WFG to Launch Compliance Management System for Agents
March 11, 2014
WFG National Title Insurance Co. has introduced technology that will enable title agents to implement key compliance safeguards as well as demonstrate to the agents’ clients that they have done so. The Compliance Management System (CMS) will soon be available nationwide.
According to Joseph Drum, executive vice president overseeing WFG National Title’s agency division, the CMS software meets and surpasses the American Land Title Association’s (ALTA) “Title Insurance and Settlement Company Best Practices” requirements. “(The software) addresses some of the concerns that many mortgage lenders have expressed about partner compliance that rise above and beyond those areas covered by the Best Practices,” Drum added.
WFG National Title’s CMS will enable agents to implement the necessary compliance safeguards and demonstrate to clients that those safeguards are in place. A WFG agent will able to deliver to a concerned lender a notebook detailing the agent’s CMS and how it works, the company said in a release.
“Our agents have been asking for several months what it takes to be compliant,” Drum said. “This CMS has been reviewed and approved by many of the country’s leading lenders and GSEs. Providing this tool to our agents is merely an ongoing part of our responsibility to collaborate with them. It will help them not only to stay in business, but to grow their businesses as well.”
The CMS will be reviewed continuously, based upon input received by WFG National Title from the lender and regulatory community. WFG National Title will offer an online service that enables a title agency to verify that it is operating under the CMS. The service will also allow the agency to advertise its participation in the program.
“The real estate industry has been struggling to define what is necessary to comply with federal law and regulations,” Drum said. “We see this CMS as a defining document demonstrating what we in title and settlement can do to protect both our consumer and business customers.”