Affiliated business disclosure
How Ironwood is related to 1st Advantage Mortgage, and why you remain free to choose any title insurance provider.
Affiliated Business Arrangement Disclosure
Ironwood Title Group and 1st Advantage Mortgage Broker LLC are affiliated through common ownership. You are NOT required to use Ironwood Title Group as a condition of settlement of your loan on, or purchase of, any property.
This is to give you notice that 1st Advantage Mortgage Broker LLC (NMLS #2468711), doing business as 1st Advantage Mortgage, has a business relationship with Ironwood Title Group (Ironwood Title, LLC). The two companies are affiliated through common ownership. Because of this relationship, a referral from 1st Advantage Mortgage to Ironwood Title Group may provide 1st Advantage Mortgage a financial or other benefit.
Your right to shop. There are frequently other settlement service providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services.
Written disclosure. Borrowers referred to Ironwood Title Group by 1st Advantage Mortgage receive a separate written Affiliated Business Arrangement Disclosure Statement at or before the time of referral, as required by the federal rule on affiliated business arrangements. 12 CFR 1024.15 That signed statement, not this web page, is the official notice for your transaction.
What the disclosure means for you
A title insurance policy is a settlement service, and federal law treats referrals between companies that share owners as an affiliated business arrangement. Those arrangements are permitted when the relationship is disclosed, the consumer is not required to use the affiliated provider, and the only thing of value received from the arrangement, beyond payment for services actually performed, is a return on the ownership interest. 12 CFR 1024.15
Here is how that works in practice at Ironwood:
- Your loan approval, rate and terms with 1st Advantage Mortgage do not depend on whether you choose Ironwood.
- Your closing attorney may place your title insurance with any provider you choose. If you decline Ironwood, tell your attorney and your loan officer.
- Premiums for the same coverage in North Carolina come from the same filed rate schedule, so the decision is about service and preference. NC Department of Insurance, Title Insurance
- Separately, federal law says a seller may not require you to buy title insurance from a particular title company as a condition of selling you the home. 12 U.S.C. 2608 (RESPA Section 9)
Contact about this disclosure
Questions about the affiliation can be sent to orders@ironwoodtitlegroup.com. Questions about your loan should go to your loan officer, and questions about your legal rights should go to your closing attorney or your own counsel.
Ironwood Title Group: 5059 Overcrest Drive, Kannapolis, NC 28081; 704-737-7646; orders@ironwoodtitlegroup.com. NC Department of Insurance license #300-421-4515.
1st Advantage Mortgage: firstadvantagemortgage.com, NMLS #2468711.