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ALTA Best Practices Compliance

ALTA

We are pleased to announce that Parkway Law Group, LLC has been issued a Certificate of Compliance with the American land Title Association (ALTA) Title Insurance and Settlement Best Practices Framework by the industry leading compliance accounting firm Habif, Arogeti & Wynne, LLP (HA&W). This achievement is one we are particularly proud of as it demonstrates Parkway Law Group's commitment to providing the highest quality professional services to our clients. Click on the link for more information on the ALTA Certificate. HA&W's certification of compliance confirms and certifies that our policies, practices and procedures ensure the protection of consumers' and the privacy of their nonpublic personal information. High quality professional service is a priority for us at Parkway Law Group and HA&W's certification shows how far we are willing to go to ensure that our clients continue to get nothing but the best and that their trust in us is well-placed.

ALTA Best Practices Reviewed

The ALTA Best Practices Framework is a result of the Consumer Financial Protection Bureau's (CFPB) desire that settlement service providers demonstrate consumer protection, security of the non-public information, quality settlement services, and continuous employee training in the real estate settlement industry. ALTA strongly suggests that Settlement Service Providers demonstrate and maintain compliance with the Best Practices framework by producing and continually updating a Best Practices Manual. Our manual is very detailed, and it clearly demonstrates how seriously we take compliance with the Seven Pillars of the ALTA Best Practices Framework. Click on the link for a copy of our Best Practices Manual.

What is the TILA-RESPA Integrated Disclosure otherwise known as TRID?

Since the early 1970’s, two Federal laws, the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), have required lenders to provide two different disclosure forms to consumers applying for a residential mortgage loan. Generally, two different forms have also been required at or shortly before closing on the loans. Different Federal agencies developed the forms and procedures under separate Federal statutes. While those documents were supposed to work together to provide a complete picture of a loan transaction, inconsistencies in wording and content have challenged lenders and confused consumers.

The renovation of the disclosures and processes surrounding them has been considered from time-to-time, over the past 30+ years. It often has seemed an insurmountable task for an industry mired in the day-to-day challenges of generating mountains of disclosures and documentation for mortgage loans. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was signed into law in 2010 and directed the Consumer Financial Protection Bureau (CFPB) to integrate the mortgage loan disclosures required under TILA and RESPA. On July 9, 2012, the CFPB for public comment issued an initial proposal of rules and model disclosures that integrated the TILA and RESPA disclosures. In November of 2013, the CFPB issued a final rule with new, integrated disclosures (TILA-RESPA Final Rule or the final rule), creating new forms to replace the old ones entirely. The final rule includes a detailed explanation of how the new forms (the Loan Estimate and the Closing Disclosure) should be filled out and used. Compliance with this Final Rule became mandatory for loan applications received on or after October 1, 2015.

Parkway Law Group, LLC has gone to great lengths in updating our processes and procedures, and we have participated in exhaustive training of our staff and attorneys to prepare for the changes that occurred. As such, we feel that we are “ahead of the curve” when it comes to TRID compliance and collaboration with lenders, ensuring smooth closings.


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