DFPI Escrow Advisory Committee Meeting Minutes

automation

ted that the industry could collaborate with DFPI during the development process to design various forms and reports. Liang mentioned that some review processes could be automated, allowing the system to verify data accuracy and send notifications. He also noted that NMLS includes an electronic surety bond feature, which has been used by other DFPI programs. Larry Black expressed his support for transitioning to NMLS, noting that the system could eventually support individual licenses. Heidi Cassel emphasized the importance of keeping licensees’ records segregated, ensuring that each company’s

education

ESCROW ADVISORY COMMITTEE MEETING July 29, 2024 10:00 AM – 12:00 PM 300 S. Spring St., 15th floor conference room, Los Angeles, CA 90013 Or via. Microsoft Teams Department of Financial Protection and Innovation Represented by: Greg Young, Senior Deputy Commissioner Sheila Oliver, Deputy Commissioner Paul Liang, Assistant Deputy Commissioner Milad Farag, Special Administrator – Regulatory Sultanna Wan, Special Administrator - Licensing Affi Eghbaldari, Senior Counsel Committee Members: Barry Sender, Granite Escrow & Settlem

NMLS

and reposted on the DFPI’s website. Silberberg made a motion to approve the minutes, and Barry Sender seconded the motion. The minutes were then approved. Page 1 of 4 3. NMLS Sheila mentioned several advisory members brought up NMLS during the previous meeting. She proposed providing an overview of the system and seeking feedback on whether the escrow industry could benefit from its use. NMLS is the Nationwide Multistate Licensing System, a system of record for depository institutions, their subsidiaries, mortgage loan originators, mortgage bankers, and other financial service providers for li

licensing

sioner Sheila Oliver, Deputy Commissioner Paul Liang, Assistant Deputy Commissioner Milad Farag, Special Administrator – Regulatory Sultanna Wan, Special Administrator - Licensing Affi Eghbaldari, Senior Counsel Committee Members: Barry Sender, Granite Escrow & Settlement Services / Other Business Ownership Heidi Cassel, Solaris Escrow, Inc. / Medium Sized Escrow Company Juliana Tu, Viva Escrow! Inc. / Business Specialization Larry Black via phone, Diamond Country Escrow, Inc. / Small Business Matthew Davis, Esq., Davis & Davis Law Group, APC Nancy Silberberg, Altus Escrow, Inc./Past Chairpers

enforcement

erral fee cases are being evaluated on a case-by-case basis. When a DFPI examiner finds sufficient evidence of kickbacks or referral fees, the matter is referred to DFPI Enforcement for appropriate action. Most advisory members felt that the current referral fee provision in the escrow law does not need amendment for clarification on prohibited compensations. They requested DFPI to issue a guidance memorandum on referral fee practices and to remind licensees of the consequences of violating this provision. Liang stated that DFPI would consider this request. 5. Remote Work Liang provided a summ