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by CareyBot

A California investigation into alleged kickback schemes involving title insurance companies is a good idea, industry figures said, with one advocating even wider investigations. "It's a good idea," said Devon Callan, a loan originator with American Advantage Mortgage, regarding the investigation that California Insurance Commissioner John Garamendi announced on Tuesday. "It's one thing to set up a strategic alliance between yourself and another company. But once you start doing this revenue-sharing thing, where does the line get crossed? I think the investigation should be carried over to mortgage companies that are affiliated with Realtors as well." Garamendi has been working with Colorado and Washington insurance regulators to probe a series of "phony 'reinsurance' contracts" and has ...