In light of the detailed requirements recently promulgated by the Consumer Financial Protection Bureau (CFPB), lenders and credit unions today face greater legal risks than ever before with respect to some of their most basic activities in the real estate market. For that reason, when it comes to their use of third-party providers for title insurance and settlement services, banks and credit unions across New Jersey and Pennsylvania turn to our firm for legal advice that effectively manages their risk both today and in the future.
Legal Guidance On Federal CFPB Matters Tailored To Clients’ Individual Needs
We work closely with each of our clients to devise a legal risk management plan responsive to how the federal requirements in this area apply in each individual client’s own unique circumstances. In doing so, we focus on a number of areas as set out by the CFPB, including:
- Licenses: We work with credit unions and lenders to ensure that their third-party providers for title insurance and settlement services establish and maintain current individual, agency and corporate licenses as required to conduct business.
- Escrow trust accounts: Our clients look to us to help them ensure that their providers adopt and maintain appropriate written procedures and controls for escrow trust accounts, allowing for electronic verification of reconciliation.
- Privacy and information: Let us put in place the legal safeguards you need to ensure that your providers adopt and maintain a written privacy and information security program to protect nonpublic personal information as required by local, state and federal law.
- Real estate settlement: Bankers and credit unions rely on us to see to it that their providers adopt standard real estate settlement procedures and policies that help ensure compliance with federal and state consumer financial laws as applicable to the settlement process.
- Title policy matters: Our firm’s risk management plans address each provider’s need to adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.
- Insurance and fidelity coverage: We know how to develop the strategies, practices and procedures that clients need to ensure that their providers maintain appropriate professional liability insurance as well as surety and fidelity coverage.
- Resolving consumer complaints: We also help lenders and credit unions throughout New Jersey and Pennsylvania make sure their providers adopt and maintain written procedures for resolving consumer complaints, both within the State Department of Insurance and the CFPB.
Our firm’s founding lawyer, Leo T. White, is himself the owner of a title company and a licensed real estate broker. He holds more than 20 years of experience as an attorney addressing real estate matters for both lenders and buyers. As a result, he possesses the seasoned legal judgment that enables him to build legal risk management plans for banks and credit unions that address their needs today while also positioning them for increased profitability and sustainable success.
Let Us Help Your Institution Meet CFPB Obligations Thoroughly And Profitably
Schedule a seminar or speaking engagement for Leo T. White, Esq., to discuss the CFPB, its impact on your business and the management of the risks associated with CFPB compliance. You can also contact us online to schedule a complimentary consultation. All consultations remain entirely confidential.