Yesterday, the Consumer Financial Protection Bureau (CFPB) released its final rule for integrated mortgage disclosures. Because of your advocacy to the CFPB as a member of the Title Action Network (TAN), the rule accommodates many TAN recommendations. First, for nearly two years TAN has expressed concern about the CFPB’s three-day rule. You made it clear that without flexibility the rule could cause costly unnecessary delays to closing that hurt consumers. TAN members successfully encouraged more than 80 members of the U.S. House of Representatives to sign onto a letter by Representatives Stivers (R-OH) and Perlmutter (D-CO) urging the CFPB to provide the needed flexibility to avoid costly delays to closing. The CFPB listened to your concerns. The new CFPB regulation will provide needed flexibility and prevent harmful delays for homebuyers. Please take a minute to call Representative Stivers (202-225-2015) and Representative Perlmutter (202-225-5278) today and thank them for their efforts on behalf of the industry and consumers. Second, because of your efforts the Bureau’s final regulation helps preserve the role of the settlement agent in the real estate transaction. It says: “The final rule acknowledges settlement agents’ longstanding involvement in the closing of real estate…” Third, the CFPB listened to TAN members and will provide 21-months to implement the new rules. This will give industry professionals time to adapt to practices, train staff and educate consumers. However, we will need you again in the near future. We are concerned that the CFPB forms will tell consumers that owners title insurance is optional. We are also concerned that even though the Bureau highlighted the historic role of our industry at the closing table, other parts of the regulation could undermine this intent. We have much work to do to advocate to consumers, real estate agents, lenders, legislators and regulators on our vital role as the trusted third party at the closing table. We will be communicating with you more over the coming months about this regulation. Looking ahead, it is more important than ever to present a unified and energized voice on behalf of the land title insurance industry. By remaining an active member of TAN, you will help accomplish that task.
Posted on: Thu, 21 Nov 2013 17:11:00 +0000
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