The National Association of Independent Land Title Agents (NAILTA) has joined with the Escrow Institute of California (EIC) and American Escrow Association (AEA) to participate in the Consumer Mortgage Coalition (CMC) in an effort to address third party vetting issues. The CMC is a coalition of trade organizations from the banking and finance sectors which when combined with title and escrow organizations comprises one of the largest real estate settlement coalitions in the United States. The goal of this coalition is to continue to highlight the harms of third party vetting companies and to help reduce any remaining incentives for their use. The Consumer Financial Protection Bureau (CFPB) is readying important changes to the HUD-1 Settlement Statement and Good Faith Estimate and has authored several important policy bulletins leaving open the possibility that third party vetting companies might again impose unnecessary and duplicative certification burdens on title and escrow agents across the United States. NAILTA and the EIC will continue to monitor these developments and advocate against any third party vetting requirement.
