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CFPB Takes Action against Meridian Title Corporation
On Wednesday, September 27, 2017, the CFPB took action against Meridian Title Corporation, a real estate settlement services provider for allegedly steering consumers to a title insurer owned in part by several of Meridian’s executives without making disclosures about each businesses’ affiliation with one another. The CFPB found Meridian failed to disclose its relationship with the title insurer, and as such, illegally benefited from its referrals for title insurance. Under the consent order filed on the 27, Meridian must cease its illegal practice, provide disclosures whenever it makes a covered referral, and pay up to $1.25 million in redress to consumers.