02.12.08
How Bad Are Title Insurance Kickbacks?
I am certainly aware of what I consider not only unethical, but illegal kackbacks in the title industry going back well into the 1980’s. For example, giving real estate agents their commission check at the closing only if they close with the affiated title company for one. I mean, tell me, as a real estate agent, living from paycheck to paycheck, is it NOT an inducement to do business when your employer says “well you can get paid immediately if you close with us, or we can pay you next month if you choose to close with any other title company.” But here is a blog item that I think tops them all, showing that problems are more egregious than ever. (To see the full blog, and to see what the public is seeing about us, go to: LATimes.)
“I used to work for a Title Company. When I was working for a competitor this Title Company recuited me with a hefty Bonus. Then told me to bring them all the business I had at ANY cost. I did! Flew me out of state to a Lenders Main Branch 3 times. They gave this Lender a kickback for every closing. Then the market changed, people were asking questions. Guess what, they found a way to get rid of me How corrupt is that. Now this “Bloodless Empire”, that’s what everybody calls them now, gets away with murder. Trust me, this is a “Bad Industry” today. 20 years ago a “Great” Industry and a nessesaty. Today, I’ve seen so much and can tell you a lot that has gone on, one for instance, is a golfing trip to La Jolla for 2 days including a dinner out in Downtown San Diego on a weekend, ran by a Title Co. Sales Rep in which my company paid for. Also, a golfing excursion to Mexico, Las Vegas, Cocktail parties, Tickets to Laker/Dodger games, a tent at the Buick Invitational. All with R.E agents and Lenders…. I can go on and on!!! You tell me…. Legal????”