Best Practices - What is it and why should you care?
On April 13, 2012, the Consumer Financial Protection Bureau (CFPB) issued Bulletin 2012-03, which outlined the CFPB's expectations for business relationships between lenders and service providors as well as the CFPB's authority over them. The CFPB expects lenders to oversee relationships with their service providers to ensure that they comply with federal consumer laws and operate in a manner to protect consumers.
To help lenders meet the CFPB's expectations regarding title and settlement providors, the American Land Title Assocation (ALTA) developed the best practices to highlight policies and procedures the industry exercises to protect lenders and consumer, while ensuring a positive and compliant real estate settlement experience.
Best Practices Compliance - What have we done?
The American Land Title Association (ALTA) set the benchmark for real estate settlement and mortgage lending industries with creating the standards for Best Practices. They illuminate the high level of professionalism that ALTA members follow to protect consumers and businesses in the real estate and mortgage settlement. Plunkett & Graver, P.C. has implemented thesse best practices explained below to ensure a positive and compliant real estate settlement expeirence.