TILA-RESPA Integrated Disclosure Deadline Approaching


Thought Leadership

TILA-RESPA Integrated Disclosure Deadline Approaching

Kristy McDaniel Baia

Very soon, major changes are coming to the title industry. On October 3, 2015, Truth in Lending Act and Real Estate Settlement Procedures Act (TILA-RESPA) will add a new set of regulations to the title industry to help safeguard consumers from non-public information (NPI) data breaches. While this is a win for consumers, it can leave title companies vexed as they try to determine the best course for compliance with the new regulations.

Fortunately, the American Land Title Association (ALTA) has issued NPI best practices guidelines for title companies. While the guidelines are not mandatory, they can ease the burden of research on small title companies by showing them the easiest way to protect their clients and themselves. Between July and December 2014, over $19 million in remediation was paid out to more than 92,000 consumers for infractions with Consumer Financial Protection Bureau (CFPB) compliance regulations. As the regulations toughen in October, this number can only be expected to rise.

One of the simplest ways to keep your business compliant is with email encryption. As recommended by the ALTA’s Best Practices Pillar 3, email encryption can help you stay compliant by sending NPI securely, mitigating the risk of a data breach via unsecure email. AppRiver’s email encryption service, CipherPost Pro™ includes an FYEO feature and message tracking, freezing and recalling options, helping to ensure than sensitive data is received only by its intended recipients.