In April 2012, the newly formed Consumer Financial Protection Bureau (CFPB) made the proclamation that title companies and other third-party financial entities are subject to oversight by federally insured financial institutions. As a result, the American Land Title Association (ALTA), an organization that has been around for over a century, has created the Title Insurance and Settlement Company Best Practices to set the standards that all title companies have to adhere to in order to do business in this compliance-driven landscape. To best protect our clients, and meet the all the legal and professional requirements set forth by the industry’s regulatory bodies, we have embraced these best practices and are fully dedicated to adhering to these regulations. ALTA’s Best Practices are as follows:
Best Practice No. 1 - Establish and maintain current License(s) as required to conduct the business of title insurance and settlement services.
Best Practice No. 2 - Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.
Best Practice No. 3 - Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state and federal law.
Best Practice No. 4 - Adopt standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement process.
Best Practice No. 5 - Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.
Best Practice No. 6 - Maintain appropriate professional liability insurance and fidelity coverage.
Best Practice No. 7 - Adopt and maintain written procedures for resolving consumer complaints.
All Star Title’s ALTA Best Practices Certification affirms our dedication to meeting industry standards, but we don’t stop there. To take our compliance-driven model to the next level we also hold the following additional certifications:
Stewart Trusted Provider - Stewart Title has developed a model that is the most stringent in the business. Certified title agencies and attorneys need to comply with a platform that includes intensive due-diligence screening, extensive monitoring, as well as compliance with a 12-point business practices standard that ensures clients that they are dealing with an organization that is committed to providing compliant services.
Secure Insight - Developed with the help of risk managers at Lloyd’s of London, Secure Insight is one of the top settlement agent risk assessors in the world. With their thorough vetting services, organizations are certain to mitigate client lender and customer risk.
As you can see, our reputation for going above and beyond to protect our clients’ personal information ensures that our relationships meet compliance standards, while also promoting the speed and agility our clients depend on. We work diligently to deliver the peace of mind our clients demand by utilizing some of today’s most innovative technologies, including email encryption and secure offsite data backup.
To learn more about how we work to protect your information, call us today at 1-800-580-0677.