The Consumer Finance Protection Bureau (CFPB) has enacted new RESPA regulations which will require all residential lenders to insure that their vendors, including settlement agents, are in compliance with new requirements for the security of closings and borrower’s non-public information. As a result of these regulations, the American Land Title Association has promulgated “ALTA Best Practices” . My office is fully in compliance with ALTA’s Best Practices as follows:
- Licensing – I am licensed as an Attorney with the Commonwealth of Massachusetts and maintain insurance licensing for title insurance in Massachusetts and Rhode Island;
- Escrow Account – My office has adopted and maintains appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation
- Privacy and Security – My office has adopted and maintains a written privacy and information security program to protect Non-public Personal Information (NPI) as required by local, state and federal law
- Recording and Pricing – My office has adopted standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement process
- Policy Issuance – My office has adopted and maintains written procedures related to title policy production, delivery, reporting and premium remittance
- Insurance – My office maintains appropriate professional liability insurance and fidelity coverage
- Customer Complaints – My office has adopted and maintains procedures for resolving consumer complaints.
The security of the non-public information of your residential lending customers continues to be of the highest importance to my office.