CLTA News Express
An Express Article from the California Land Title Association
Lenders Begin Postponing Third-Party Certification Requirements
Bulletin 12/13-54 - November 16, 2012
In the wake of continued advocacy on the part of ALTA and the title industry both as a whole and on an individual company basis, some warehouse lenders have put a hold on requirements that settlement agents be vetted by January 1st, 2013, in order to continue receiving their business. In their announcements, the lenders stressed the continued importance of a vetting requirement moving forward, either through internal vetting or through a third-party vendor. A streamlined vetting process has yet to be agreed upon and implemented, although the title industry will continue to advocate for a use of the ALTA Title Insurance Settlement Company Best Practices as an alternative to third-party vetting services.
