CFPB Seeking Public Comment Concerning “Pain Points” at Closing

The Consumer Financial Protection Bureau (CFPB) is seeking additional comments from the settlement services industry and consumers to assist its understanding and regulation over the real estate closing process. The CFPB recently introduced a Notice and Request for Comment to the public. Through this notice, the CFPB is looking for market participants and consumers to…

Merger between FNF and LPS is not unexpected

As reported here earlier in September this year, the  proposed merger of the world’s largest title insurance underwriter, Fidelity National Financial (parent of Fidelity Title, Chicago Title, Lawyers Title and Commonwealth Title), and the country’s largest mortgage servicer, Lender Processing Services, is not unexpected. The original deal would merge the two giants into a “cradle-to-grave” mortgage services platform…

NAILTA Supports: The 21st Century Glass-Steagall Act: H.R. 3711 and S. 1282:

Congress has introduced two pieces of bipartisan legislation known as the 21st Century Glass-Steagall Act – H.R. 3711 (co-sponsored by Rep. John Tierney (D-MA) and Walter Jones (R-NC)) and S. 1282 (co-sponsored by Sen. Elizabeth Warren (D-MA) and John McCain (R-AZ)) in an effort to reduce risks to the financial system by limiting banks’ ability to engage in certain risky activities and limiting conflicts of interest as well as reinstating certain Glass-Steagall Act protections that were previously repealed in 1999 by the Gramm-Leach-Bliley Act (GLB).

Both bills would act to prohibit banks from becoming an affiliate of an insurance company, including a title insurance company.

NAILTA Supports Another Extension of the MDRA Until 2015

NAILTA supports another extension of the Mortgage Forgiveness Debt Relief Act (MFDRA) through 2015.  Why is this important? Several reasons: The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of homeowners who go through foreclosure or leave their homes…

NAILTA President Speaks To NAIC: Time to Prohibit AfBAs is Now!

Yesterday, NAILTA President, Anthony L. Affatati, was invited to address the National Association of Insurance Commissioners (NAIC) in Washington DC during their Fall Meeting. NAIC is the consortium of each state’s department of insurance regulator which helps to draft rules regarding the industry. Currently, NAIC is working on draft rules regarding escrow account theft and…

Michigan Title Agents: NAILTA To Hold Organizational Meeting

Since 2008, NAILTA has helped to form state independent land title associations in Ohio, Indiana, New Jersey, Kentucky, Louisiana, Minnesota, and Arkansas. On January 15, 2014, we are inviting all interested independent land title agents and their independent-minded settlement service provider colleagues to attend an Organizational Meeting at the Hilton Hotel at the Grand Rapids…