American Land Title Association
Home  >  Advocacy
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

Nearly 550 Title Professionals Attend ALTA Webinar on Best Practices

November 29, 2012

Nearly 550 title professionals attended a Nov. 20 webinar that reviewed ALTA’s Title Insurance and Settlement Company Best Practices and how they can be used to meet market needs and allow title and settlement agents to continue serving as the vital independent third party to the real estate transaction.

Participating on the webinar were Frank Pellegrini, ALTA’s president; Chris Abbinante, ALTA’s immediate past president; and Michelle Korsmo, ALTA’s CEO. The presentation was followed by a 20-minute question and answer session.

The webinar addressed how market demands on lenders are impacting settlement service providers. It provided details on the best practices, covered survey results of what best practices title professionals already have in place and next steps.

Korsmo said a common question ALTA receives regarding the best practices is “What’s next?”

“Right now, ALTA is in conversations trying to get a good sense of what the industry is looking for and what the industry is capable of providing,” Korsmo said. “We’ve had conversations with lenders to get a better understanding of what they need to mitigate risk.”

In conversations with ALTA, lenders have shared three main concerns. First, lenders are looking to manage regulatory compliance (with an eye toward enforcement risk). “The more we can help minimize regulatory risk and increase regulatory compliance, the more we are serving the client,” Korsmo said.

Second, lenders also are looking to manage financial risk. This involved protecting escrow funds and non-public private information. Third, due to the financial crisis, lenders are looking for help in restoring their reputation. “So many consumers think of settlement companies as an arm of the lender,” Korsmo said. “The more we can do to help our level of professionalism and managing that reputation, the stronger we will be.”

Korsmo stressed that while title professionals already follow the majority of the best practices, but that companies need to have written documentation of policies and procedures. As an example, if a data breach occurs, companies need a written policy detailing the procedure of how to handle it.

“ALTA is in the process of developing model business policies and will provide them to members,” Korsmo said.

Offering advice on areas of concern, Korsmo advised companies to have a process in place to refund consumers if they overpaid a fee. Companies also need to have documentation for rates.

“The CFPB wants to make sure consumers are not harmed in any financial transaction,” Korsmo said. “The easiest way to do this is monitor rates consumers are being charged.”



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
www.alta.org
service@alta.org
Copyright © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment