(L-R) Juliana Tu, Viva Escrow, Inc., Willie M. Farrow, Corporate Pointe Escrow of California, Inc., Representative Maxine Waters, Ranking Member, House Financial Services Committee (43rd Congressional District-CA), Beulah Stidham, Madrona Park Escrow, Inc. (Immediate Past President), PJ Garcia, Beach Pacific Escrow, Inc. (Past President), and Paula Franks, Advantage One Escrow (2013-14 President) meeting with Ms. Waters to discuss recent events and issues that if left unanswered will harm independent settlement service providers.
The representatives of the Escrow Institute met with Congresswoman Waters to specifically discuss:
1) The EIC request on behalf of our Members to be exempt from the Dodd-Frank Act and regulation under the Consumer Financial Protection Bureau;
2) To support a separate HUD (closing statement) and not combine the TILA and GFE;
3) Seek written clarification from CFPB that the regulatory bulletin was not intended to require lenders to monitor and control title and escrow companies selected by consumers and the role of unregulated third-party private vetters; and
4) Concerns with the inaccurate misrepresentations and conclusions in the FinCEN Report – 2012 Real Estate, Title and Escrow Companies Study.
Posted in: EIC News