The National Association of Independent Land Title Agents (NAILTA) met with officials from the Consumer Financial Protection Bureau (CFPB) on October 1, 2012 to discuss CFPB Bulletin 2012-03, the Service Provider Bulletin and third party vetting companies. As a result of that meeting, NAILTA’s Policy and Legal Affairs Committee decided to prepare a comprehensive supplemental…
As reported earlier, other vetting companies are already beginning to pop up. Here is a couple examples below:
Secure Settlements, Inc. provided a response to NAILTA’s white paper entitled, “Third Party Vetting Companies: Are they Legal or Necessary?”. In the letter, SSI argues that its vetting process, although not regulated by any administrative authority and not a test of agency competence, complies with the standards established by CFPB in its Bulletin 2012-03. SSI…
The Escrow Institute of California issues their white paper on the topic of title agent vetting. The paper outlines the group’s position against third-party vetting companies like Secure Settlements, Inc., arguing that escrow agents in California are subject to more than sufficient regulatory oversight already. Escrow Institute of California Secure Settlements is a third party…
Right now, some of the biggest banks in the United States are making plans (or have executed plans) to send their refinance business exclusively to a small and select list of national title companies underwritten by the largest title insurance underwriters in the country. For many of you, that means the potential loss of banking…
The Consumer Financial Protection Bureau has just released today a notice of proposed rulemaking to modify the HUD-1 Settlement Statement and mortgage disclosures associated with real estate closings involving federally-related mortgage loans. In other words, this is the change that everyone will have to comply with. To view the proposal please click here: A detailed summary…
The Consumer Financial Protection Bureau “CFPB” released the “Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act“ (Regulation Z) proposed rule today. The CFPB is asking the public to comment on the rule on or before November 6, 2012 with the exception of 12 CFR 1026.1(c) and 1024.4 in which comments are…
Consumer Financial Protection Bureau (CFPB) has released the third draft of a new Settlement Statement form that combines TIL disclosures and the HUD-1 to explain final loan terms and closing costs to consumers. There are two drafts of the new, combined form, Butternut and Hemlock. CFPB is again asking for your input on how these final-stage closing forms…
