Business.

This is just another sign that all Real Estate Professionals need to reconsider all their "strategic business alliances" and their "in-house" people because these relationships are being cracked down on by the State.

For more information, follow this link: Florida Mortgage | Compliance & Ethics - A Major Title Company loses a battle

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David A. Podgursky, MBA
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