We at Property Debt Research have been following the new Consumer Financial Protection Bureau (CFPB) regulations closely, especially in regards to the Third Party Vendor Compliance. The CFPB and in turn banks and lenders will be relying on title service providers to ensure that they properly vet all third party vendors, including Municipal Lien Search companies like Property Debt Research.
Our goal as the premier Municipal Lien Search and HOA Estoppel research provider is to guarantee that our clients have complete confidence in our internal policies and to assure them that we will comply with their requests as they continue to build and update their Vendor Management Policy and Best Practices Manual.
Third Party Vendor Compliance
As a third party vendor in the real estate industry we currently comply and will continue to comply with all state and federal consumer finance laws that are applicable to our business, including state and federal consumer protection statutes and data privacy and protection mandates. We feel very strongly about consumer protection and privacy, and our employees will continue to receive additional training and education regarding these matters.
Enhanced E&O Insurance Policy
Property Debt Research is one of the few MLS companies that have taken the extra steps to have an E&O policy that covers unrecorded liens as well as the standard recorded liens.
The majority of policies in our type of business exclude unrecorded liens. However, unrecorded liens are our business and as the leader in MLS searches we have enhanced our policy to include unrecorded liens which further protects you and your clients.
If you have any questions as we near the October 3, 2015 start date of the CFPB regulations please contact us at: 877-543-6669 ext. 219.