Old Republic settles rebating charges

California title insurance regulators collect $399,000 in penalties, legal costs

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

Old Republic Title Co. has agreed to pay California regulators $399,000 to settle allegations that the company provided illegal rebates to lenders as an inducement for business.

In announcing the settlement, the California Department of Insurance said Old Republic provided discounts to certain lenders, charging them a discounted escrow contract rate offered for multiple loan transactions, and a portfolio residential refinance rate, even though the lenders did not meet the qualification criteria for those rates.