American Land Title Association
Print Friendly
Home  >  Advocacy

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Best Practices

ALTA Best Practices Toolkit: Have You Started Implementing Policies and Procedures?

December 31, 2013

While the majority of title professionals across the country already follow ALTA’s “Title Insurance and Settlement Company Best Practices,” a good number of those agents have not formalized and documented their practices.

With lender’s needing concrete evidence that the title and escrow providers understand and follow certain guidelines, ALTA is gathering templates to help members document existing procedures.

In the meantime, it is essential title professionals assess their operations now in order to understand what areas, if any, need addressed regarding implementation of the “Title Insurance and Settlement Company Best Practices.” To help members begin the process, ALTA will compile helpful information every Thursday on the TitleNews Best Practices Toolkit. Additionally, ALTA is creating checklists to help you gauge where your company stands in meeting components of the Best Practices. The checklists are meant to be an internal document and should be used as a tool to help organize your efforts to meet the Best Practices.

For some agents, most of the pillars of the voluntary Best Practices are not new to them but they realize that their current practices need to be updated and improved. And many agents recognize that they need to go further in areas such as disaster planning and implementing protections against outside forces that may attempt to breach the agent’s security. Potential solutions to these areas and others will be presented during ALTA’s Business Strategies Conference in March.

The world has changed and agents now realize they must modify hiring practices. Title companies need to complete credit and background checks on prospective employees that will handle consumer funds.

Insurance policies that protect against the acts of owners and employees are becoming more readily available and affordable around the country. ALTA will seek out provider information to share with the members.

For years, underwriters have confirmed the existence of the agent’s appropriate licensing. Now, they recognize that compliance must be communicated to the lending community. Underwriters are working on a method of communicating the information to interested lenders.

Products have developed over the past number of years that assist the agent and escrow community in protecting escrow funds. Banks and third-party providers have systems such as centralized disbursements, positive pay and wire confirmations, that when utilized, add a layer of protection. ALTA will continue to educate its members in this area and provide resources for consideration.

The need to record documents as quickly as possible has been recognized by the title industry for more than 100 years. With the growth of e-recording in many jurisdictions, the industry is able to record more quickly than ever before. ALTA members have been working with recorders around the country to implement these new procedures.

Members are encouraged to communicate with customers their progress in adopting the seven pillars of the Best Practices, which were developed to showcase the procedures title professionals follow to maintain the integrity of every closing. Elements of those standards have long existed within most title offices. It’s vital the industry explains the important role it plays as the independent third-party in the real estate transaction.

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment