Industry News

Fidelity enters $2.5 million settlement with Washington state

Nearly 600 consumers to get refunds

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Fidelity National has entered into a $2.5 million settlement with the Washington State Department of Insurance for alleged kickbacks, guaranteeing nearly 600 Washington consumers a share of the settlement. According to the agreement, some consumers who used Wells Fargo to finance their home loans were directed to Fidelity National for title insurance. In turn, Fidelity allegedly passed on a portion of the premium to a captive reinsurance company owned by Wells Fargo. Fidelity has admitted no wrongdoing in the matter. A company spokesman did not return a message asking for comment by press time. Washington consumers who purchased title insurance from Fidelity National for Wells Fargo loans during 2003-2004 may be eligible to participate in the settlement, the Washington insurance commissioner said last week. Refunds will range from $20 to $60. "Home buying and refinancing can be very stressful events for people," said Washington State Insurance Commissioner Mike Kreidler in a statemen...