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.
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