NATNews Blog > October 2015 > ​ALTA Presses CFPB to Follow Through with Written Guidance on RESPA Compliance

    ​ALTA Presses CFPB to Follow Through with Written Guidance on RESPA Compliance

    10/1/2015 10:41:30 AM
    The American Land Title Association (ALTA) called on Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to provide more written guidance on Real Estate Settlement Procedures Act (RESPA) compliance issues with the coming implementation of the TILA/RESPA Integrated Disclosure forms. The request came on the heels of Cordray’s testimony before the House of Representatives Financial Services Committee this week.
    “We are pleased with Director Cordray’s indication that the CFPB will put out written guidance on marketing services agreements,” said Michelle Korsmo, ALTA’s chief executive officer.  “More clarity on the application of the RESPA to these agreements will help ALTA members make more informed business decisions.”
    “As the national trade association representing 6,000 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys across the country, we encourage our members to market their services directly to the consumer,” Korsmo explained.
    Korsmo also revealed that ALTA will roll out a new, member-exclusive, consumer education program to assist ALTA members in providing homebuyers information about the benefits of title insurance.
    “This is part of ALTA’s ongoing effort to provide information to consumers explaining that for a one-time fee, owner’s title insurance helps protects their property rights for as long as they own their home,” she said.