Case Notes For Title Insurance
According to the State of Florida Division of Agent and Agency Services the following were actual cases. (Note: All administrative investigation are subject to referral to the Division of Insurance Fraud for criminal investigation.)
Case #1: An investigation of title insurance...an agent alleged that she knew or should have known that her mother was conducting the business of insurance without a license at her agency, and that she demonstrated a lack of adequate knowledge and technical competence, thereby violating the insurance act.
Disposition: License Revoked.
Case #2: A complaint led to an investigation alleging a title agent made overcharges for title services and failed to properly document the closing services listed on the HUD-1 Settlement Statement.
Disposition: In Lieu of being charged in an administrative complaint, the Department and agent entered into a settlement agreement, wherein she agreed to make full restitution to ten consumers, pay a $1,250 fine, and in the future will only charge the proper amount for title services in addition to properly documenting closing services listed on the HUD-1 Settlement Statement
Case #3: An Administrative complaint was filed against a title insurance agency alleging failure to submit insurance premiums to the insurer, submitting fraudulent title insurance policies to the lenders and borrowers, transacting title insurance business without the proper appointment, and diverting escrow funds collected for document recording fees.
Disposition: The owner (also the agent-in-charge) failed to respond to the complaint and the title agency's license was revoked, The agent's license was also revoked for the same allegations, she was prosecuted and sentenced for felony grand theft.
Case #1: An investigation of title insurance...an agent alleged that she knew or should have known that her mother was conducting the business of insurance without a license at her agency, and that she demonstrated a lack of adequate knowledge and technical competence, thereby violating the insurance act.
Disposition: License Revoked.
Case #2: A complaint led to an investigation alleging a title agent made overcharges for title services and failed to properly document the closing services listed on the HUD-1 Settlement Statement.
Disposition: In Lieu of being charged in an administrative complaint, the Department and agent entered into a settlement agreement, wherein she agreed to make full restitution to ten consumers, pay a $1,250 fine, and in the future will only charge the proper amount for title services in addition to properly documenting closing services listed on the HUD-1 Settlement Statement
Case #3: An Administrative complaint was filed against a title insurance agency alleging failure to submit insurance premiums to the insurer, submitting fraudulent title insurance policies to the lenders and borrowers, transacting title insurance business without the proper appointment, and diverting escrow funds collected for document recording fees.
Disposition: The owner (also the agent-in-charge) failed to respond to the complaint and the title agency's license was revoked, The agent's license was also revoked for the same allegations, she was prosecuted and sentenced for felony grand theft.
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