ALTA Creates E-mail Address for Members to Share Complaints About Lenders that Direct Title Insurance Business to "Preferred Providers."
|January 13, 2009|
To follow up the ALTA letter to HUD complaining of lender directed title business for Real Estate Owned (REO) properties, ALTA has created an email address for members to send materials showing particular instances of this practice. It is our intention to share this material with HUD in order to provide them with evidence of this violation of the RESPA prohibition against directing title services. Members can send links to websites or pages that contain statements such as "buyer must use our title insurance company" or similar directives in conjunction with their REO properties. The e-mail address is email@example.com.