On January 22, 2015, the Consumer Financial Protection Bureau (CFPB) took significant RESPA enforcement action against two of the nation’s largest banks for alleged illegal kickbacks paid to loan officers or underwriters who selected title suppliers. Are you still allowing loan officers to select their preferred title or closing agent?
If so, why? Don’t take this risk if you do not have a strong title compliance system in place to eliminate improper referral fees or other influences. Policies or post-closing audits are not effective enough to fully mitigate this risk – without a systematic process, compliance is not guaranteed.
Accurate Group offers technology & processes to mitigate title risk.
Accurate Group is a leading, compliance-driven title partner with technology and compliance systems built to ensure lenders objectively select only qualified title suppliers. Using either your loan origination system interface or our web services, these processes ensure your supplier policies are properly followed – providing control over the selection of the best-qualified and fully-vetted title vendor for each transaction. Accurate Group’s process eliminates the potential for illegal referrals or inducements.
Lenders can work directly with Accurate Group as a proven national title and closing provider or continue to manage select local title agents in the closing process. When working with Accurate Group directly, you can be assured that your supplier follows best practices and can meet or surpass CFPB or federal regulatory audit scrutiny.
Protect your interests, improve compliance and manage enforcement risk – contact Accurate Group today.
Read the full article on the CFPB actions and fines levied for inappropriate mortgage lender actions related to title services: CFPB Takes Action Against Wells Fargo and JPMorgan Chase for Illegal Mortgage Kickbacks.
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