The independent certified public accounting firm of Pearce, Bevill, Leesburg, Moore, P.C., announced McLeod & Associates, LLC is in compliance with new lending procedures outlined by the Consumer Financial Protection Bureau. Those procedures are encapsulated in a list of “Best Practices” set forth by the American Land Title Association (ALTA) to settlement companies.
The accountants, in their report, gave McLeod & Associates, LLC a “Passing” grade for adopting ALTA Best Practices in relation to:
Escrow Accounting Procedures
Privacy and Information Security
Title Policy Delivery
Professional Liability Insurance Coverage
HOW THIS AFFECTS YOU
As part of the new federal laws and regulations, lenders are required to vet their settlement service providers because lenders are liable for compliance with the federal consumer protection laws. The CFPB says a lender cannot relieve itself of this liability, even if a third-party company (such as McLeod & Associates, LLC) handles the settlement services.
Therefore, many lenders now require title insurance and closing offices to adhere to ALTA Best Practices to ensure compliance with the new federal laws and regulations.