A settlement between First American Title Insurance Co. and the U.S. Department of Housing and Urban Development, the Florida Department of Financial Services and the Florida Office of Insurance Regulation was announced Friday. A government investigation found that the company allegedly violated the Real Estate Settlement Procedures Act by making payments to 84 Florida partnerships, some with mortgage brokers, based on business referrals, the statement said. As part of the settlement, First American will pay $5 million and shut down the partnerships, according to HUD.
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