Best Practices Assessment Preparation Workbook Available to Members
|March 6, 2014|
ALTA members can use the Best Practices Assessment Preparation Workbook to examine adoption of ALTA’s “Title Insurance and Settlement Company Best Practices” and measure if a company is prepared to undergo an assessment.
“We are hopeful that ALTA members find the Workbook helpful in preparing for a Best Practices Assessment and also in the day-to-day running of your company,” said Michelle Korsmo, ALTA’s chief executive officer. “You can think of the Workbook as the Cliffs Notes to help title professionals prepare for the Assessment.”
To help simplify the process, ALTA has provided a Workbook for each pillar of the Best Practices.
Click here to access the Workbooks. You will need your ALTA login and password to access the document.
The Workbooks consist of six tabs that include a cover page, an introduction letter, instructions, questionnaire, worksheet and an action report.
The Workbook questionnaire tab includes a series of questions asking about a company’s business practices. Questions are broken out by each Best Practices pillar and designed to match up with the requirements of the Best Practices and the Assessment Procedures. Each question should be answered with either a “yes” or “no.” Some questions may require an explanation. In addition, the Workbook asks to indicate whether the practice is documented in a company’s written procedures and whether the company has a system for determining if employees follow the procedures.
“If completed electronically, the Workbook generates a useful report outlining what items your company may need to implement and add to your written procedures in order to pass an Assessment,” added Frank Pellegrini, ALTA’s president. “This action report is a great tool to help you figure out where your company stands in the Best Practices process.”
For Herschel Beard, who is the owner of Marshall County Abstract Co. in Oklahoma, the Workbook provides his operation an executable plan in reviewing its policies and procedures.
“As many title company owners and managers can attest, finding time to evaluate what Best Practices your company has implemented and documented can be challenging,” Beard said. “But the Workbook breaks it down in manageable chunks so if you spend a little time each day you can get a useful report of what you need to do and avoid business disruptions. If you’re waiting for a lender audit or assessment to get this done, you’ve waited too long.”
Meanwhile, the Workbook is beneficial for large companies as well, such as Orange Coast Title Company Family of Companies, which offers title insurance in 45 states and closing services in all 50 states.
“The Workbook is a solid blueprint on how to get through a lender assessment,” said Bill Burding, Orange Coast Title’s general counsel. “With lenders being held accountable for the actions of their service providers, this is a perfect time for our industry to shine. The title industry has long provided services that protect the integrity of the transaction, but this exercise helps in putting policies and procedures to paper, which is what lenders and regulators want and deserve.”