X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
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.

The NCUA issued guidance on the risk inherent in these third-party professional relationships as far back as 2007 in a letter. It was only a guidance letter, however, and there was no concerted effort to enforce compliance rules surrounding settlement agent vendor management.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.