If realtors, lenders and consumers are shopping for the cheapest title company, their nonpublic personal information is subject to the cheapest security.
Chattanooga, TN (PRWEB) August 28, 2015
Laura Perry, Attorney at Law and President of Homeland Title, presented over 200 realtors, builders and lenders with key material regarding the new disclosure regulations on Residential Lenders. These new forms and disclosures will affect the consumer mortgage loan application and closing process from Oct. 3, 2015 forward.
Other presenters at the class were Chrissi Rhea, President and Co-Founder of Mortgage Investors Group; Deanna Cooper, Attorney at Law, Farrar and Bates TAR Counsel and Voice of the Tar Hotline; Bill Jones, Attorney at Law and President of Jones Raulston Title Insurance Agency, Inc.; and Pam Duffy, local realtor since 1976 and director of training and agent support for Real Estate Partners, LLC.
It is critical for all realtors, mortgage lenders and consumers to know and comply with these new regulations. They should be aware that changes could delay closings, especially for the first couple of months. We highly advise realtors to extend contract times to 45-60 days to allow lenders and consumers enough time to get through the process. Finalizing the contract on the front end and communicating it to the lender and settlement agent as quickly as possible will help eliminate delays.
Also included in this two hour class was key information about security-related issues with title companies. According to Matthew Raulston, Vice President of Jones Raulston, “If realtors, lenders and consumers are shopping for the cheapest title company, their nonpublic personal information is subject to the cheapest security. Similar to lenders, title companies handle sensitive nonpublic personal information: social security numbers, drivers’ license numbers, loan amounts, tax returns, loan applications and loan payoff information.” Mr. Raulston cautions that realtors, lenders and consumers should work with settlement agents and title companies that have their ALTA Best Practices Certification from a reputable accounting audit firm. The certification is the new standard for doing business, without it, there are no assurances a company is in compliance or that consumer’s information is adequately protected.
You can find the class materials presented at the seminar, as well as information on the TRID integrated disclosures and more under the resources tab on Jones Raulston’s website (jonesraulston.com.)