CFPB Redress

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Recently Meridian Title Corp. has settled and entered into a Consent Order with the Consumer Financial Protection Bureau ( CFPB ) that dealt with Meridian’s relationship with our affiliated domestic Title Insurance Underwriter, Arsenal Insurance Corporation (Arsenal). This relationship required that under the federal Real Estate Settlement Procedures Act of 1974 (RESPA) an affiliated business arrangement disclosure form (AfBA Form 3500D) be provided to certain parties who purchased an Arsenal title policy from Meridian during the years of 2014-2016. To correct this technical disclosure form deficiency during the applicable period of time, Meridian has agreed to provide a small monetary refund to certain parties the CFPB identified as consumer redress.  Not all transactions qualify for this refund as refunds are only eligible on transactions identified by the CFPB.

 This process will take a matter of months to facilitate. The Consent Order itself has certain time-lines that are set out, but Meridian Title will work with the CFPB to finalize the details and timing of the contemplated consumer redress for those identified consumers.  Once the timing is known and details are finalized, based on regulatory guidance from the CFPB, Meridian Title will contact eligible customers with specific information regarding the refund process.

 On a point of clarity, Meridian Title has contracts with a number of Underwriters to help service our clients at the highest level and this redress will not affect any party that has been insured by any of these other Underwriters. Only a policy issued by Arsenal Insurance Corporation will be subject to the consumer redress process.