Posted by cassiewi on 3/1/07 12:58pm
Msg #177730

Tristar Title Order of Revocation...for those interested

http://www.idfpr.com/Forms/Memo/030207TristarRevocationOrder.pdf

Interesting and scary stuff

Reply by bfd110_IN on 3/1/07 1:07pm
Msg #177733

SOOOOooo

I did a signing for a signing company for this Title Co office roughly a 3 weeks ago. Guess that means that I am not getting paid.

Reply by bfd110_IN on 3/1/07 1:14pm
Msg #177735

nevermind...was for the Lincolnwood office n/m

Reply by cassiewi on 3/1/07 1:22pm
Msg #177739

They were owned by the same guy

and they were both shut down.

Reply by Kristen Guggerty on 3/1/07 2:54pm
Msg #177754

What a shame that the greed of this man brought a good company down. I did a ton of signings for them last year mostly CW's.....fees were good, payment timely. They stopped calling and the next time I rec'd anything concerning them was thru a SS who was offering $50 less and I had to wheedle that much out of her. It was a slow day, I took it but told the SS never again - too may fax backs not only to TriStar but to her. I had hoped that Tristar would go back to direct calling but I guess that's over.

thanks for the information

Reply by MikeC/NY on 3/1/07 4:51pm
Msg #177765

Does anyone know...

.. if Ticor Title was affected by this? I've done some assignments that came through them. The Order of Revocation mentions them specifically - not sure if they got splattered with the same can of paint.

Reply by cassiewi on 3/1/07 5:05pm
Msg #177768

Ticor

I know that Ticor was the underwriter for Tristar.

Reply by MikeC/NY on 3/1/07 5:22pm
Msg #177776

Re: Ticor

Yep - saw that. I was wondering if there was any fallout for them. The Order seems to suggest some involvement, but stops short of saying they were part of the scam.

Reply by Pat/IL on 3/1/07 6:19pm
Msg #177789

Re: Ticor

It's hard to say what kind of liability TICOR might have (not a lawyer, obviously, by the way). On one hand, the underwriter commonly issues a insured closing protection letter to the lender in relation to each closing. The letter is to indemnify the lender against misconduct by the agent.

On the other hand, the lender in this case is owned by a principal of the title company. It would seem odd that the underwriter could indemnify a guy against his own misconduct. So, to answer your question, who knows?

This may be an unfortunate byproduct of the affiliated business arrangements that are increasingly common in this area. The underwriter sets a broker or lender up as an agent, provides all of the services, and the "agent" receives the premium (minus % remittance to the underwriter) and endorsement fees (free money). You decide for yourself whether this is a legitimate arrangement or a "legal" kickback.

No wonder the title industry is taking such a beating these days.

By the way, I don't know if the ABA thing applies to Next Generation/TriStar in the sense that I described.

Reply by LCS_CA on 3/2/07 6:34pm
Msg #177956

Re: Ticor

No comment other than Ticor Title Company is a Fidelity National Financial company as are Chicago Title Company and Fidelity National Title Insurance - I'm sure there are others.