American Land Title Association Praises Cordray for Comments on Market Practices
November 7, 2013
ALTA's Press Release In Response to Comments Made Today by Consumer Financial Protection Bureau (CFPB) Director Richard Cordray
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 by Consumer Financial Protection Bureau (CFPB) Director Richard Cordray about the Bureau’s efforts to promote market practices that protect consumers:
“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.
Contact ALTA at 202-296-3671 or communications@alta.org.