FREEHOLD, N.J., Jan. 29, 2015 /PRNewswire-USNewswire/ -- The National Association of Independent Land Title Agents (NAILTA), a national trade association representing independent land title agents, settlement agents and escrow agents has released the following statement from President Anthony L. Affatati, Sr., in response to Consumer Financial Protection Bureau Director Richard Cordray's recent speech at the Brookings Institute:
"NAILTA and its independent members support all of the efforts of the CFPB and Director Cordray in protecting the consumer. However, we agree with the American Land Title Association and the Escrow Institute of California in the assertion that the bureau's Loan Estimate and Closing Disclosure, which replaces the current loan disclosures, creates more issues than it cures for consumers.
"Our members and colleagues have pointed to the confusion which we believe will result, for the consumer, at the time of application and at closing, based on the disclosure of title insurance premiums as now proposed under the rules for the Loan Estimate and Closing Disclosure. It is our opinion that these Disclosures fail to fully take into account the nuances and variations in premium determination and quoting to the consumer the actual 'out of pocket' costs of title insurance pursuant to each state's regulatory scheme.
"We urge Director Cordray to revisit the initial reason these forms were proposed. Putting together a comprehensive form that allows the consumer to readily understand the true cost of their real estate transaction furthers the process of understanding the transaction.
"We concur with Director Cordray's philosophy that an educated consumer is an empowered consumer. In that vein, continuing with ambiguous forms will only exacerbate the angst of the consumer and begin to erode the confidence that they have in the CFPB. We look forward to working with the CFPB, our industry partners and the consumer groups in bringing about positive and common sense change."
The National Association of Independent Land Title Agents, founded 2009, is a national trade organization representing independent land title agents, settlement agents, escrow agents and other likeminded industry stakeholders.
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SOURCE National Association of Independent Land Title Agents