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RESPA REFORM....HUD recently released its new RESPA proposal. The proposed rule would create a standard GFE, apply cost tolerances, and require settlement agents to draft, read and provide a "closing script" to consumers. The comment period responding to the rule is still open. The following information was obtained from the ALTA web site. Proposed Rule Summary of Rule List of Issues Click Here to Post Your Comment The ALTA Principles of Fair Conduct were adopted by the Tennessee Land Title Association by action of the Board of Directors at the January 11, 2008 board meeting. TLTA encourages all of its Members to pledge to support The Principles, and to incorporate them into their daily business practices. ALTA PRINCIPLES OF FAIR CONDUCT PREAMBLE The ALTA Principles of Fair Conduct represent the association’s commitment to promote behavior within the title industry that serves the needs and interests of consumers. The Principles describe ALTA’s expectation of its Members to adhere to the highest standards of ethical behavior and the laws and regulations governing the business of title insurance. The “Appropriate Steps to Implement the ALTA Principles” sets out specific actions that Members can take, and suggests what government can do to assist the title industry in this regard. ALTA encourages all of its Members to pledge to support The Principles, and to incorporate them into their daily business practices. ALTA pledges to assist its members in implementing The Principals through ongoing training on ethical standards and legal compliance. ALTA has formed a special Committee to review The Principles annually to ensure that they continue to t address the needs and interests of the consumer public. ALTA PRINCIPLES OF FAIR CONDUCT 1. To engage only in business practices that are lawful and consistent with a high standard of ethical behavior. 2. To encourage a culture of compliance within their organizations for federal and state laws that govern the title insurance business and for these Principles. 3. To treat consumers in a fair and ethical manner. 4. To provide consumers with timely and comprehensive information regarding their policies, services, products, and prices so as to enable consumers to shop effectively among providers of title-related services. 5. To encourage and assist consumers to be educated purchasers of title insurance and title-related services. Do I Really Need Title Insurance? Home Closing 101: An Educational Initiative of the American Land Title Association For a list of TLTA members in your area, please choose the "Member Search" tab above. |