Stewart Title Discontinues Business with Richmond Title in California
California Department of Insurance Alleges Richmond Not Properly Licensed
HOUSTON (March 16, 2007) – On March 14, 2007, the California Department of Insurance (CDOI) announced that it has issued a Cease and Desist Order to Richmond Title Services, L.P. (Richmond), Stewart Title Guaranty Co. (Stewart), and Electronic Closing Services Inc., a Stewart affiliate. The CDOI alleges that Richmond is not properly licensed under California law. Upon receipt of the CDOI’s Cease and Desist Order, Stewart discontinued doing business with Richmond in California.
Stewart is conducting its own inquiry into the matter, and will cooperate fully with the CDOI.
The business Stewart transacted with Richmond over a 22-month period represents a small percent of Stewart’s total title insurance business.
Stewart remains committed to complying with all laws pertaining to its conduct of title insurance and settlement business in all jurisdictions in which Stewart operates, including California.
Stewart Title Guaranty Co. is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-oriented, technology-driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.