Industry News

Maryland title firm to refund $2 million

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

More than 7,000 Maryland homeowners will receive checks averaging $265 for alleged overcharging during their closing settlements by a leading title company, according to an agreement filed in federal court, the Baltimore Sun reported today. The preliminary accord calls for the Columbia, Md.-based Fountainhead Title Group Corp., one of the state's largest title settlement companies, to pay $2 million in individual reimbursements to about 7,100 customers and shut down as many as 20 "affiliated businesses" accused of either charging homeowners for title work that was never done or double-billing them, the Sun reported. The settlement was signed Nov. 2 but still needs final approval from a U.S. District Court judge in Baltimore, reports said. Eligible customers will be notified by mail and could get checks as early as next year, one of the plaintiffs' attorneys told the Sun. According to court papers, the title company did not admit any wrongdoing, accounts said. Affiliated business...