23 Jun Town Title Fully Prepared for RESPA Changes
PARAMUS, N.J. – As the residential real estate market prepares for the new TILA-RESPA Integrated Disclosure Rule, which goes into effect on October 3, local full-service title agency Town Title is primed and ready to embrace the industry-wide regulatory and compliance changes.
Since the latter part of 2014, Town Title has worked diligently to prepare for these changes, ensuring that the entire agency is well positioned to meet the needs of its clients, both professionals and consumers alike.
“When it was clear that change was imminent, we immediately took action, developed a business plan specific to the Integrated Disclosure Rule and started executing upon it,” says Joe Ciambrone, President of Town Title Agency. “We knew that if we got ahead of this, learned it and became experts on it, we would be in a very good place come October 3.”
To prepare, the agency has created a brand new Best Practices Policy Manual mirroring the new rules and has already begun implementing some of these practices in the areas of licensing, protecting personal information, insurance requirements, document storage, cyber compliance and the handling of consumer complaints.
Additionally, Town Title has strengthened its communication efforts, teaming up with Black Knight’s Closing Insight Portal, which will be used as an integration platform between settlement agents and lenders to securely exchange documents, data and information.
Because of Town Title’s active approach, the agency will continue to maintain its reputation as a leader in the title and settlement service business in New Jersey and New York.
As previously reported, the TILA-RESPA Integrated Disclosure Rule was created in an attempt to streamline and simplify the closing process.
Town Title Agency is a full-service title insurance agency headquartered in Paramus, N.J. Founded in 2001, Town Title has grown to become a leader in the title search and settlement industry and has developed a reputation that is second to none. Over the past 14 years, Town Title has processed in excess of 15,000 title searches – and is still growing. Town Title Agency is licensed in New Jersey and New York and is an agent for Chicago Title Company and First American Title Insurance Company.