October 17, 2012
Important New Developments Regarding Lender Vetting Concerns
CFPB Looking Into This New Practice
There have been several recent developments you should be aware of regarding third party lender vetting companies. First, the American Land Title Association (ALTA) met last week with the staff at the Consumer Financial Protection Bureau (CFPB). They are aware of this issue and are looking into it and considering their options after assuring ALTA it was not written with the title industry in mind. Read More »
Warehouse Lender Indicates January Deadline is Flexible
ALTA also issued an advocacy update last week with two other pieces of important information. First, they have information from at least one warehouse lender who has indicated that the January 2013 deadline to sign up is not a firm date and that they don't intend to have anyone lose business because an agent hasn't signed up with the vetting company. Read More »
ALTA Rolls Out Best Practices as Vetting Alternative
ALTA also rolled out a summary of Title Insurance and Settlement Company Best Practices, which they have developed in response to the concerns lenders have with managing their relationships with outside vendors, such as title companies. Read More »
Reminder: Signing Short Sale Affidavits Violates P-35
In March, TDI Commissioner Eleanor Kitzman issued an order confirming that the short sale affidavits settlement agents are sometimes being asked to sign are a violation of P-35. The order states that, "Requiring title agents to execute short sale affidavits violates P-35 as written. Short sale affidavits seek assurances beyond the expected scope of title agents' knowledge." You can read the portion of the order that addresses this issue on item 9, page three here and a more detailed compliance update from TLTA here.
Donate to TLTAbay Today - We Need Your Support!
The TLTAbay online auction is an annual fundraiser benefiting the TLTAPAC. This year's auction will begin on Thursday, November 8 and run through Thursday, November 15. We need your help to secure auction items and ensure another spectacular year. Suggested donation items include: electronics, gift cards, sporting event tickets, travel vouchers, vacations, spa packages and jewelry. Don't know what to donate? You can make a monetary donation and we'll do the shopping for you! Read more about the auction and make a donation here or contact Ryan Poulos for more information.