The National Association of Land Title Agents (NAILTA.org) announced their support for our petition to increase the RESPA statute of limitations (look back period) from 1 year to 6. Click here to sign our petition. RESPA is a consumer anti-kickback statute enforced by the Consumer Finance Protection Bureau. A 1 year look back period is a joke among attorneys and makes this real estate consumer protection law nearly impossible to enforce in a meaningful way. It is significant that the title insurance industry is regulated by this law and that NAILTA supports us that their own industry needs better regulation.
Prior to submitting our petition to the general media we have first submitted it to the industry. Our logic is that if the regulated industry supports us, then Congress will have a difficult time defending a toothless real estate enfocement statute. Today RESPA News (trade journal of the real estate industry) covered our petition as their lead story. The first trade association to step up and support our consumer cause is NAILTA.
NAILTA is a trade association of the title insurance industry. Here is their misssion:
Who Is NAILTA?
The National Association of Independent Land Title Agents (NAILTA) is a non-profit trade association that represents the interests of independent title insurance agents and independent real estate settlement professionals from across the United States. It was created by independent real estate settlement professionals to further the agenda of small business owners from within the title insurance, abstracting, surveying, and real estate community who lack representation at local, state and national levels. As an independent agent and settlement service professional, your voice is important and we want to hear from you! Join NAILTA today – it’s quick and easy!
NAILTA seeks to:
1. Restore transparency and credibility to the land title process and preserve an objective and impartial role at the closing table to improve the consumer experience.
2. Address the proliferation of controlled business arrangements and eliminate conflicts of interest between title agents and their referral sources, as well as, between all real estate settlement service providers and their sources of business.
3. Establish a minimum search standard for title examinations to restore faith in the system of land title.
4. Knit together common interests and concerns from across the country and across the entire spectrum of real estate settlement service providers to successfully advocate for independent agents and their like-minded partners in the real estate settlement service community in order to effect positive change on the title industry.