Posted by AZ/Mike on 12/11/13 8:52pm
Msg #495850

Very Interesting Fraud Insights News Letter From 1-2013

Searched the messages and did not see this anywhere. Almost a year old, but interesting:0

"Keep in mind it is the lender's obligation to ensure they are in compliance with the CFPB Regulations — not the service providers. Settlement agents within the FNF Family of Companies need not subscribe to these services. "

Checked for any updates from Lisa Miller but found nothing as of now.

http://fraudinsights.fnf.com/vol08iss01/article1.htm

Reply by Lee/AR on 12/11/13 9:58pm
Msg #495853

Also interesting...from same article:

"The Company does not support the idea of settlement agents providing non–public, personal information (required to sign up for this service) to a third party provider. Although many of these service providers promise to keep the information secure there is no guarantee they will not sell the information or use it for other purposes. They do not have to establish and maintain an Information Security Policy or notify their subscribers in the event of a breach of security, so anyone affected could take measures to protect their identity because they are not regulated in the same way as lenders, banks and insurers."

Yet they wonder why we don't want to sign their Release letter...

Reply by Christine/OK on 12/12/13 4:40am
Msg #495859

@ Lee: Like! :D n/m

Reply by Bear900/CA on 12/12/13 3:51pm
Msg #495921

This has to do with NAILTA and Settlement Services, Inc,

regarding contract title service agents whose compliance comes directly from the parties they work for. Still, it has a parallel to the vetting process of NSA's.

I would say the big difference is that because the title contractors are doing the same work as in-house title agents, and are directed by the company, they come under their compliance umbrella.

It's interesting to note the CFPB is staying away from the fray. They just want the lender oversight job to get done.

I posted some information here: Msg #495397

Here is a more current article:

http://nailta.org/2013/08/23/nailta-continues-fight-on-vetting/