Alabama's biggest real estate brokerage, RealtySouth, has agreed to pay a $500,000 civil penalty to settle allegations that it "strongly encouraged" and in some cases required agents to use its affiliated title insurance and closing services provider, without adequately disclosing to consumers that they had a right to shop around for those and other settlement services. In agreeing to pay the fine, RealtySouth neither admitted nor denied allegations detailed in a consent order issued by the Consumer Financial Protection Bureau. The consent order alleges that From March 2011 until May 2012, RealtySouth used a preprinted purchase contract that "explicitly directed" that title and closing services would be provided by its affiliated business, TitleSouth. In 2012, RealtySouth changed the...
Feb 25, 2014 by Ken Harney
May 25, 2012 by Matt Carter