Our company has been a leader in educating Realtors, industry associations and consumers on the new developments and requirements coming out of the Consumer Financial Protection Bureau (CFPB). As most of us know, there are new lending standards, mortgage forms, closing documents, disclosures, and lender’s expanded responsibilities to oversee their third-party service providers…just to name a few!

We clearly understand that in the eyes of the borrower our company is an extension of your company and your lender services. We take our responsibility to protect your monetary risks and your reputational risks very seriously.

Regulatory changes demand closer cooperation and communication between the title and lending industries. Here at Real Estate Closing Solutions we have been proactive to ensure our lender customers are comfortable with our expertise, company resources, financial backing and internal controls so that your borrower’s closings are safe, compliant and pleasurable.

Here are some of the steps we have taken:

  • Implemented the American Land Title Association’s “Title Insurance and Settlement Best Practices” guidelines which include detailed policy, procedures and employee training on:
  • 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 Coverage’s
  • Consumer Complaints
  • ALTA’s Principles of Fair Conduct
  • Expanded Lender Protections through higher insurance coverage’s that exceed minimums required by state regulators and title underwriters
  • Errors and Omissions Coverage’s
  • Fidelity Bond
  • Escrow Security Bond and Cyber Liability Policy
  • Received high marks/grades on audits from our national title underwriters
  • Continue to work closely with our 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).