ࡱ> =?<a "bjbjrr 46L\L\xx<!0TTTTT///$QR/////TT/"TT/4T 8 Q0!,YgLY4Y4X//////////!////Y/////////x> : The Path Forward: Major Issues Facing the Industry And The Opportunities That Exist Outline Know Before You Owe (TRID) 10 minutes 0:00-0:10 Consequences Dealing with workflow processes Experience today doesnt foreshadow experience in 6 months Not hearing about issues impacting the consumer Average closing time NAR: 36 to 41 days to close RealtyTrace:45 to 70 days to close Confusion Liability provision Uncertainty on disclosing owners title insurance Handling seller credits What should you do? Sharing closing documents Know Before You Owe did not implement any changes on data privacy ALTA encourages title insurance companies to review your companys privacy policies Gramm-Leach Bliley Authority on how to protect data Passed in 1999 and requires financial institutions to disclose their data-sharing practices to their customers Requires A privacy note requirement That all consumers be provided the opportunity to opt-out of certain information disclosures That measures be instituted to maintain the security and integrity of all nonpublic information. FTC and you FTC is responsible for enforcing its Privacy of Consumer Financial Information Rule This protects a consumers nonpublic personal information (NPI) NPI-personally identifiable financial information Ex: name, address, SS#, income Privacy rule applies to ALTA members that provide real estate settlement services Standards suggest rule does not specifically address who you can share the closing disclosure with Contemplate requirements and limitations of your privacy policies and if they should be revisited Best Practices 5 minutes 0:00-0:15 Best Practices is an industry guide ALTA encourages CFPB to provide more written guidance for third-party vendor management Certification Talk to your lenders Invest time in completing a self-assessment first Resources The Assessment Readiness Guide Provides guidance for each BP pillar The Compliance Management Report 32-page member-exclusive report which can be completed and provided to lenders and other evidencing compliance with BP. Add your company logo and name to cover page Elite Provider Program Service providers offering comprehensive benefits to the title insurance and settlement industry. Industry Compliance 10 minutes 0:00-0:25 CFPB CFPB has taken a strategic approach on their enforcement actions Title and settlement agents should continue to pay attention to regulators interpretations of regulations. Complaint portal Meant to enhance consumer experience You should: Respond to complaints within 15 days Validate doing business with the consumer List communications with the consumer List what steps youre taking to investigate complaint Brush up on RESPA to assist in maintaining standards Section 8(a)-prohibited from accepting any fee, kickback or thing of value to any agreement Section 8(b)-No person shall give and no person shall accept any portion, split, or percentage of any charge made for rendering a real estate settlement service Section 8(c): permissible conduct PHH RESPA Case says every kickback is a violation Section 8(a), as of April 2015, kickbacks are prohibited from industry for 5 years The CFPB encourages self-reporting on violations CFPB released guidance on MSAs and compliance with RESPA MSAs remain complicated because it is based on case by case basis Consumer Experience 10 minutes 0:00-0:35 Dont fear communicating directly to the consumer ALTA developed a member-exclusive consumer education program to provide homebuyers with information about the benefits of title insurance Where are we now? Focus groups conducted and found: Homebuyers want info about title insurance up front Early education works Consumer knowledge about title is inaccurate Homebuyer Outreach Program (HOP) Training Strategy Be proactive Establish solid communication frameworks before regulations take effect Simplify the message Streamline communications so message is clear to all stakeholders Increase homebuyer demand Educate and encourage homebuyers to ask about and purchase owners title insurance Provide tools Ensure ALTA members of all sizes have the right strategy for success Program Goals Protect homebuyers Empower ALTA members and stakeholders ALTA encourages you to attend program workshops for more information Tools Resources can be found at alta.org/homebuyers All information is editable to be branded using your company logo Print-on-demand option coming soon Home closing 101 website Website provides information about the closing process to homebuyers Discusses why they should buy title insurance Responsive to wide-ranging devices Cyberfraud 10 minutes 0:00-0:45 History has indicated that Cybersecurity is integral to your success Cybersecurity Act of 2015 Establishes four key actions in being secure Information sharing facilitates private-public cyberthreat information sharing Voluntary framework emphasizes that participation in the information sharing framework is voluntary Privacy protections requires that private entities remove personal information prior to sharing Liability protections suggest that there shall be no cause for activity relating to the sharing or receipt of cyberthreat information. What should you do? Establish basic security policies like requiring strong passwords and change them often Be watchful of email fraud schemes Do not respond to fake dropbox emails Be wary of emails with incorrect grammar or urgent requests for personal info Attend ALTA events for more information ALTA Registry 3 minutes 0:00-0:48 Purpose is to help lenders and vendors identify settlement agents across industry databases ALTA Update 5 minutes 0:00-0:53 What is ALTA? Founded in 1907 National trade association of the abstract and title insurance industry Comprised by 11-member board consisting of agents and underwriters Relay information about ALTA based on availability of time Tips to change your Monday Practice these to change how you do business ALTA is a resource to guide you in bettering your company and our industry Question & Answers 7 minutes 0:00-0:60 ST\]^x}d n|!"_r)    r} %&SThmr8FSÿÿh:INhW hAPL5hZ;hVhr5h(h,rihnh@ h&hg_ h&5h&h&5h&hg_h&hOl25h&hg_5CT\]^+ [ p  + E    & Fgdg_  & Fgdg_  & Fgdg_  & Fgdg_ $a$gdg_ d p  8 W n"z  & Fgdn  & Fgd,ri  & Fgdg_  & Fgd@  & Fgd@  & Fgd@  & Fgd@  & Fgdg_  & Fgdg_?_+)O  & Fgd(  & Fgd(  & Fgd(  & Fgdg_  & Fgdn  & Fgdn  & Fgdn ` I[~(5}  & FgdV  & FgdV  & FgdV  & FgdV  & Fgdg_  & Fgdr5  & Fgd(  & Fgd(AO &TEh8R  & FgdZ;  & Fgdg_  & FgdZ;  & FgdZ;  & FgdV  & FgdV  & FgdVR2.F% !Y!!!!  & FgdVp  & FgdVp  & Fgdg_  & Fgd:IN  & Fgd:IN  & FgdW  & FgdW% 0 !!'"9""""""""hg_h&h&5 h&5hAPLhVph&hg_5!'"""" $a$gdg_ h^hgdg_  & Fgd&  & FgdVp21h:pOl2/ =!"#$%  s666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ OJPJQJ_HmH nH sH tH J`J Ol2Normal dCJ_HaJmH sH tH DA D Default Paragraph FontRiR 0 Table Normal4 l4a (k ( 0No List D@D g_ List Paragraph ^m$PK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭VvnB`2ǃ,!"E3p#9GQd; H xuv 0F[,F᚜K sO'3w #vfSVbsؠyX p5veuw 1z@ l,i!b I jZ2|9L$Z15xl.(zm${d:\@'23œln$^-@^i?D&|#td!6lġB"&63yy@t!HjpU*yeXry3~{s:FXI O5Y[Y!}S˪.7bd|n]671. tn/w/+[t6}PsںsL. 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