In 2012, the issuance of Bulletin 2012-03 by the Consumer Financial Protection Bureau (CFPB) raised the bar for all lending institutions by attaching direct liability for the actions of their third party service providers. Consequently, greater focus has been placed on vetting procedures and the selection of vendors. In response, the American Land Title Association (ALTA) created a Best Practices framework to address the concerns of the lending community. We are pleased to share our compliance standards with you.
