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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SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. 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.