In Brief: Norwest's TOP Program Not Insurance, Va. Rules

The Virginia Corporation Commission ruled last week that Norwest Mortgage's TOP program is not title insurance and therefore not subject to state regulation.

The decision contradicted 16 other states' rulings. All 16 have decided that the TOP program should be regulated as insurance is.

TOP was designed by Norwest as a substitute for title insurance. It gives guarantees to investors but has been dismissed by American Land Title Association officials as dangerous to consumers.

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