About 3,500 state residents will get refunds totaling $393,000 from title insurance companies and agents, according to the state’s Department of Regulatory Agencies.
The refunds are the result of an audit of about 14,000 residential closings in 2007 and early 2008 that found “significant errors in the calculation of title insurance rates,” DORA said.
As a result of the investigation, Chicago Title Insurance and its agents, as well as Fidelity National Title Insurance, agreed to refund overpayments to consumers of $381,000 and $12,500.
The error was identified following an audit of all title insurance files for policies issued in 2007 and for the first two months of 2008, said Colorado Commissioner of Insurance Marcy Morrison .
Refunds will range from $25 to $1,500, DORA said, advising consumers to call the state at (303) 894-7499 for more information or to file a complaint.