On April 13, 2012, the Consumer Financial Protection Bureau (CFPB) authored an advisory bulletin known as CFPB Bulletin 2012-03 which provides the following expectation:
“The CFPB expects supervised banks and nonbanks to have an effective process for managing the risk of service provider relationships.”
Below is the list that will prove to make all things in the Real Estate, Mortgage
and Title Insurance industry bullet-proof. I submit for your perusal THE LIST of THE NINE (9) QC controls that are destined to change lending forever. As long as the title person initials next to all the statements fraud and all negative issues in Real Estate will be wiped out forever. (see picture on right). Welcome to Dodd Frank and the Secure Settlements answer to CFPB and the vetting of agents.
Agent personally attended and conducted the closing. ______
Agent verified photo ID for all parties at closing _____
Agent aware of no intervening contract flips at closing _____
Agent aware of no cash outside of HUD-1 at closing _____
Agent aware of no undisclosed Post-Closing agreements _____
Agent followed all of Lenders closing instructions _____
Agent disbursed all funds to parties listed on HUD-1 only _____
Agent made no changes to HUD-1 not approved by the lender _____
Agent has no actual knowledge of any fraud at closing _____
I was actually contemplating placing “snarky” comments next to each of the above but I did not want to further insult your business acumen nor your intelligence any more than our industry has already been offended. I think you can come up with your own, you won’t need my help. These are Title 101, Notary 101 and frankly embarrassing in the grand nature of our industry.
The ongoing debate continues, we all have an opportunity to shape the final wording of the CFBP, now is the time to get involved. My father always said, “If you don’t vote you don’t get a voice afterwards either.”
AYFKM, this is the best security that $299.00 per agent can buy?
What are your thoughts!!
From my family to yours, from Title Insurance commitment to policy, all our very best! Take at least a moment each day to smile and laugh, then call Family Abstract for all your title needs in PA, NJ, MD and FL. At Family Abstract, Inc. We look forward to making you, and your clients smile very day, especially the day of settlement. Please like us on Facebook, Please “Plus 1 us on Google, and in the end, PLEASE give us the honor and privilege of doing title insurance for you or your clients.
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