TRAINING Corresponding Assessment Procedure 6 Questions Does your Company provide a copy of the written recording and pricing policies to new 4.01 1 employees? Does your Company provide updates to the written recording and pricing policies to all 4.01 2 employees? 4.01 3 Does your Company provide staff training on your written recording and pricing policies? 4.01 4 Please list training conducted in the past 12 months on worksheet 4-B. Does the training address proper handling of documents for recording and calculation of 4.01 recording and transfer fees? 5 4.01 Does the training address the proper determination of fees for your services? 6 5 TITLE CERTIFICATION AND OBTAINING TITLE POLICY Adopt and maintain written procedures related to submitting final title opinion, documents and premium to title insurer in order to obtain timely issuance of title insurance policies post-closing. Purpose Appropriate procedures for the delivery of final title opinions, documents and premiums to the title insurer ensures attorneys meet their legal and contractual obligations under the lender’s written closing instructions. What You Should Know to Consider and Discuss One issue lenders funding and selling loans have is primarily with the timely delivery of title policies and completion of post-closing requirements. Lenders are becoming more aware of the importance How close is your office to complying with the of the final policies and are enlisting the aid of title insurance recommendation of delivering final opinions, documents and premium to title insurers in sufficient time for underwriters to follow up on missing title insurance policies. issuance of policies within 30 days post-closing? What Attorneys who are consistent offenders may notice a decrease in needs to be addressed in the written procedures to business from that lender.
TRAINING Corresponding Assessment Procedure 6 Questions 4.01 1 Does your Company provide a copy of the written recording and pricing policies to new employees? 4.01 2 Does your Company provide updates to the written recording and pricing policies to all employees? 4.01 3 Does your Company provide staff training on your written recording and pricing policies? 4.01 4 Please list training conducted in the past 12 months on worksheet 4-B. 4.01 5 Does the training address proper handling of documents for recording and calculation of recording and transfer fees? 4.01 6 Does the training address the proper determination of fees for your services? 5 TITLE CERTIFICATION AND OBTAINING TITLE POLICY Adopt and maintain written procedures related to submitting final title opinion, documents and premium to title insurer in order to obtain timely issuance of title insurance policies post-closing. Purpose Appropriate procedures for the delivery of final title opinions, documents and premiums to the title insurer ensures attorneys meet their legal and contractual obligations under the lender’s written closing instructions. What You Should Know One issue lenders funding and selling loans have is primarily with the timely delivery of title policies and completion of post-closing requirements. Lenders are becoming more aware of the importance of the final policies and are enlisting the aid of title insurance underwriters to follow up on missing title insurance policies. Attorneys who are consistent offenders may notice a decrease in business from that lender. to Consider and Discuss How close is your office to complying with the recommendation of delivering final opinions, documents and premium to title insurers in sufficient time for issuance of policies within 30 days post-closing? What needs to be addressed in the written procedures to
CFPB%20-%20CTNC%20Presentation%20Materials%209-15-13.docx