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Standards and Practices of Titan:
 
  1. That you will pay the fees that you quote as work share fees to the referring company within 10 days of closing. You will not wait until the final policy issued.
  2. You will issue final policies in a timely manner.
  3. That will abide by your advertised time limit for turnaround.
  4. That you will not solicit the referred customer for future transactions.
  5. After you receive the order, you will quote back the work share fee, once the referring agent accepts, you will complete the order in the time frame that you advertise. If there is more to it and you can’t complete in the time frame that you normally do, you will get approval of the referring agent on the time change before commencing on the order. There will be no surprises.
  6. You will respond to a referral within 24 hours, or the referral will be removed and given to someone else.
  7. In order to claim a county you will have an office within one hour driving time or 75 miles of the register of deeds for that county.
  8. If an order gets cancelled, you will pay $150.00 fee to the agent that did the work.
  9. If there is a claim on the final policy it is the responsibility alone of the company issuing the final policy and the underwriter that the policy is issued on.
  10. You will treat all referrals as if they were your best customer and deliver quality and timely work.
  11. If you don't comply with the above Standards and Practices it is cause for removal from the site.
 
Failure to deliver on any of the above is cause for removal from the web site.
 
TiTAN IS A PORTAL FOR REFERRAL TRANSACTIONS. MEMBERS ARE
ADVISED THAT WORKSHARE ARRANGEMENTS AND FEES
MAY BE SUBJECT  TO RESPA AND APPLICABLE STATE INSURANCE
REGULATIONS.  TiTAN DOES NOT ASSUME RESPONSIBILITY FOR  NOR
WARRANT COMPLIANCE WITH RESPA OR APPLICABLE STATE LAWS.
RESPA Opinion
The question has been posed to the TiTAN Group as to whether or not the TiTAN referral network has the potential of violating any RESPA guidelines. Four of the Members of TiTAN are Attorney’s that have worked within the title insurance industry for over 80 years collectively. As you can imagine, this is an area that the Titan Group reviewed extensively before formation.
 
The US Department of Housing and Development (HUD) has published guidelines that specifically address and answer this question.
 
As most of us are aware by now, Section 8(a) of the Real Estate Settlement Procedures Act (RESPA) prohibits any person from giving or accepting any fee, kickback, or thing of value for the referral of settlement service business involving a federally regulated mortgage loan. (See 12 U.S.C. 2607(a).) Section 8(b) of RESPA prohibits any person from giving or accepting any portion, split or percentage for the rendering of a settlement service other than for services actually performed. (See U.S.C 2607(b).)
 
There are two exemptions to the Section 8 prohibitions against compensated referrals. The first being covered transactions involving payments for title insurance services actually performed. Section 8(c)(1)(B) specifically exempts payments of a fee for work actually performed in the issuance of a policy of title insurance. Section 8(c)(2) further exempts “payment to any person of a bona fide salary or compensation or other payment for goods or facilities actually furnished or for services actually performed.” (See 24 CFR 3500.14(g)(1).)
 
Congress stated its intent that Section 8 of RESPA did not prohibit payments by title insurance companies for “goods furnished or services actually rendered, so long as the payment bears a reasonable relationship to the value of the goods or services received by the person or company making the payment.” (H. Rep. No. 1177, 93d Cong., 2nd Section 1974 at 7-8.
 
The TiTAN Referral Network is not designed to monitor the structure of transactions coordinated through the network.   Our mission is to serve as a nationwide connector for title insurance Agents. As the initial “connector” of the parties, our concept of the transaction falls clearly within the RESPA exceptions for payment based on work or services “actually performed”.  
 
As to individual transactions subject to RESPA that are coordinated through TiTAN, normal RESPA considerations apply and the parties should insure that any fee splits are consonant with work performed. We would urge anyone considering using the network to review the RESPA guidelines and structure their transactions with this in mind.
 
Further information regarding this issue can be reviewed on the US Department of Housing and Urban Development’s Web site at: 
 

TiTAN ENDORSES ALTA PRINCIPLES OF FAIR CONDUCT

1. To engage only in business practices that are lawful and consistent with a high standard of ethical behavior.

2. To encourage a culture of compliance within their organizations for federal and state laws that govern the title insurance business and for these Principles.

3. To treat consumers in a fair and ethical manner.

4. To provide consumers with timely and comprehensive information regarding their policies, services, products, and prices so as to enable consumers to shop effectively among providers of title-related services.

5. To encourage and assist consumers to be educated purchasers of title insurance and title-related services.

 

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