Posted by grapebed on 10/15/12 12:12pm
Msg #438619

Vetted by Secure Settlements. Now what?

I have been successfully vetted by Secure Settlements. The results have been sent to the Mortgage company that
made the request. Now what? Is this a legitimate credential that either my current or potential clients care about?

Is there any marketing value to this process worth sharing with Title Companies or Mortgage Companies?

Thanks in advance for your responses

Reply by Pat/IL on 10/15/12 2:02pm
Msg #438634

The vetting of title aggents and their subcontractors and most other suppliers of services to banks and non-bank mortgage originators, is an issue currently under the consideration of the Consumer Financial Protection Bureau (CFPB), the new bureau created under Dodd-Frank.

The National Association of Independent Land Title Agents (NAILTA) has taken a great interest in the issue, and has been meeting with the CFPB, and anyone else who will listen, to express concerns and to learn more about future requirements under consideration by the CFPB.

To answer your question, I doubt the vetting will hold any value beyond the lender who requested it at this time, but I could be wrong. You can learn a lot more by visiting NAILTA's website. They have the issue front and center on their home page, with a link to their white paper on the subject, so you won't have to search too hard to find it. http://www.nailta.org

Since you have gone through the vetting process, I think they might be interested in hearing from you with regard to Secure Settlements.

Reply by Pro Mobile Notary on 10/15/12 2:18pm
Msg #438637

I have been following this with great interest as I have always felt this was a serious conflict of interest.

My sense of it all is CFPB will put an end to what they are doing.