Complaint management: What to ignore, what not to ignore and how to handle them
Industry News, Regulatory Updates
In this day and age, reputation is everything to companies in any sphere. One bad blog post or tweet and a company’s reputation can be tarnished forever. For those in the financial services sector, reputational risk increases because the Consumer Financial Protection Bureau (CFPB) wants to make sure consumers’ complaints are heard and has developed a consumer complaint database for consumers to share their experiences. It monitors this database regularly and takes action where it feels it needs to. Many times the title or settlement agent is the last person the consumer sees before their transaction is complete. Although an independent third-party, the CFPB is holding the lender accountable for all actions of their third-party vendors. A poor experience at the closing could reflect badly on the lender, and both parties could end up under fire by the CFPB and public opinion.
Professional golfer sues Hardwick firm; firm seeks dismissal
Months after the law firm of Morris Hardwick Schneider, now Morris Schneider Wittstadt, and its title agency arm, LandCastle, filed suit against the title agency’s former CEO, Nat Hardwick, because of alleged fraud on Hardwick’s part, one of the victims of his alleged scheme, a professional golfer, sued Hardwick and the rest of the firm, alleging they conspired together to cover up the fraud scheme. The firm was quick to move for dismissal of the suit.
Title company sues former employees, new employer after jumping ship
After its Medina, Ohio, office manager and escrow officer left its employ, taking contacts and business with it to their new employer, a title company sued all three parties. Read on to find out what happened when the case went before the 6th U.S. Circuit Court of Appeals.
Super-priority of HOA liens debated in highest D.C., Nevada courts
Courts in Washington, D.C., and Nevada made headlines in the last few months for upholding a law that, before now had been relatively unchallenged in these or other states in the country. The laws at issue allowed homeowners’ associations in each jurisdiction to have super-priority over even first deeds of trust, and even extinguish those mortgages.
Whistleblower sues for violations against government
A former employee of a title insurer alleged that the title company submitted false or fraudulent claims to the government in violation of the False Claims Act when it did title work for Freddie Mac. He also alleged that he was retaliated against after he brought the investigation to the company.
Arkansas Insurance Commissioner warns against targeted scam
Regulatory Updates, The Blotter
Arkansas Insurance Commissioner Jay Bradford is advising title agencies in the state to be aware of a scam that has impacted at least one Arkansas title business. Read on for more details.