Robert L. Scruggs, Attorney at Law
Bob Scruggs is a pre-eminent real estate attorney with 30+ years of residential and commercial real estate experience in Nashville and surrounding area.
In early 2015, as Bob assessed the looming challenges in the settlement and closing agent industry driven by the soon-to-be-implemented new regulations promulgated by the Consumer Financial Protection Bureau (“CFPB”), he concluded that a strategic alliance could be a useful and powerful strategy for continuation of his booming real estate practice through affiliation with a larger strategic partner that would provide the umbrella of CFPB compliance through the implementation and observance of the best practices developed by the American Land Title Association (“ALTA” and “ALTA Best Practices”).
As a result, Bob and Lawyer’s Escrow Service, Inc. (“LES”) entered into a Business Services Agreement (“BSA”) that was implemented in July, 2015. At that time, LES succeeded to employing Bob’s two employees engaged in the service and support of his real estate closing, title and escrow business, and they moved into LES’ Nashville office. Bob also moved into LES’ Nashville office at that time, as a subtenant of LES. LES now provides all of Bob’s settlement, closing, and escrow services while Bob continues as a Tennessee licensed title insurance producer and is co-signatory agent on title insurance commitments and policies issued on behalf of title insurers for which Bob is an appointed agent, including Stewart Title Guaranty Company and Fidelity National Title Insurance Company.
Although Bob remains a solo practitioner of the law and is not an owner, officer or employee of LES, he is a trusted and valued strategic partner of LES in the unique, cutting-edge relationship formed and operating through the BSA, and this strategic partnership validates the working model, and is likely a forerunner to similar consolidating alliances in this industry that will be driven by the demands and burdens of CFPB regulations compliance.