Saturday, March 20, 2010

First American responds to suit....

The lawsuit pits the nation’s No. 1 mortgage lender against the nation’s No. 2 title insurance company. Officials for Bank of America declined to comment on the case.
A spokeswoman for First American issued a statement expressing regret over the lawsuit, adding that the practices of an intermediary likely will be “scrutinized” as a result of the case:
“United General Title Insurance Company and First American Title Insurance Company regret that their valuable customer, Bank of America, has chosen to file a legal action against the companies. However, we are hopeful that we will be able to resolve this matter outside of court with continued discussions.”
The title policies were issued under the QuickClose LPI Program administered by Fiserve Solutions Inc.
First American spokeswoman Carrie Gaska said that her company expects that Fiserve’s “practices will be scrutinized in this process.”
A Fiserve spokesperson couldn’t be reached for comment.

Read more in the Orange County Register.

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