Title Insurance Marketplace
2006-05-02T03:06:37-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvM2QxXC8xOTIyMTYtbS5qcGciLCJlZGl0cyI6eyJyZXNpemUiOnsiZml0IjoiY292ZXIiLCJoZWlnaHQiOjUwNn19fQ==Witnesses testified about the real estate title insurance marketplace and the need to create more competition and efficiency for consumers. Topics included kickbacks from title insurance companies, excessive title insurance premiums, and lack of comparison pricing for consumers. They also recommended legislation for tighter regulation of the markets in all states.
In January 2006, in response to state and federal investigations, the House Financial Services Committee asked the Government Accountability Office to conduct a comprehensive study of the title insurance marketplace. State regulators found violations of the Real Estate Settlement Procedures Act such as title companies making payments for referrals to developers. Also abuses were found of reinsurance agreements and there were anti-competitive practices in the title industry.
In January 2006, in response to state and federal investigations, the House Financial Services Committee asked the Government Accountability Office to conduct a comprehensive study of the title insurance marketplace. State regulators found violations of the Real Estate Settlement Procedures Act such as title companies making payments for referrals to developers. Also abuses were found of reinsurance agreements and there were anti-competitive practices in the title industry.
Witnesses testified about the real estate title insurance marketplace and the need to create more competition and efficiency for consumers.… read more
Witnesses testified about the real estate title insurance marketplace and the need to create more competition and efficiency for consumers. Topics included kickbacks from title insurance companies, excessive title insurance premiums, and lack of comparison pricing for consumers. They also recommended legislation for tighter regulation of the markets in all states.
In January 2006, in response to state and federal investigations, the House Financial Services Committee asked the Government Accountability Office to conduct a comprehensive study of the title insurance marketplace. State regulators found violations of the Real Estate Settlement Procedures Act such as title companies making payments for referrals to developers. Also abuses were found of reinsurance agreements and there were anti-competitive practices in the title industry. close
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Gary M. Cunningham Deputy Assistant Secretary Department of Housing and Urban Development->Regulatory Affairs and Manufactured Housing -
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Orice M. Williams Director Government Accountability Office->Financial Markets and Community Investment Issues
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