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ALTA’s Title Insurance and Settlement Company Best Practices

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ALTA created best practices to help members highlight policies and procedures the industry exercises to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience.

Title Insurance and Settlement Company Best Practices
Download the full document of ALTA's Best Practices.

Resources and Documents
Here you will find guidance material to aid implementation for each pillar of the Best Practices, including Assessment Readiness Guides, webinars and links to additional information. ALTA recently published a Best Practices Compliance Management Report, which can be completed and provided to lenders and others evidencing compliance with Best Practices.

Purchase Best Practices Resources and Documents
Non-ALTA members may now purchase a Best Practices Subscription to access the Best Practices resources and documents that were previously available exclusively to ALTA members. These resources and documents were designed to help companies perform a Best Practices assessment and demonstrate their compliance to third parties, including lenders. There are multiple Best Practices Subscriptions available, designed to provide you with the tools your company needs to implement the Best Practices standards.

Assessment Readiness Guides
Available to ALTA members, the Assessment Readiness Guides can be used to help companies determine if they are prepared to undergo an assessment to determine compliance with ALTA’s Best Practices.

Assessment Procedures
The standard assessment procedures can be used by third parties to evaluate settlement services providers.

Certification Package
The certification package can be used by title professionals to demonstrate to lenders that they have implemented Best Practices. The certification package includes a cover page, an agency letter, a Best Practices certificate and a declarations page.

Best Practices Policy and Procedure Creation Guidance
This guide provides members step-by-step directions on how to draft formal policies and procedures for the Best Practices. In addition, a sample policy and procedure as well as a template to help provide a standard format are provided.

Template for Best Practices Policy and Procedure
Download the template to begin building your Best Practices Policy and Procedure for each of the Best Practices.

Best Practices FAQs
These FAQs are designed to give you a better understanding of the Best Practices.

News on Best Practices
August 25, 2015 American Bank & Trust to Require Third-party Certification to ALTA Best Practices
American Bank & Trust joined the ranks of other banks requiring companies to provide a third-party certification to ALTA's Best Practices. In a letter to its closing attorneys, the bank said it needs a letter of intent to comply by Oct. 3. In its letter, American Bank & Trust also outlined requirements for the TILA-RESPA Integrated Disclosures.
August 18, 2015 Ramping Up Cybersecurity: The Next Big Thing
If helping lenders meet regulatory requirements to prove service- provider oversight and preparing to implement the TILA-RESPA integrated disclosures weren’t enough, safeguarding against cyber attacks will be a new pressure on businesses. A litany of high-profile breaches has sparked the need for more proactive protection of the treasure trove of data and money handled by title professionals.
August 11, 2015 Lender Requirements for ALTA's Best Practices
To prove compliance with third-party oversight required by the Consumer Financial Protection Bureau, several lenders have announced their requirements to prove implementation of ALTA’s “Title Insurance and Settlement Company Best Practices." ALTA has compiled information it has received to help title and settlement agents understand the various lender expectations.
August 11, 2015 ALTA Best Practice Manuals: Every Closing Agent Needs One, Every Lender Should Require One
Best Practices play an integral role to managing risk and proving regulatory compliance. Read on for advice from one lender on how title and settlement agents should go about documenting and developing a Best Practices manual.
August 11, 2015 Benchmark Title Receives Certification to ALTA Best Practices
Benchmark Title Company received certification in accordance with ALTA's “Title Insurance and Settlement Company Best Practices” by National Certified Public Accounting and consulting firm Pershing, Yoakley & Associates.
August 11, 2015 HA&W to Refund Fee if Lender Rejects Best Practices Compliance Report
HA&W announced that it will provide title agencies that partner with its ComplianceSuccess Program will receive a safety net for their compliance reports.
More Articles on Best Practices

Contact Government Affairs Staff

Steve Gottheim
ALTA's Legislative and Regulatory Counsel
202-296-3671 Ext. 230

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American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
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