A settlement agent out of Indiana will pay more than a million dollars as part of an order alleging that it steered business to an affiliated business without disclosing the affiliation.
On Wednesday, the Consumer Financial Protection Bureau issued a consent order against Meridian Title Corp. for alleged violations of the Real Estate Settlement Procedures Act.
The bureau claims that the South Bend, Indiana-based firm steered consumers to a title insurer owned in part by several of its executives. But no disclosures were made to customers about the business affiliation.
Source: Mortgage Daily