Who Regulates Title Companies?

What penalties may exist against First American Title, who after settlement, has held my funds for over two years. The issue begin after the checks were deposited, and the bank informed me of a stop payment on the check.

First AM, gave no reason except an investigation was necessary before releasing the funds.  Meanwhile, they refuse to cancel the loan or send the funds to my new loan. This went on for 7-months until a received in the mail an apologize letter, asking me to come back in to pickup the checks. I refused to do this unless they paid for the interest accrued over the 7-month period. It has been a stand off until recently, I received in the mail a check representing my disbursements of $150,000. There was no mention of, or a check for the interest paid over the 2-years without the funds.  Are title attorneys held to some of the same restrictions and compliance as lenders?

Valhola

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Hi Valhola,

First American Title would be regulated by the Insurance Commissioner in the State where the property resides.  I would calculate the interest expense from inception through the next thirty days and send a CMRR demand letter to the title company and cc the insurance commissioner in the state. 

Thanks for the questions and hope this helps.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.