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Looking at liability from the lender’s perspective
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Industry News, Regulatory Updates
Thursday, May 22, 2014
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Lender liability has been a hot topic in the title insurance and settlement services industries for more than two years now, since the Consumer Financial Protection Bureau (CFPB) came out with a bulletin reminding lenders of their liability for the actions of their third-party providers. The Office of the Comptroller of the Currency shortly thereafter issued a bulletin to expand on the obligations it felt lenders had for third parties, which was originally issued in 2001.
Since that time, the industry has begun to figure out ways to ensure the lenders they work with that they are in compliance with necessary laws and regulations and protect consumers. Best practices have been outlined and industry members are putting together policies and procedures to outline their adherence to these requirements.
During the American Escrow Association’s (AEA) 2014 Conference, lenders shared with attendees their perspective on the liability that has been placed on them and how this will impact the way the new mortgage disclosures are implemented.
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