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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#467886" vlink="#96607D" style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:none'>FYI, note the deadline. We do have a volunteer and will check with Jim Blair when he gets back to the office.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:none'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>George<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>George Peters, WTP<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Executive Director<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Washington Land Title Association<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><a href="https://washingtonlandtitle.com"><span style='color:#0563C1'>https://washingtonlandtitle.com</span></a> <span style='color:#1F497D'><o:p></o:p></span></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Mail: PO Box 328, Lynnwood, WA 98046<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Delivery: 6817 208<sup>th</sup> St SW, #328, Lynnwood, WA 98036<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>206-437-5869 (Mobile)<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>206-260-4731 (Fax)<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri",sans-serif'><a href="mailto:execdirector@wltaonline.org"><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:blue'>execdirector@washingtonlandtitle.com</span></a></span><span style='font-family:"Calibri",sans-serif'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;mso-ligatures:none'><img border=0 width=169 height=97 style='width:1.7583in;height:1.0083in' id="Picture_x0020_1" src="cid:image001.jpg@01DAD84C.40F25B70" alt="WLTA Logo w-Ring Blue 1a"><img border=0 width=95 height=95 style='width:.9916in;height:.9916in' id="Picture_x0020_2" src="cid:image002.jpg@01DAD84C.40F25B70"></span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>This is a confidential communication intended solely for the named recipient. If you are not the intended recipient, please destroy it and call George Peters at 206-437-5869 immediately. Thank you.<o:p></o:p></span></p></div><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:none'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-family:"Calibri",sans-serif;mso-ligatures:none'>From:</span></b><span style='font-family:"Calibri",sans-serif;mso-ligatures:none'> Caroline Cone <ccone@alta.org> <br><b>Sent:</b> Wednesday, July 17, 2024 1:14 PM<br><b>To:</b> Caroline Cone <ccone@alta.org><br><b>Cc:</b> Elizabeth Blosser <eblosser@alta.org><br><b>Subject:</b> FW: Sample Draft of ALTA CFPB RFI Letter<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>All –<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I wanted to follow up to let you know that the deadline for comments is Friday, August 2<sup>nd</sup>: <a href="https://files.consumerfinance.gov/f/documents/cfpb_rfi-closing-costs_2024-05.pdf">RFI Fees in Residential Mortgage Transactions (consumerfinance.gov)</a>.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thanks!<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-family:"Calibri",sans-serif;mso-ligatures:none'>From:</span></b><span style='font-family:"Calibri",sans-serif;mso-ligatures:none'> Caroline Cone <br><b>Sent:</b> Wednesday, July 17, 2024 3:03 PM<br><b>To:</b> Caroline Cone <<a href="mailto:ccone@alta.org">ccone@alta.org</a>><br><b>Cc:</b> Elizabeth Blosser <<a href="mailto:eblosser@alta.org">eblosser@alta.org</a>>; Christopher Morton <<a href="mailto:cmorton@alta.org">cmorton@alta.org</a>>; Steve Gottheim <<a href="mailto:steve@alta.org">steve@alta.org</a>>; Kevin Cameron <<a href="mailto:kcameron@alta.org">kcameron@alta.org</a>>; Emily Tryon <<a href="mailto:etryon@alta.org">etryon@alta.org</a>>; Leah Shimp Vass <<a href="mailto:lshimpvass@alta.org">lshimpvass@alta.org</a>><br><b>Subject:</b> Sample Draft of ALTA CFPB RFI Letter<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>State Leaders –<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>As previously mentioned, we wanted to send a sample rough draft of ALTA’s comment letter to the <a href="https://www.consumerfinance.gov/rules-policy/notice-opportunities-comment/open-notices/request-for-information-regarding-mortgage-closing-costs/">CFPB RFI</a>. If your state land title association would like to send a comment letter as well, the attached draft, along with the outline below should be helpful. Please note, it is very important to highlight the unique aspects of the title insurance industry in your specific state in letters. Additionally, ALTA staff are happy to help with drafting and review of any letters. Finally, if you can let us know if you plan to send a letter, that would also be very helpful so we can track submissions. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><ul style='margin-top:0in' type=disc><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level1 lfo3'>Intro<o:p></o:p></li><ul style='margin-top:0in' type=circle><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>Who you are<o:p></o:p></li><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>Why you are writing: To provide CFPB with a deeper understanding of how title insurance is regulated in STATE. As the CFPB reviews its options after reading RFI responses, they should understand how state law (which has supremacy when it comes to insurance) will work with any reforms the CFPB is considering.<o:p></o:p></li><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>Say something about the use of the term junk fee related to title is wrong and creates issues that will ultimately harm consumers.<o:p></o:p></li></ul><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level1 lfo3'>Background on state regulation of rates<o:p></o:p></li><ul style='margin-top:0in' type=circle><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>How does rate regulation work<o:p></o:p></li><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>What factors must be included in rate (risk only or search and exam too).<o:p></o:p></li><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>Beyond premium do companies typically charge a closing or other fee?<o:p></o:p></li><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>Provide example of typical costs on $300,000 home sale<o:p></o:p></li></ul><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level1 lfo3'>Background on other relevant state laws<o:p></o:p></li><ul style='margin-top:0in' type=circle><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>Does state have anti inducement law. If so what does it say<o:p></o:p></li><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>Does state do market conduct exams and do they have RESPA component<o:p></o:p></li><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>Does state limit spending on marketing <o:p></o:p></li></ul><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level1 lfo3'>Conclusion<o:p></o:p></li><ul style='margin-top:0in' type=circle><li class=MsoListParagraph style='margin-left:0in;mso-list:l0 level2 lfo3'>As CFPB contemplates what to do with the information obtained by RFI they need to make sure that when it comes to title it works in conjunction with state law to avoid conflicts.<o:p></o:p></li></ul></ul><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Should you have any questions, please do not hesitate to reach out to us.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thanks,<br>Caroline<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><span style='font-size:12.0pt;color:#1F497D'>Caroline Cone<o:p></o:p></span></b></p><p class=MsoNormal><i><span style='color:#1F497D'>State Government Affairs Manager<o:p></o:p></span></i></p><p class=MsoNormal><span style='font-size:10.0pt;color:#1F497D'>American Land Title Association</span><span style='font-size:10.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;color:#1F497D'>Cell: (972) 978-5633| <a href="mailto:ccone@alta.org">ccone@alta.org</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>