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the cfpb and mortgage guidanceFor years, credit unions have sent mortgage proceeds and loan documents to non-vetted and unsupervised men and women acting as “settlement agents” who appeared at the closing table, interacted with members and were largely responsible for ensuring a safe, secure and compliant mortgage closing. Whether the professional was a lawyer, title agent, escrow agent or notary, the risk issues were the same: No uniform standards of care, no regulated best practices, inconsistent insurance and licensing requirements, and no real-time supervision. The result: A serious risk of fraud and potential harm to credit union financial assets and those of their members.

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