The 14th edition of the National Settlement Services Summit got off to a rousing start Wednesday with a lineup of compliance-focused educations, highlighted by Meridian Title CEO Mark Myers.
Myers made his first public industry appearance to discuss the company’s growth following a highly publicized enforcement action last fall. Along with attorney Francis “Trip” Riley and SoftPro’s Leslie Wyatt, Myers discussed the winding path which Meridian took to comply with the Consumer Financial Protection Bureau’s (CFPB) inquiries and its ultimate determination that the company improperly disclosed its affiliated relationship.
Given the technological solution Meridian was required to create to solve the problem going forward, though, Myers gave hope to audience members who might go through a similar situation with regulatory bodies.
“It made us a better company,” he said.
Five minutes before the second session at NS3, scheduled to focus on the the newest financial regulation law and the continued impact of Congress on industry compliance, CFPB acting director Mick Mulvaney was reported to have disbanded the bureau’s consumer advisory board. That led attorney Marx Sterbcow, Justin Wiseman of the Mortgage Bankers Association, and Williston Financial Group’s Chuck Cain to an extended discussion about the bureau, its role in the marketplace today and potentially where it could lead in the future.
Real Estate Data Shield’s Chris Gulotta and Benchmark Title Agency’s Jean Partridge walked attendees through the new New York state regulations and their impact particularly on title closers in the state. Gulotta discussed how the agency’s regulations – already mirrored in South Carolina – could become benchmarks for states across the country.
The sessions concluded with John Lartz of the Illinois Department of Financial and Professional Regulation and Chuck Myers of the Virginia State Corporation Commission, Bureau of Insurance discussing the role of state regulators in oversight and enforcement in the industry today.
The pair were joined by attorney Richard Horn and American Land Title Association CEO Michelle Korsmo, discussing topics from Illinois’ efforts to create guidance on title insurance agent compensation to RESPA and inducements to cybersecurity.
Lartz told the audience that Illinois had taken five actions against the industry for the 10 years prior to 2017, yet in the past year, the agency had taken six actions against the industry.
The day closed with the Make a Child Smile community service event, followed by the Opening Night Reception and the Networking Nightcap.