Posted by ToniK on 10/1/12 7:45am
Msg #436595

Vetting process is getting flack from Title Agents

So I came across some articles about the new CFPB vetting processes and Secure Settlement. Sounds like Closing agents, Title Agents, and mortgage brokers are fighting back.

http://www.clta.org/for-members/newsExpress/express1213/express_1213-31_091412.html
http://www.alta.org/advocacy/news.cfm?newsID=18916
http://activerain.com/blogsview/3452010/misinterpretation-cfpb-bulletin-2012-03-hurting-small-business-owners

Reply by MW/VA on 10/1/12 8:12am
Msg #436596

Good info. Thanks, Toni. Msg. 436507

from Brenda is a good read, too. IMO there's too much panic going on in the notary community when these new "requirements" surface.

Reply by ikando on 10/1/12 10:26am
Msg #436612

Re: Good info. Thanks, Toni. Msg. 436507

Is it feasible that the EPLS.gov process will suffice for the BGCs many SS and Title companies are requiring? If so, this could help we notaries having to pay for BGCs from several entities because each company has determined they need their own provider to conduct the checks. If everyone gets on board with this one government, free service, maybe our frustration levels will fall.

Reply by ReneeK_MI on 10/1/12 8:46am
Msg #436598

Well there, I have just vetted myself via the EPLS ...

This might answer another of our questions - why some clients want BOTH your EIN and SS.

Reply by sueharke on 10/1/12 11:30am
Msg #436623

Re: Well there, I have just vetted myself via the EPLS ...

The problem with a "free" government website is that it is "free." When you pay for a product or service, there is recourse if the provider of the product or service messes up. With "free" there is no recourse and no one to complain to. I understand the issue involved in paying for BCG, but "free" is not always the best answer.