Missouri Feds Convict Title Insurance Agent Of Stealing $3 Million+ In Escrow Funds
Reportedly, Missouri doesn't restrict what title agents do with escrow money. According to Doug Ommen, the new director of the Missouri Department of Insurance, "What we have seen in the St. Louis area is, the agencies get into a squeeze because of competition. [...] They have been dipping into those funds that do not belong to them, to cover expenses. [...] It's shocking to me that there are no restrictions on the use of those funds."
Missouri insurance regulators also warned recently that some companies that sell title insurance to homeowners have two sets of prices - one for sophisticated buyers and a second for everyone else. For more, see
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