Complaint management: The who, the how and the what to make your system successful
Consumer complaint management is a critical component of managing compliance risk in your business practice. Not only does the Consumer Financial Protection Bureau (CFPB) expect that you capture and address every complaint that comes across your desk, but it can also be a tool you can use to identify ways to improve your business operations. There has been confusion over the years, however, regarding CFPB’s specific expectations, the definition of complaint, and how to properly handle consumer complaints. Several industry experts got together at ALTA’s Business Strategies Conference to provide attendees with insights into the CFPB’s expectations and the lessons they have learned to make their consumer complaint management process successful.
11th Circuit determines whether FDIC has right to sue under CPL
As the U.S. Supreme Court determines whether it will hear a similar case regarding rights under a closing protection letter once the letter has been sold, the 11th U.S. Circuit Court of Appeals made its own determination on the issue. Read on for more details.
Florida Department of Financial Services develops inducement rule
The Florida Department of Financial Service is developing a rule to identify unfair methods of competition and unfair or deceptive acts or practices in title insurance. Read on for more details.
Leading title law firm shuts doors
One of the largest title law firms in the country has shuttered its doors, filing an Assignment for the Benefit of Creditors in Florida state court. It said it grew too fast, resulting in short-term cash crunches. Read on for more details.
Changes continue in New York as new refinance rates introduced
Weeks after changes were introduced that will change the way the title industry in New York is regulated, more changes were introduced. The New York State Department of Financial Services approved new title insurance rates for mortgage refinancing transactions which the department says will provide up to 65 percent savings for consumers. The new rates are the product of recent regulatory reforms. Read on for more details.
Alabama man sentenced for mortgage fraud, attempted murder
A Ventress, Ala., man was sentenced to 210 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos. He was charged with one count of wire fraud, one count of money laundering, as well as one count of attempted murder of a witness in a federal case. Read on for more details.