The Race to Being Compliant
I don’t know about you, but the past few months have been a whirlwind to say the least. CFPB is here, and has infiltrated not only my brain, but our days, nights and business operations, as I am sure it has your’s too. As I sit in task force meetings to help to prepare to help you to be CFPB compliant, I am reminded of HUD 2010 initiative. I am reminded of the ambiguity and deciphering of the regulations, and the mad rush to ensure that our interpretations of the regulations were correct.
Sound familiar? Let me tell you, as we face the new CFPB regulations, we are not preparing for this to be a sprint; it will be a marathon. CFPB will affect our core product delivery as title companies. No more HUDs and TILs. Now, instead the Loan Estimate and Closing Disclosure. But, wow, what an opportunity to be able to improve our end customer’s, the buyer and sellers’, experience with us, their settlement service providers. Yes, we will no longer be able to reference HUD line numbers, but let’s face it, wasn’t that a bit confusing to everyone who wasn’t us – living and breathing the title product every day?
As we head into this marathon, all I can say is we have our good running shoes on, and a team of industry experts on top of these new regulations. Preparation, preparation, preparation. That is what we are doing here at Stewart. As we are in preparation mode, from submitting our comments on the regulation, to preparing our underwriter systems, to building and modifying title production systems and quote engines to be CFPB compliant, and building training for you and your operations as we head into this race, there are no shortages of tasks. But, we are up to this challenge. All I ask is that you tell us what you want us to know. Our doors are open (Or, should I say “blog is open?” I am still getting used to being a blog contributor, I’m an old title guy. But, here I am one post down, and I guess an official “Blogger.) So submit your comments.
Let us know what your concerns about CFPB regulations are? We don’t have all of the answers; we need your input. I am looking forward to hearing about what we, as your underwriter, should be taking into consideration.
Looking forward to hearing from you.
George “Blogger” Houghton.