NAILTA responds to Secure Settlements, Inc – White Paper Response

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 responds to NAILTA White Paper NAILTA response letter to SSI NAILTA responded to SSI’s letter pointing out that the position of its white paper entitled, “Third Party Vetting Companies: Are they Legal or Necessary?”, was unmoved by the SSI response letter.  Pointing to the various federal and state laws that may have been violated in the construction of SSI’s vetting system, NAILTA points out that SSI does not demonstrate a step forward for the title insurance industry.  NAILTA also disclosed that SSI may have violated two NAILTA Canons of Ethics in the process of constructing its business...

Escrow Institute of California releases agent vetting white paper

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 vetting company that has “popped up” due to what  they feel is an unintended consequence from a recent Consumer Finance Protection Bureau (CFPB) bulletin.  Click here to view this Bulletin 2012-03 in it’s entirety. The Consumer Financial Protection Bureau (CFPB) expects supervised banks and nonbanks to oversee their business relationships with service providers in a manner that ensures compliance with Federal consumer Financial law, which is designed to protect the interests of consumers and avoid consumer harm. Click here for NAILTA’s white paper.  ...