Happy New Year everyone!
We’ve probably chewed enough over the past year that we can get down to the real issues of CFPB.
Let’s get down into the trenches where all of us need help. August 1, 2015, is less than 8 months away.
By now everyone should know about CFPB and what it means, but is everyone doing something about it, or just hoping others will lead the way and you will follow. Are you taking the easy way, but not necessarily the correct way?
As the Title Industry, we are relying on the ALTA Seven Pillars to guide us through, but will it be enough?
It could be, and should be, IF you totally addressed each pillar to the full degree.
Over the past year I have seen CFPB plans from large title agencies that are only one or two pages. The pillars ask the questions, and if the answer is just “yes”, you probably haven’t dove into the depth of what the pillar actually means. Do all of your employees look at the pillars the same way? Have you had discussions with your employees and how CFPB may affect them?
CFPB is already handing out penalties and everyday you can read where they have looked into areas you haven’t even thought of. But your employees may have. Let them have a voice. Same is true with your customers. Do your realtors and builders really know about the changes to come in 7 months and how it affects their sales contracts, their clients’ loans and closing dates? Hopefully your lenders are paying close attention to their end of the regulations, but are they thinking about how it affects you, the title company?
It’s late, but it’s not too late to dive in, stop chewin’, and make sure your plans are solid.
It may be a good idea to have someone outside your organization to look at your plan and make recommendations. First National Title would be willing to assist. Give us a call.
Until next time, Happy Trails to you…