Industry News

Illinois shuts down title insurers accused in mortgage rescue scheme

Scam allegedly netted $1.5 million for perpetrators

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Illinois regulators have filed a series of complaints against operators of an alleged mortgage rescue scam they said involved seven title insurance companies. The complaints charge that Mutual Trust Funding Corp., Charles T. White Jr. and seven title companies worked together to con homeowners at risk of foreclosure into signing over their titles and any equity they had built up in their homes. The Illinois Department of Financial and Professional Regulation last week issued an emergency suspension of White's loan originator registration, revoked the license of Mutual Trust, and shut down seven title insurance agencies charged with complicity in the mortgage rescue scam. All of those charged in the complaints have the right to an administrative hearing on the charges before the actions are final. The seven title agencies, owned in part by Mr. Christy Jepson and his wife, Patricia Jepson, do business as All American Title Agency, EJF Title Agency, Palatine Title Agency, Popular Title...