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.