Waves of change have crashed into the regulatory environment that governs the mortgage finance and settlement industries over the past few years. With the market in a constant state of transformation, businesses need stability.
The CFPB has issued new regulations that will take affect this August, restructuring the disclosure and closing process for the mortgage industry. With these changes, ALTA members will need to make appropriate adjustments to remain competitive.
All businesses and employees will be impacted by these changes, which is why Baillie & Hershman P.C. Law has adopted the “Best Practices” set forth by ALTA to facilitate title & settlement service providers.
According to ALTA, “The comprehensive requirements of the American Land Title Associations (ALTA) Best Practices framework were developed to be the solution for mortgage lenders nationwide in meeting the regulatory requirements imposed by the Consumer Financial Protection Bureau (CFPB) in 2012. The CFPB requires that mortgage lenders have an effective process in place for managing the risks of their third-party service provider relationships, to include settlement attorneys and title agents.”
More companies are calling upon Attorney Hershman and our firm because businesses want to assure their lenders with the dependability that we can provide in regards to their ALTA Best Practices compliance. For this critical compliance mandate, partner with Baillie & Hershman P.C. Law.