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First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF) family of companies, today announced the launch of a new division designed to address the title, signing and settlement service needs of reverse mortgage lenders.  The Trusted Reverse Transactions division specializes exclusively in closing reverse mortgage loans, providing a single point of contact for nationwide coverage.

Reverse mortgage loans allow qualified homeowners who are 62 years or older to benefit from the equity in their homes by borrowing against that equity. The reverse mortgage industry has experienced a continual upward trend in volume since 2001. The settlement for reverse mortgage loans is often complicated because it may involve working with powers of attorney, probates and living trusts. The Trusted Reverse Transactions division’s highly skilled staff members understand all the nuances of reverse mortgages and deliver streamlined products and services with simplified pricing.

Carin Bucklin will lead the growth and development of the Trusted Reverse Transactions division in her role as the division’s new director. With more than 15 years of reverse mortgage experience, Bucklin has spoken at annual conferences for the National Reverse Mortgage Lenders Association (NRMLA) and its Learn While-U-Lunch program.  Bucklin also has hands-on experience with closing thousands of reverse mortgage transactions.

Toni Rossetta has joined First American as the division’s operations manager to oversee the daily activities and performance of the Trusted Reverse Transactions division. Rossetta has been in the title and escrow industry for 27 years, specializing in reverse mortgage for the last seven years.

“Reverse mortgage lenders have been asking for a dedicated, one-stop title and closing solution and we are proud to be meeting their needs,” said Patrick E. McLaughlin, president of Lenders Advantage^®. “Our team brings a highly developed skill set to this important and specialized segment of the mortgage industry. Combined with advanced technology, streamlined products and the financial strength of First American, we believe that the Trusted Reverse Transactions division fulfills a vital need among reverse mortgage lenders and their customers.”

The Trusted Reverse Transactions division provides nationwide coverage through its California office, coordinating its services with local First American branches, where required, to provide a seamless solution to national reverse mortgage lenders. In addition to offering a streamlined title insurance product that meets the requirements of a government-insured Home Equity Conversion Mortgage (HECM), the Trusted Reverse Transactions division provides homeowners with convenient signing options, including a fully screened mobile notary for home-based signings or online signing through its secure WebSigning platform.

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The injunction requires the companies to immediately stop sending any written notices or transmissions that could reasonably be interpreted as a compliance notice from a government entity.

In May, the attorney general’s office filed a complaint against the companies – most commonly known as Indiana Corporate Compliance – alleging multiple violations of Indiana’s Deceptive Commercial Solicitation Act. Individuals Aaron V. Williams and Lisa Diane Brown, both of California, were also named in the lawsuit.

Indiana Corporate Compliance had been sending letters to businesses all over Indiana under the guise of the Business Services Division of Indiana Secretary of State Todd Rokita’s office, citing a fictitious state law implying businesses were required to send up to $150 for record keeping services.

“The hazard this company poses to Indiana businesses is imminent and the courts did the right thing by recognizing that fact and granting the injunction. These companies can not continue to misrepresent themselves as a legal operation,” Zoeller said.

The Secretary of State’s office, which registers and certifies Indiana businesses, began an investigation as a result of complaints it received from businesses. A hearing will be scheduled to determine the total amount of damages, which could be awarded to those who were victims of the scam. At least 300 Indiana businesses received letters over a period of two years from Indiana Corporate Compliance and its affiliates.

Recipients of the letters reported believing the compliance notices were generated by a government agency and were misleading and confusing. As a result, the court found it reasonable that business owners would be confused and would comply with the notice.

State law requires periodic business entity reporting, but fees are only $30 every two years for for-profit entities and $10 every year for non-profit organizations. No business has reported receiving any services from Indiana Corporate Compliance.

After learning about the scam, Secretary of State Rokita issued warnings through the media, sent e-mails to Indiana businesses and posted warnings on his Web page to ignore the letter. Businesses wishing to check the validity of any mailing from the Indiana Secretary of State’s Business Services Division should contact the division online at www.in.gov/sos/business/.

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