Ask Lender Clients What They Need to Reduce Settlement Risk
|April 18, 2013|
With lenders demanding more information from the service providers they utilize to conduct business, it’s essential for title agents, settlement providers and attorneys to communicate with lender clients to find out what they need to reduce settlement risk.
Having conversations with lender clients are great starting places to tell them about the processes and the work performed to protect their money and ensure the consumer has a secure and compliant settlement experience. In many instances, lenders do not know what procedures title companies follow to protect funds and information. It's important to highlight the important role the industry plays as the independent third-party in the transaction.
ALTA encourages membership to communicate with customers about progress adopting components of the Best Practices, which showcase the procedures title professionals follow to maintain the integrity of every closing. Elements of those standards have long existed within most title offices.
Title professionals across the country are diligently working to ensure that the Best Practices are incorporated in their businesses. Many of the pillars are being followed fully by title and settlement companies. Communication on that adherence is important.
Lenders are contending with a tidal wave of regulations. Proactive communication with lenders and showing them the procedures that are being followed to minimize risk will go a long way of ensuring business continues to come your way.
Here’s a list of some questions ALTA encourages title professionals ask lenders: