DFPI Escrow Advisory Committee Meeting Minutes

title

sactions could not be delayed. Those licensees suffered a loss in revenue. Other licensees reported delayed payoffs for transactions which First American was used as the title company. As a result of the delay, customers asked for interest on funds due to them. One licensee reported their cyber insurance provider had notified them after the cyber incident that their cyber insurance policy would not be renewed due to recent cyber incidents in the mortgage, title and settlement industries. Liang reminded licensees to be vigilant. Licensees may refer to Commissioner’s November 30, 2018 release nu

settlement funds

fected their escrow closing and they had anywhere between 1 and 75 escrow transactions being affected. 2 licensees reported the cyber incident caused a shortage in their trust account and that the shortage had been cured prior to the date of the survey 199 licensees reported they had a cyber insurance policy. Licensees who installing accounting system in their local server were not affected by the cyber incident. Licensees who used the cloud version of the system experienced service interruptions in their business. Some licensees’ transactions were cancelled by their customers because the cust

consumer protection

h those actions. The acts of those licensees hindered the DFPI’s ability to collaborate effectively with the industry on matters related to the safety of trust funds and consumer protection. 5. Ad Hoc Committee Reports (Annual Report) Garcia gave a brief update for the status on Ad Hoc committee’s review of CPA auditing procedures. The Ad Hoc committee has finished its work, and it is currently with Felde and Silberberg. Felde stated the Ad Hoc committee focused on defining various terms and reports. 6. Vetting of settlement agents Page 3 of 5 Juliana Tu provided a brief summary of lender vett

payoff demand

were cancelled by their customers because the customers’ transactions could not be delayed. Those licensees suffered a loss in revenue. Other licensees reported delayed payoffs for transactions which First American was used as the title company. As a result of the delay, customers asked for interest on funds due to them. One licensee reported their cyber insurance provider had notified them after the cyber incident that their cyber insurance policy would not be renewed due to recent cyber incidents in the mortgage, title and settlement industries. Liang reminded licensees to be vigilant. Lice

trust account

fected their escrow closing and they had anywhere between 1 and 75 escrow transactions being affected. 2 licensees reported the cyber incident caused a shortage in their trust account and that the shortage had been cured prior to the date of the survey 199 licensees reported they had a cyber insurance policy. Licensees who installing accounting system in their local server were not affected by the cyber incident. Licensees who used the cloud version of the system experienced service interruptions in their business. Some licensees’ transactions were cancelled by their customers because the cust