ALTA Encourages New CFPB Director to Fix Inaccurate Disclosure of Title Fees on Mortgage Disclosures
December 11, 2018
The U.S. Senate on Dec. 6 confirmed Kathleen Kraninger as the next director of the Consumer Financial Protection Bureau (CFPB). The party line vote was 50-49, with every Democrat voting against her nomination. Kraninger will replace Acting Director Mick Mulvaney, who also serves as the current Director of the Office of Management and Budget.
ALTA and its members look forward to working with Kathy Kraninger and the Bureau’s staff to help provide positive and compliant real estate settlement experiences for consumers and lenders, and serve as a resource on important issues such as wire transfer fraud, third-party oversight and mortgage disclosures.
More importantly, as the bureau transitions to new leadership, ALTA is hopeful Director Kraninger and her team will address the inaccurate disclosure of title insurance fees under the TILA-RESPA Integrated Disclosures rule.
“While the Bureau’s disclosures have helped homebuyers better understand their mortgage costs, consumers would value their disclosures more if the Bureau showed the accurate costs of title insurance,” said Cornelia Horner, ALTA’s interim chief executive officer. “The bureau has an obligation to make this simple change, so consumers receive accurate information about title insurance at closing.”
Contact ALTA at 202-296-3671 or communications@alta.org.