Title Company Must Refund $42K Overcharged To Indiana Customers

Press release from Indiana Department of Insurance  (Indianapolis, Ind.) - The Indiana Department of Insurance audit of the title insurance accounts of American Homeland Title Agency INC and its agents resulted in findings that Indiana consumers were being overcharged for their title insurance. American Homeland Title Agency is based in Cincinnati, Ohio, and was licensed to sell title insurance in Indiana. Indiana Department of Insurance Commissioner Stephen W. Robertson has ordered American Homeland Title Agency INC to refund consumers $42,202.00. The order is a result of an audit performed by the department. Upon review of 166 of the title agency’s files, 139 were found to have title insurance policies with premium overcharges between $75 to $625. The agency has been ordered to provide a letter to affected consumers with a reimbursement check for the amount they were overcharged. Commissioner Robertson also ordered the agency to pay an administrative penalty of $70,082.00. The penalty is a result of the agency’s overcharging on premiums, overcharging on government fees, failing to collect title insurance enforcement fund (TIEFF) fees, paying unlicensed personnel for signing closing documents, and failing to issue final policies within 45 days. The agency also was fined for failing to report 250 transactions into the residential real estate database (RREAL IN), implemented by the department in 2010 as a reporting tool to help identify and combat fraud. The co-owners of American Homeland Title Agency, John Yonas and Martin Rink, both held non-resident insurance producer licenses. In Commissioner Robertson’s order, he also permanently revoked Yonas’ and Rink’s licenses as well as the agency license. “The Indiana Department of Insurance continues to be diligent in pursuing title agencies that try to take advantage of Hoosier consumers by breaking the law. If our audit reveals violations of insurance law, those responsible will be penalized for their actions, including fines and revocation of their licenses,” said Commissioner Robertson.