The CFPB, through this new regulation, has gotten serious about regulating the force-placed insurance industry.
Norwell, MA (PRWEB) January 31, 2013
Miniter Group, a leading provider of collateral risk transfer solutions for lenders, today announced large market acceptance of its recently published white paper titled “CFPB Guidance for Force-Placed Insurance” detailing new RESPA requirements that were implemented on January 17, 2013.
The white paper describes new force-placed insurance regulation which will be added to Regulation X (RESPA). This regulation was re-written by the Consumer Financial Protection Bureau (CFPB) in response to the requirements set forth in Section 1463 of the Dodd-Frank Act.
According to Jim Gilpin, EVP of Business Development at Miniter:
"The CFPB released its 2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules on January 17th 2013. The CFPB, through this new regulation, has gotten serious about regulating the force-placed insurance industry. Many lenders have begun implementing our Borrower-Centric Solutions in response to these new RESPA requirements."
Miniter has led the industry by disseminating information regarding force-placed insurance compliance. Since 2007, Miniter Group’s Borrower-Centric Insurance Tracking Solution is the industry's fastest growing insurance tracking solution and is currently being used by over 130 lenders. Miniter Group’s January 2013 insurance tracking software release makes the system 100% compliant with the new RESPA regulations for force-placed insurance.
Miniter Group is a leading provider of collateral risk transfer solutions to the lending industry. Miniter Group provides insurance solutions to over 550 lenders in 45 states. In addition to our in-house software development, which created our Borrower-Centric Insurance Tracking Solution, other collateral risk transfer solutions include Vendor Single Interest Insurance, Lender Placed Insurance, Collateral Protection Insurance and Mortgage Impairment Insurance.
Miniter Group can be reached at 1-800-MINITER or http://www.miniter.com