Morris Manning & Martin, LLP

Staying Compliant with the CFPB Regulations

01.16.2014

Morris, Manning & Martin has been working hard to ensure our ongoing compliance with the latest CFPB regulations and know you’re doing the same. To help you stay ahead of the game, we’ve compiled a few of the key rules and requirements affecting lenders, service providers and title agents, along with the newest industry recommendations for maintaining quality and compliance.

How will the latest CFPB regulations affect you?

Under the Consumer Financial Protection Bureau (CFPB) regulations, there are a number of recent rules that affect both bank and non-bank lenders. Two regulations that will greatly impact your real estate transactions are the integrated disclosure rule, which proscribes both how and where lenders must provide loan and closing information to borrowers, and the April 2012 service provider bulletin, which requires lenders to maintain ongoing oversight over their service providers to ensure their compliance with consumer financial law.

With ALTA’s best practices, title agents can better serve you while staying CFPB-compliant.

In July 2013, the American Land Title Association® (ALTA®) released its Title Insurance and Settlement Company Best Practices guide for independent agents. These guidelines advise agents to ensure quality service and CFPB compliance by establishing written procedures and controls for their title policy, escrow and real estate settlement processes, as well as maintaining all industry-mandated licenses and insurance coverage required to conduct business.

Find a service provider you can trust.

As a Stewart Trusted Provider, Morris, Manning & Martin has been verified by what our underwriter believes to be the industry’s most rigorous vetting process. In order to qualify as a Stewart Trusted Provider, we’ve passed an intensive due-diligence screening and undergone strict, ongoing monitoring to ensure we meet the highest standards for quality and compliance. Lenders and consumers can depend on Stewart Trusted Providers to provide a quality experience throughout the real estate transaction process consistent with the coverage provided in Stewart’s Closing Protection Letters and Policies of Title Insurance as issued. When you see the Stewart Trusted Provider seal, you’ll know you’ve found a provider you can trust. Visit stewart.com/agencytrust to learn more about the screening and monitoring we’ve undergone.

Visit stewart.com/cfpb to learn more about the CFPB and ALTA Best Practices, or contact me at Morris, Manning & Martin with questions about the CFPB regulations.