This is the first episode in a series detailing ALTA’s Best Practices which were promulgated in response to the CFPB. Over the coming months, we will break down all seven Best Practices and attempt to provide information detailing what things need to be done in order to be in compliance with the new regulations promoted by the CFPB. Please know this. . .we are all in the same boat. With the exception of Best Practice #4 related to settlements, we in the Title Agency business have to comply with the same sets of rules that you all do as Closing Attorneys.
Equally important to maintaining the licenses is establishing written procedures that assign responsibility to certain person or persons so that the licenses are properly maintained. If you are audited by a Lender, they will want to see these written procedures.
Also in this edition…