In response to the CFPB regulations to take effect August 1, 2015, each title insurance and settlement company must determine its own course based on its size, characteristics, nature and scope. At Lakeside Title Company, we will continue to implement changes to best facilitate the needs of our valued Lenders and Realtors. Consumers can feel confident that we are protecting them and their real estate.
In order to prepare for the August 2015 CFPB regulations, the American Land Title Association (ALTA) strongly urged title insurance and settlement companies to adopt, establish and maintain the following 7 Best Practices Pillars:
- Pillar #1 Licensing
- Pillar #2 Escrow Trust Accounting
- Pillar #3 Privacy & Information Security
- Pillar #4 Settlement Processes
- Pillar #5 Policy Production
- Pillar #6 Insurance Coverage
- Pillar #7 Consumer Complaints
All industries experience change and must deal with new regulations and laws. The title industry is no stranger to these changes. In 2010 we implemented a new HUD. Some of the “new” Best Practice requirements are actually more than a decade old, but may not have applied to the title insurance agents, per se. With success comes a higher bar. Lakeside Title Company chooses to view these changes as an opportunity to showcase our strengths. We believe these standards have made us a better company. Our early compliance sets us apart from other title companies. We are ahead of the technology curve in our industry and will continue to make investments that benefit our customers.
The clock is ticking for other title companies, but Lakeside Title is ahead of the game. We are ready for August 1, 2015. We are already able to provide lenders a dependable solution for their compliance concerns. We are fully vetted by many lenders’ preferred vetting compliance companies. We will continue to make sure we can close loans for any lender without concern for compliance issues. Lakeside Title Company is CFPB compliant, thorough, friendly, flexible, and fast. Why not work with a title company who is ready for the August 1, 2015 changes? We hope to see you at a Lakeside Title settlement table soon!