Industry News

Oxley calls for federal title insurance investigation

Requests report from Government Accountability Office

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The head of the House Financial Services Committee has written a letter to the Comptroller General requesting that theGovernment Accountability Office investigate the title insurance industry, Inman News has learned. Michael Oxley, chair of the House Financial Services Committee, asked that the GAO examine and issue a report on the title insurance industry. The GAO, commonly called the investigative arm of Congress or the congressional watchdog, is independent and nonpartisan. "The Financial Services Committee is concerned about recent investigations by state regulators revealing that title companies have made payment for referrals to developers, mortgage lenders, and real estate agents in violation of the Real Estate Settlement Procedures Act (RESPA)," Oxley said in a letter posted on the Financial Services Committee's Web site. The title insurance industry came under an intense spotlight in 2005. Colorado's Insurance Division in February 2005 investigated nine Colorado title insurer...