Now Bank of America Corp., the nation's biggest mortgage lender, is saying the nation's second-largest title insurer did much the same thing and should be on the hook for more than $500 million in losses.
In a lawsuit filed earlier this month, BofA alleged that First American Corp. in Santa Ana relied on home buyers to tell them about liens on their properties and other matters, rather than conducting traditional title searches.
The shortcut was part of a program called QuickClose that BofA said in its suit did not require "title searches in connection with loans processed under the program."
Read more in the LA Times.
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