The QI File

Qualified Intermediary

IPX1031

Investment Property Exchange Services, Inc. · Parent: Fidelity National Financial, Inc. (NYSE: FNF)

FEA membership
FEA member
CES® holders
Teresa Fluegel, CES®; Ross Fong, CES®; James Callejas, CES®; Ron Ricard, CES®
Fidelity bond
$100 million fidelity bond
E&O / other cover
$30 million errors and omissions insurance
How funds are held
Segregated
Dual-signature wires
Dual-signature
Reverse / improvement / DST
Reverse Yes · Improvement Yes · DST Yes
Last sourced
2026-09-05

Other published coverage

$50 million third-party corporate performance guaranty

Fund handling

Segregated accounts for the named exchanger, using the exchanger’s taxpayer identification number. The firm says disbursements require written authorization from the exchanger and dual authorization controlled by a separate banking division; sales and administrative staff have no authority to transfer funds.

Who it is for

Nationwide delayed, simultaneous, improvement, and reverse exchanges, including exchanges that use fractional replacement property such as DST interests. Class of buyer is not limited to a single channel; IPX markets to individual investors and advisors through a national office network. A DST interest is a securities offering; IPX’s published role is Qualified Intermediary, not DST sponsor.

Verdict

This is the title-company QI at institutional scale. The published stack — FNF parent, $100 million fidelity bond, $50 million performance guaranty, $30 million E&O, segregated TIN accounts, and a banking division that sales staff cannot wire from — is the custody argument, not the ‘best QI’ copy. Bonds and guaranties have terms, exclusions, and claim mechanics the marketing page does not reprint. Ask for the current declarations and whether your wire still needs two people after the sales executive leaves the room.

Notes

IPX1031 is the trade name of Investment Property Exchange Services, Inc., a wholly owned subsidiary of Fidelity National Financial. The firm’s own security pages are unusually specific: dollar amounts, TIN-titled segregated accounts, and a split between sales staff and the banking division that actually moves money.

The same pages market delayed, simultaneous, improvement, and reverse exchanges and a “leadership role” at the Federation of Exchange Accommodators. FEA membership is a trade-association fact, not a federal license and not a ranking.

IPX’s 2026 fractional-investments page treats Delaware Statutory Trust interests as a 1031 replacement-property structure the firm helps exchangers complete. That is QI administration into a DST, not an IPX-sponsored securities offering. See QI and DST.

Sources

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