CFPB Continues to Target Affiliated Business Arrangements

October 17, 2017

The Consumer Financial Protection Bureau (CFPB) fined Indiana-based Meridian Title Corp. $1.25 million for violating Section 8 of the Real Estate Settlement Procedures Act (RESPA) by failing to provide affiliated business arrangement (AfBA) disclosures to consumers. What surprised many is that the CFPB applied the RESPA affiliated business provisions to the title agent/underwriter relationship. Read on for the key takeway for anyone with ownership interests in title agent/underwriter relationship.

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North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.