Evaluating risk, responsibility and the lender-agent relationship

Ever since the Consumer Financial Protection Bureau (CFPB) came out with its April 2012 bulletin concerning lender liability for their third-party providers, members of both the lending and title insurance industries have been looking for ways to ensure they are complying with the guidelines set forth by the CFPB. Terms like title agent vetting and best practices have become familiar to anyone who addresses these concerns. Panelists at the National Settlement Services Summit focused on the fact that the issue centers around risk. With this as the framework, the group defined what each side is expected to do to mitigate risk and address industry concerns.