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A Message from Our President
Welcome to Entrust Solutions, a title insurance servicing company. Our number one focus is to assist title insurance professionals in a wide variety of needs. If you are looking for help in our reconciliation support area, typing final insurance policies, scanning of your closing files or our new Nexus Program, I invite you to take a tour of our website to learn what Entrust can offer your business.
Our offices will be closed on Thursday, November 28th and Friday, November 29th. We will re-open on Monday, December 2nd at regular office hours.
LAKE MARY, FL – Entrust Solutions, a title insurance servicing company, has started initial discussions with Lenders regarding their Centralized Disbursing Program. Due to the continued role out of the Consumer Financial Protection Bureau [CFPB], the new rules placed on Lenders are causing alarm regarding who closes their real estate transactions. “The Lenders are fully aware of the burden placed on them and are actively seeking ways to maintain compliance,” says Jonathan Yasko, Founder and Managing Member of Entrust Solutions.
Each day, Lenders send billions of dollars through thousands of transactions to escrow and trust accounts all over the United States. The risk of defalcation is substantial and the losses continue to mount for Lenders. Now with the added new regulations from CFPB placing Lenders on the ‘hook’ for the real estate transaction, this perfect storm creates a tremendous amount of pressure pushing down on them. “The Lenders are looking for ways to protect themselves and their only option used to be direct operations from Title Insurance Underwriters or the large, multistate agents,” said Yasko. “The small to mid-size independent agent, which make up the majority of the title industry, have a large bull’s-eye on their back and are being pushed out.”
The small to mid-size independent agent, which make up the majority of the title industry, have a large bull’s-eye on their back and are being pushed out.”
Traditionally, the reliance on the Closing Protection Letter [CPL] or Insured Closing Service Letter [ICSL] by the Title Insurance Underwriter would be enough assurance to the Lender that their funds were safe when dealing with an independent agent. This however is no longer the case as Title Insurance Underwriters continue to close their doors and claims on the CPL or ICSL go unpaid. Lenders are now focusing on what Underwriter the agent writes on and if their paper is acceptable. For Underwriters that do not fall in the ‘Big 4’ category, this is a cause for great concern.
Entrust enters the market offering options to Lenders through their Centralized Disbursing Program. “The ultimate purpose is to provide Lenders a centralized point of contact regarding the security and handling of funds, meanwhile preserving the role of the independent agent,” Mr. Yasko stated. “The independent agent would still act in their regular capacity in facilitating and handling of the real estate transaction, however they will not have the regular headaches of dealing with an escrow/trust account.” Lenders can rely on one source for the handling of funds in a fiduciary capacity, but also have the flexibility of using local, independent attorneys or agents to close the loan.
This ability gives Lenders more options than ever before, meanwhile creating a safe environment for them and the consumer.
Entrust, acting as an independent third party, allows them to work with any agent or attorney, as well as most Title Insurance Underwriters. This ability gives Lenders more options than ever before, meanwhile creating a safe environment for them and the consumer. “Our goal from day one is to aid and assist the title insurance industry and now this same goal crosses over to help Lenders by creating a safe, secure and reliable option for them,” said Yasko.
The CFPB final rule and the American Land Title Association’s Best Practices are designed to establish higher guidelines and more stringent controls in place for agents and attorneys alike. Many agents and attorneys will not be able to comply with the new standards and this program gives them an opportunity that they would not have had before. “Compliance is the new hot word that everyone is using lately and we are proud to be able to bring the Lenders, Underwriters and Agents together in a safe, reliable arena,” said Yasko.
Entrust continues to receive new inquiries from Lenders throughout the Nation looking for ways to keep the local independent agents and attorneys involved and deal with the complexity of involving multiple Title Insurance Underwriters. This new program creates a solution for all parties involved.
If you find yourself trying to comply with ALTA’s Best Practices, here is an option you cannot afford to overlook.
Entrust Solutions Escrow Account Reconciliation Services provides accounting services to attorneys and agents nationwide.
Don’t think you are in compliance, KNOW you are.
We are the ’3-way’ reconciliation experts.
Security Title will be hosting an educational seminar on Friday, October 25, 2013. Our very own Jonathan Yasko will be a Guest Speaker discussing the specifics of safety and your escrow/trust account.
Date: Friday, October 25, 2013
Times: 9:00 AM – 4:00 PM
Location: Chef John Folse’s White Oak Plantation
17660 George O’Neal Road
Baton Rouge, LA 70817
As a friendly reminder, all of the Entrust Solutions offices will be closed on Monday, October 14th, in observance of Columbus Day. Our offices will re-open at regular business hours on Tuesday, October 15th.
If you need immediate assistance, please Contact Us by using the Contact Form.