CFPB's Cordray Discusses Best Practices
Friday, November 8, 2013
Posted by: Annette Belitz Peters
Washington, D.C., November 7, 2013 — The American Land Title Association (ALTA), the
national trade association of the land title insurance industry, released the
following statement from Michelle Korsmo, ALTA’s chief executive officer, praising
comments made today (Nov. 7, 2013) by Consumer Financial Protection Bureau (CFPB) Director
Richard Cordray about the Bureau’s efforts to promote market practices that
"We applaud Director Cordray’s comments today on the
importance of industry best practices and the need for industry to pay close
attention to consumer complaints,” said Michelle Korsmo, ALTA’s chief executive
officer. "Earlier this year ALTA introduced the ‘Title Insurance and Settlement
Company Best Practices.’ Among other points, ALTA’s best practices encourage
companies to address consumer complaints to help ensure that when consumers
report poor service or non-compliance, these incidents do not go undiscovered.
Having a process to receive, respond and resolve complaints builds trust with
consumers and enhances their experience when buying a home or refinancing a
mortgage. We agree with Director Cordray that being responsive to consumer
complaints is one of the best ways to manage risk and build business. We
appreciate the CFPB’s recognition of these important market standards and look
forward to continuing to work with the CFPB in the future.”
Director Cordray was a featured speaker earlier today during
a Politico "Morning Money” event, which ALTA staff attended.
Click here to hear the Director's comments.