New York title insurers are being investigated in connection with alleged market conduct improprieties, a New York Insurance Department official confirmed today.
"We are investigating along with the attorney general's office the market conduct practices of certain title insurers that operate in the state," said department spokesman Mike Barry. He would not elaborate.
New York is the latest state to examine title insurers' activities. They have been probed in Colorado, California and Washington, and have paid more than $50 million to settle allegations that they have paid disguised kickbacks to mortgage brokers, developers and other sources to have business steered their way.
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