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What’s On ALTA’s Plate In 2014: An Update From Brian Pitman

One of the keynotes at the 2014 ATIM Conference in Portland was an update from Brian Pitman, President of Texas-based Independence Title  and a member of the Board of Governors for ALTA.

Brian did a great job summarizing the hot button issues ALTA’s working on.

If you’ve been a regular at ALTA Conferences most of the material Brian talks about won’t be new.  My anecdotal observation is that the title underwriters and larger title agencies are well informed about these issues.  Not so sure about the smaller and mid-sized title agencies, who seem a tad complacent, in our humble opinion.

Big or small, the changes sweeping the industry are relevant.

Life. Will. Be. Different…

For those of you that couldn’t make it to ATIM and are interested in what Brian had to say, we’ve saved a copy of Brian’s ATIM presentation on the String web site.

And, even better, we’ve summarized the deck for you below.

CFPB’s April 2012 bulletin

Is there anyone in the title or mortgage industry that does not know about the CFPB?  Or how its actions are leading to dramatic (traumatic?) change in the industry?

While the CFPB does not have DIRECT oversight of title agents, they do have direct oversight over mortgage lenders.  In April 2012, the CFPB issued a bulletin stating that “lenders are responsible and liable for acts of third-party service providers that harm consumers”.

Good news:  The aforementioned principle is not new.  As an ex-CFPB top honcho told us personally: “The CFPB April 2012 bulletin was merely reiterating OCC bulletin from a decade ago”.

Bad news:  However, what is NEW is the ENFORCEABILITY power vested in the CFPB.

And, as the actions against American Express ($85M), Discover ($200M) and Capital One ($210M) have demonstrated, the CFPB’s not just packing heat, but willing to use it.

ALTA’s Best Practices Framework

ALTA has developed a series of Best Practices  and a bunch of resources to  help implement these Best Practices: Video tutorials,  Assessment toolkits and Workbooks

CFPB & The New Integrated Disclosures

CFPB has proposed two new Integrated Disclosures for mortgage lending, to be implemented by August 1, 2015.  These changes are not trivial – per CFPB’s own estimate, implementing these new disclosure forms will cost industry $1.37B.

The two new forms are the:

CFPB eClosing Pilot

Another CFPB initiative referenced by Brian was the CFPB eClosing Pilot based on their survey/ assessment of the mortgage closing process.

The CFPB has recently announced the 12 firms chosen for their eClosing Pilot, which include:

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