Compliance & Best Practices
In today's real estate market, we must all be concerned about Compliance and Best Practices. This is important to our lender partners, as they must assure that their service providers, including title companies, are in compliance with the consumer protection laws governed by the Consumer Financial Protection Bureau (CFPB). This includes laws that have been put in place by RESPA, Graham-Leach Bliley and the Dodd Frank Act. Charlson & Wilson Bonded Abstracters, Inc., takes these laws very seriously and is constantly working on improving our knowledge of the requirements of our lender partners and the steps necessary to assist with the protection of consumer information.
The goal of our Company has always included taking appropriate measures to ensure that we are handling title and closing activities in a secure and thorough fashion. We act as a neutral third party to assist all involved parties: lender, buyer, seller, Realtors and other providers; and to follow the terms of the transaction by safeguarding all funds and documents involved.
We are proud of the work we have done to meet or exceed the American Land Title Association's recommendation of Best Practices.
- All of our license information is up to date. We maintain a list of current license(s) as required in order to conduct title insurance and settlement services.
- We have written procedures and controls for escrow trust accounts to ensure all funds are safe.
- Our written privacy and information security procedures are intended to protect Non-public Personal Information, as required by local, state and federal law.
- Our offices follow standard real estate settlement procedures and policies that help ensure compliance with federal consumer financial laws, as applicable to the settlement process.
- We maintain written procedures related to title policy production and delivery, and premium reporting and remittance.
- Our offices and staff are covered by professional liability insurance and fidelity coverage, as required by our underwriters and in accordance with Best Practice standards.
- We have a process for resolving consumer complaints.