The CFPB enforces standards for data security and privacy to protect consumer financial information, requiring companies to implement safeguards against data breaches and unauthorized access or disclosure of personal data of consumers that do business with the agency and organization, ensuring compliance with guidelines such as the Gramm-Leach-Bliley Act (GLBA). Compliance is required on an ongoing basis with updates in regulations and statutes, enforcement actions and regulatory oversight is constant and expected by the industry participants to ensure they are in compliance with any privacy breaches and security protocols that need to be in place to protect consumer data in the settlement and title space, with guidance from the CFPB, and with best practices for the industry at large, and with guidance on proper risk management for any business that deals with sensitive data on consumers in the financial space to promote data security with enforcement actions when needed with companies that are neglectful in protecting consumer financial data. The constant need to monitor and adapt to any new requirements and enforcement actions in the industry is an ongoing process and key for business operations from a risk management standpoint in the real estate and financial space, and in settlement services in general with consumer information that is involved in any transaction and related data that is stored or transferred and processed as business operations for business to function day to day when consumers data is involved and processed at large with third parties.

Various federal and state agencies continue to enforce regulations aimed at preventing mortgage fraud, including measures to combat identity theft, appraisal fraud, and other fraudulent activities. These are constantly monitored by federal agencies and state level entities to prevent fraud in real estate transactions, in order to protect consumers and ensure the integrity of markets with fair and transparent data and processes, with consumer protection as a result and to combat any actions that may harm markets and consumers as a result. Compliance with such rules is paramount to ensure the long term viability of the market and to promote best practices with the proper risk management protocols and tools in place and processes to promote safe and transparent business practices and processes, and regulatory enforcement to promote best practices in the industry at large, and ensure stability and market integrity over long time horizons and prevent market distortions. The monitoring is ongoing, and constant vigilance is required to stay on top of regulations and any changes to existing rules, at any time.

The TRID rule, established by the CFPB, mandates the use of the Loan Estimate and Closing Disclosure forms to provide consumers with clear and concise information about the costs and terms of mortgage loans and closing transactions. These guidelines ensure borrowers receive transparent disclosure of mortgage loan terms, costs, and closing procedures. Enforced and applicable since 2015, and continues to be applicable in the present day in all transactions where consumers enter into such agreements and relationships in residential real estate. It's critical that Best Homes Title Agency is up to date with any modifications or changes to the TILA-RESPA integrated disclosure rules, to ensure data and processes are accurate with documentation provided to consumers, to comply with any modifications or changes to the existing rules as time progresses.