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imageRachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar

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Thursday, November 30, 2006

Cease And Desist Orders Pending Against 16 Missiouri Title Agencies

The Missouri Department of Insurance, Financial Institutions & Professional Registration released information regarding its recent investigations into several St. Louis area title agencies.  The findings of this investigation prompted the Consumer Affairs Division of the department to request that Cease and Desist orders be issued to several of the agencies visited. Those agencies are:

Assured Title Company, License No. AG00692

Bankers & Lenders Title, LLC, License No AG8016545

Champion Title, LLC, License No AG8019258

Dependable Title, LLC, License No AG8019209

Freedom Title, LLC, License No AG8016324

Investors Title Company, License No AG1228181

Lewis & Clark Title, License No AG8013080

Mayer Title Company, LLC, License No AG8019232

Nations Title Agency, Inc., License No AG12519

Residential Title Services, Inc., License No AG8016430

Security Title Insurance Agency, LLC, License No AG1226492

St. Louis Title, LLC, License No AG8014269

Title One, LLC, License No AG8015998

Title Partners, LLC, License No AG8014856

Tristar Title Company, LLC, License No AG8021553

U.S. Title Guaranty Company, Inc., License No AG1223878

The Statements of Charges and Orders to Show Cause can be viewed at the Department’s website.

We performed these investigations in an effort to review how the title industry in the St. Louis area is marketing, underwriting and rating insurance coverage,” said Dale Finke, director of the Missouri Department of Insurance, Financial Institutions & Professional Registration.  “Unfortunately, our findings are discouraging, and we must take action to ensure Missouri consumers are treated fairly and honestly.”

The Consumer Affairs Division of the department initiated administrative enforcement actions against 16 title insurance agencies by submitting Statements of Charges to Director Finke.  The division alleges that all 16 are using and collecting premiums at rates that had not been filed with or approved by the director, and all are misrepresenting, concealing or suppressing information from consumers regarding the actual cost of a title insurance policy and the charges or fees for services related to the examination of title records.  Over half of the agencies are charging varying title insurance premiums that are unfairly discriminatory.  Other alleged violations include the use of kickbacks, the use of all-inclusive title fees that don’t represent the actual cost of title insurance, and the failure to prominently display premium schedules filed with the director in their offices.

Each agency has 15 days to request a hearing to respond to the Statement of Charges.  If the title agency chooses not to request a hearing, the department will order the agency to stop all unlawful business practices and impose civil or monetary penalties related to their unlawful practices. 

These problems demonstrate yet another need for reform in Missouri’s title insurance industry,” Finke said.  “Our hope is that in January the General Assembly will also pass a bill to address the lack of oversight over escrow funds.”

The department proposed title reform legislation last year after no fewer than five title agencies in the state went out of business in the prior two years.  This legislation would have required insurance companies to impose reasonable controls over the agencies that write policies on their behalf.  This bill was brought up for final passage on the last day of the 2006 Legislative Session, but was delayed due to a filibuster in the Senate.

 mortgage fraud

   

Posted by Rachel Dollar on 11/30/06 at 01:50 AM
Mortgage FraudMissouri • Total comments: (7) (0) Trackbacks
  1. I RECENTLY HAVE HEARD THAT A TITLE COMPANY THAT I HAVE DONE MANY SEARCHES FOR HAS BEEN CLOSED DOWN. TRISTAR TITLE COMPANY IN LOMBARD AND LINCOLNWOOD, IL. ARE THE AFFLIATED WITH THE TRISTAR IN MISSOURI? ARE THEY AS WELL BEING CHARGED WITH THE SAME? EXACTLY WHAT DOES IT MEAN WITH ALL THE TITLE COMPANIES LISTED ABOVE? THERE ARE OTHER COMPANIES THAT I DO WORK FOR LISTED. MY BIGGEST PROBLEM IS THAT TRISTAR IN LOMBARD AND LINCOLNWOOD OWE ME APPROXIAMTELY $5,000.00 FOR SEARCHES AND COPIES! WHAT DO I DO?? WILL THEY PAY ALL THEIR BILLS? WILL THEY CLOSE? I WOULD REALLY APPRECIATE ANY HELP YOU COULD GIVE. NO ONE WILL RETURN MY CALL FROM THEIR OFFICES. WHAT IS GOING ON????? THERE ARE SO MANY TITLE COMPANIES LISTED ABOVE, SHOULD I IMMEDIATELTY STOP ALL WORK WITH ANYONE LISTED ABOVE. I TRYING TO MAKE A LIVING, NOT PASS TIME. UNBELEIVEABLY UPSET,SCARED TO DO ANOTHER SEARCH, IN NEED OF A RESPONSE,IN HOPES OF A GOOD ANSWER. ABSTRACTOR, LESLIE

    Posted by  on  03/01  at  05:41 PM
  2. Tristar is shut down due to fraud.  The owner of the company has fled the country rumor has it.  Yes they were in Lincolnwood.

    Posted by  on  03/23  at  09:34 AM
  3. We have just found out about Tristar title today. they have left us in a situation as well.  How do i find out more information on how to begin to correct the problems they have given us.

    Posted by  on  08/31  at  07:02 AM
  4. hello, my husband has already e-mailed you once but i just had to tell you how worried we are as to what has happened tothe debt we pay off with checks from tristar and we still have 2 checks that were never sent to creditors. what are our rights? we are still in debt.

    Posted by  on  08/31  at  08:07 AM
  5. I too have just been made aware of the standings of Tristar Title.  They owe me about $7,000.00 from 2006 and have put me in danger of losing my home.  How do I recover that money?

    Posted by  on  02/12  at  10:39 AM
  6. I had dealings with Tristar thru N3-National Notary Network, in Portland, OR. A failed signing attempt, and a reduced invoice, was met with disdain to my efforts to collect. Learning now that Tristar is now in trouble, makes me think twice to take on as assignment with an untested business. I’ll check the fraud listings first.

    Posted by  on  08/26  at  03:32 PM
  7. Tri-star owes me a check in the amount of $4600.00 from a loan closed in 2007 with Countrywide. They are the ines that chose them. Any clue who is holding their escrows & how I can recover my money.

    Posted by  on  09/09  at  10:14 AM

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Today's News

Some Sources require Registration.

 

Mortgage Fraud Risk Index Jumps 11 Percent, According to Verisk Analytics Subsidiary Interthinx
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The report...indicates that the overall Interthinx Mortgage Fraud Risk Index surged more than 11 percent from the previous quarter...

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The prosecution and defense rested Thursday in the mortgage fraud cases against Teresa Marie WIlson and Angelo Surveo Williams.

Wyoming Woman Charged with Mortgage Fraud After Allegedly Stealing Sister's Identity
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A Wyoming woman is facing felony charges accusing her of stealing her sister's identity to obtain a mortgage...then defaulting on that mortgage, leaving taxpayers on the hook.

U.S. Attorney Targets White-Collar Crime
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In San Francisco, Mr. Russoniello said he is trying to crack down on cases like mortgage fraud, though he doesn't have the budget to hire additional white-collar prosecutors.

Arrests Made in Orlando Mortgage Fraud Roundup
MyFoxOrlando.com
During the real estate boom two years ago, some units were going for a half million dollars. Now some are short selling for just 50 grand.

10 Accused of Mortgage Fraud at PR Coastal Resort
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A developer and nine other people, including a former salsa singer, have been charged in an alleged $14 million mortgage fraud in Puerto Rico...

Strodtman Jury Selected in Mortgage Fraud Trial
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Attorneys will deliver opening statements this morning in the trial of Mark Strodtman, who is accused of bilking homeowners in a mortgage scheme years ago.

FHA Digging Out After Loans Sour
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Most banks rejected Ms. DeForte because her debt level was too high and her credit score too low. But Lend America put Ms. DeForte into a $402,000 loan backed by the Federal Housing Administration...

Mortgage Fraud Probe Nets 105 Across State
Bradenton Herald
At least one local man is among 105 people arrested across the state following a nine-month investigation into organized mortgage fraud.

Mortgage Fraud Increases
MortgageRates.co.nz
The number of frauds involving professional advisors, such as accountants and lawyers, has increased from two to four since March 2008.

Previous Articles

TRIAL COVERAGE

Trial coverage provided by Anne Mitchell, Crazy Fish Realty.

F. Jeffrey Miller Update - October 20, 2009

A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.

Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied

Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.

The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.

Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.

The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.

Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.



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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.

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