Monthly Archives: November 2016

Title Insurance Issues

Pavaso Digital Closing Platform Completes 2000 Live Transactions

Pavaso, a leader in eClosing and Consumer Management technology solutions, announced earlier this year that it has recorded its 2,000th live transaction on the Digital Close platform. In addition, more than 6,500 user accounts have been created in the platform, spanning from mortgage lenders to title/settlement agents to REALTORS and consumers. The announcement was made in conjunction with the Mortgage Bankers Association’s National Technology in Mortgage Banking Conference & Expo, of which Pavaso is a diamond sponsor.

Real More . . . 

Title Insurance Issues

CFPB Reissues Guidance on Supervised Bank and Non-Bank Relationship with Third-Party Service Providers – Lexology

On October 31, 2016, the Bureau of Consumer Financial Protection (“CFPB”) reissued Bulletin 2012-03 (Service Providers) to clarify certain aspects of the risk management program for service providers. The intention behind the release is to clarify that appropriate risk management can be accomplished through giving flexibility to supervised entities.

Source: CFPB Reissues Guidance on Supervised Bank and Non-Bank Relationship with Third-Party Service Providers – Lexology

Title Insurance Issues

CFPB Bulletin 2016-02 – Impact on Title Agents

In this new Bulletin, CFPB again reminds Lenders to secure specific documentation from third party service providers, i.e., tile agents. This is a restatement of the same message sent in a 2012 Bulletin. Title agents should be prepared to receive new requests for copies of written internal policies and procedures that demonstrate their ability to protect the lender’s customer’s NPI.

 

Source: CFPB Bulletin 2016-02 – Impact on Title Agents