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SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Fed Finalizes New Rule Requiring Lenders to Disclose to Consumers the Reporting of Negative Credit Information

June 20, 2004

As part of its implementation of the reauthorized Fair Credit Reporting Act, the Federal Reserve Board (the Fed) last week issued a final rule requiring that lenders who furnish negative information on a consumer to a consumer reporting agency (CRA) provide a disclosure of this negative notice in writing to the consumer. MBA submitted comments on this proposal to the Fed in early May, supporting the rule but urging that the Fed make several clarifications regarding how these disclosures are to be made and what they can include.

Related Links:
Fair Credit Reporting Act [pdf]

Under the final rule, which lenders must comply with by July 16, 2004, lenders must provide notice to the consumer no later than 30 days after furnishing the negative information to the CRA. After providing the notice, the lender may submit additional negative information pertaining to the same transaction without giving the consumer an additional notice.

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American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
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