Industry NewsMortgage

Fidelity will require warranties on all REO sales

Bank of America already on board
Published on Oct 25, 2010

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by CareyBot

The nation's largest title insurer, Fidelity National Financial, will require warranties from all lenders beginning Nov. 1 limiting the company's liability in "robo-signing" disputes before it will insure title on real estate owned (REO) properties.

Fidelity had previously reached an agreement with Bank of America to provide representations that all foreclosure documentation and procedures associated with a property comply with state law and local practices, and that the lender will indemnify Fidelity against any losses that are the result of the bank's failure to comply with those laws and practices.

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