Softpro® Briefs Congressional Committees On CFPB's Proposed Regulatory Changes

June 8, 2012

Raleigh, NC - SoftPro represented the American Land Title Association (ALTA) and its members at a congressional briefing today regarding pending regulatory changes to the title industry. Leslie Wyatt, SoftPro's Director of Industry Relations and a member of ALTA's RESPA Task Force, briefed members of the House Financial Committee and the House Small Business Committee on critical issues facing the title industry including the upcoming final proposed ruling by the Consumer Financial Protection Bureau's (CFPB) proposed Settlement Disclosure Form. The CFPB is expected to issue a proposed final rule on July 21, 2012.

"It is imperative that Congress understand the critical role of settlement agents in protecting consumers during real estate transactions," said Wyatt. "In anticipation of the proposed final rule on July 21, I iterated the need for avoiding unnecessary high costs to the industry, a realistic timeframe for implementation, a standard form versus a model, and finally, clear and concise guidance from the CFPB in the final rule."

SoftPro President, Joyce Weiland, added, "As the leading settlement software provider to the title industry, SoftPro's voice in the upcoming changes represents not only the 50,000 settlement agents using SoftPro, but the millions of consumers that are protected through full disclosure in a real estate transaction."

SoftPro will continue to press for specificity in rules to protect settlement agents and the consumers they represent. Upon release of the final proposed rule, the CFPB is expected to open a public comment period. SoftPro will be active in providing detailed feedback and sample data during the comment period.

About SoftPro
SoftPro is the nation's leading provider of real estate closing and title insurance software. With more than 14,000 customer sites and over 50,000 users nationwide, this award-winning software offers a suite of products designed to increase volume and revenue by reducing the time it takes to do closings. SoftPro is a three-time American Business Award Winner for outstanding Customer Service and Support. SoftPro has also won back-to-back American Business Awards for Best Product Development Team. SoftPro is part of the Fidelity National Financial family of companies. To learn more about SoftPro and its products and services, call 1-800-848-0143.