|[December 21, 2012]
American Land Title Association President, CEO meet with CFPB Director Cordray
WASHINGTON --(Business Wire)--
Land Title Association (ALTA) President Frank Pellegrini and
Michelle Korsmo, the association's chief executive officer, met
Wednesday with Consumer Financial Protection Bureau (CFPB) Director
ALTA, the national trade association of the land title insurance
industry, requested the meeting to discuss development of the
association's Title Insurance and Settlement Company Best Practices and
mortgage disclosures, and continue the relationship between the land
title industry and the CFPB.
"Ensuring that the interests of the land title industry are heard by the
CFPB is extremely important for future growth and opportunity,"
Pellegrini said. "We appreciate Director Cordray taking time to meet
with us to discuss our bet practices as we work to build a dialogue to
ensure consumers fully understand the closing process. Additionally,
businesses are contending with a lot of change as a result of the
economy. At the same time, regulations coming out of the CFPB will also
cause change. This was a fantastic opportunity to remind Director
Cordray of the important role title and settlement agents play in the
safe and efficient transfer of real estate."
"As we continue to adapt and grow as an industry, our relationships with
federal agencies, such as the CFPB, are extremely important," Korsmo
said. "We were pleased to hear Director Cordray's positive comments on
our best practices look forward to a continued relationship with the
CFPB on future issues."
ALTA developed its best practices to help members highlight policies and
procedures the industry exercises to protect lenders and consumers,
while ensuring a positive and compliant real estate settlement
experience. Learn more here.
Land Title Association, founded in 1907, is the national trade
association representing more than 4,000 title insurance companies,
title agents, independent abstracters, title searchers, and attorneys.
With offices throughout the United States, ALTA members conduct title
searches, examinations, closings, and issue title insurance that
protects real property owners and mortgage lenders against losses from
defects in titles.
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