Third-party settlement risk: What’s a mortgage lender to do?

The CFPB created a stir this past April when it released a bulletin indicating that lenders would be held responsible for their vendors. Since then, mortgage lenders have been searching for ways to mitigate their third-party settlement risk in a manner that will satisfy the agency’s expectations. Read on to learn what a top real estate attorney and the president of the American Land Title Association had to say about various efforts intended to enable lenders to verify whether individual closing agents are trustworthy, competent and compliant.