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.
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 model.