The Dodd-Frank Act, which established the Consumer Financial Protection Bureau (CFPB), recently released a new litany of requirements including new lending standards, mortgage forms, compensation requirements, closing documents, disclosures, et cetera. The CFPB transformed financial regulatory agencies nationwide, attempting to stanch another disaster such as the 2007-2010 financial crisis.

The changes tighten the bond between the title and lending parties, demanding closer communication and cooperation. Because all parties are regularly communicating, the closing transaction is smoother with fewer delays and surprises to the consumer. The consumer will also benefit from greater personal information security throughout the entire transaction.

Along with the CFPB federal regulations, the staff at Real Estate Closing Solutions (RECS) has implemented the American Land Title Association (ALTA) Title Insurance and Settlement Best Practices guidelines, which include detailed policy, procedures, and employee training on the following:

  • Licensing Requirements and Compliance
  • Escrow/Trust Accounting Controls
  • Consumer Privacy and Information Security
  • Federal and State Consumer Laws
  • Title Policies and Timely Remittances
  • Professional Liability Insurance and Fidelity Coverages
  • Consumer Complaints
  • ALTA’s Principles of Fair Conduct
  • Expanded Lender Protections through higher insurance coverages that exceed minimums required by state regulators and title underwriters
  • Errors and Omissions Coverages
  • Fidelity Bonds
  • Escrow Security Bonds and Cyber Liability Policy
  • Received high marks/grades on audits from our national title underwriters
  • Continue to work closely with title and closing software vendor to ensure a timely transition and integration of the CFPB’s final RESPA-TILA integration rule and associated Closing Disclosure forms, to include the Loan Estimate, Good Faith Estimate (GFE) and Truth-in-Lending (TIL).

“We clearly understand that in the eyes of the borrower our company is a natural extension of the lender’s services” says Dana Ward, owner of Real Estate Closing Solutions “We take our responsibility to protect both consumer and lender’s risks very seriously.” The above listed practices give clients and Realtors peace of mind, knowing that RECS has implemented safeguards as necessary to create a safe and pleasant real estate transaction. In fact, Secured Settlement, Inc., and ALTA both recognized RECS with certifications for enhanced title and closing protections. Named in 2014 as one of America’s fastest growing private companies, Real Estate Closing Solutions strives to exceed all expectations in security, compliance, and ease of real estate transactions.

About RECSFL: Real Estate Closing Solutions is a full-service independently owned statewide agency offering a complete range of title insurance and escrow closing services supported by the financial strength of multiple national title underwriters.