The Michigan Department of Insurance and Financial Services has suspended two title insurance agents for mishandling customers’ escrow funds. The move comes after an investigation revealed that customers who had paid taxes, utilities, and liens through escrow accounts managed by the agents were notified those payments were not made.
The agents in question are Tobby Jablonski and Rand Sre, who run Peak Title Agency Co and Peak Title of Michigan Inc., respectively. Both had their insurance producer licenses suspended starting July 1. They now have 30 days to request an administrative hearing if they want to challenge the suspensions.
DIFS Director Anita Fox said the agency took swift action to protect consumers. She stressed the importance of title agencies following the law and properly handling customer money. The department’s investigation made it clear that immediate intervention was necessary to prevent further risk to customers.
This case highlights the critical need for oversight in how title agencies manage escrow funds, which are meant to cover important expenses like taxes and liens in real estate transactions. For those who use these services, it’s a reminder to stay alert and ensure their money is being handled responsibly.
The official summary suspension order is available on the Michigan Department of Insurance and Financial Services website for public review.