It’s been a busy few months at TLTA and I wanted to take a moment to update you on what’s been happening behind the scenes.
We at TLTA understand that digesting and figuring out how to get up to speed with the new ALTA Best Practices can be a daunting task. My company has been grappling with it as well, and one of my goals this year as president is to demystify that process as much as possible and break it down into manageable steps for agents. It’s a worthy goal, but one that is not easily attained and it will take time. As I work through the best practices for my company, I realize there will always be a practice that tops my company’s practices, so I am working on “better” practices.
TLTA got its 2014-2015 year underway last month, and I'm honored to be serving as your new president. First, I'd like to send a personal thank you to those who volunteered to help TLTA with its many tasks and services last year. It was a successful year under Joe Grealish's leadership. Second, a big thank you to those of you who volunteered this year. It is because of your willingness to share your ideas, expertise and time that I expect TLTA and our industry in general to have another good year.
As we make our way through the first half of 2014, I'm excited to update you on some of the things TLTA is working on, and provide clarification on questions we regularly receive.
We continue to provide feedback to the Consumer Financial Protection Bureau (CFPB) on its rules to combine mortgage settlement disclosures. Last month, we submitted comments to the Bureau highlighting certain issues, such as late arrivals of lender closing instructions, a confusing and over-inclusive APR, and consumer privacy concerns. We also stressed the importance of allowing the mortgage and settlement service industry time to adjust before any new rules or regulations are contemplated by the CFPB and emphasized the importance of the neutral 3rd party settlement agent in the closing process.