While we believe the program is compliant with regulations in all states where we are offering it, we are delaying the program in California and Utah in an abundance of caution.
Miami, Fla. (PRWEB) November 26, 2014
North American Title Co.(NAT) will delay its rollout of identity theft repair coverage in California and Utah as it seeks answers to regulatory compliance questions raised in those two states. The company believes the new program – which provides free identity theft repair coverage via AllClear ID to its customers for one year after closing – is compliant and offers significant benefits to consumers.
The AllClear Guarantee is being offered to all individual home buyer, seller and refinance customers who close with NAT on or after Dec. 1, 2014.
“When North American Title learned about the AllClear Guarantee program, we knew it would be in the best interest for consumers who close with us,” said Tom Fischer, NAT president. “Identity theft is a significant financial problem for millions of consumers every year. With this program, our customers who experience identity theft can have their credit restored and will be assisted to recover losses from the theft.
“We reviewed the program very carefully and believe it is compliant with regulations in all states where we have offices and will be offering the program,” added Fischer. “However, we are delaying the program in California and Utah in an abundance of caution as we have received questions about its regulatory compliance.”
NAT will continue to offer the program to customers who close in its other offices and will make additional announcements as the issue is resolved in California and Utah.
About North American Title
With well over 1,000 associates and a vast network of branches from coast to coast, North American Title (NAT) is among the largest real estate settlement service providers in the United States. Consisting of both agent and underwriter operations, NAT reported annual net revenues in fiscal 2013 of $185 million. The company also has the resources and stability of a wholly owned subsidiary of an S&P 500 company with over $11.0 billion in assets (fiscal quarter ending Nov. 30, 2013). North American Title’s agency network operates nationally under the name North American Title Co. (NATC), and is located in 18 of the fastest-growing states: Arizona, California, Colorado, Delaware, Florida, Illinois, Indiana, Maryland, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Texas, Utah, Virginia and Washington, D.C. Through our relationship with our expanding affiliate network, NATC provides real estate settlement services in all 50 states. NAT is headquartered in Miami, Fla. To learn more, visit http://www.nat.com