Assessment Readiness Guide Available for Policy Production Best Practice
July 31, 2014
With guidance from its Best Practices Task Force, ALTA has released its fourth Assessment Readiness Guide to help members determine if they are prepared to undergo an assessment to determine compliance with ALTA’s “Title Insurance and Settlement Company Best Practices.”
The guide released today is for the fifth pillar of the Best Practices, which says that adopting appropriate procedures for the production, delivery and remittance of title insurance policies help ensure title companies can meet their legal and contractual obligations.
ALTA also has released assessment guides for pillars one, four and seven. The guides are available exclusively to ALTA members. Separate guides should be completed for each licensed entity a company owns.
The first section of the guide asks for basic company information, including whether your company uses any third party for services, such as title plants, search companies and notaries. The second section of the Assessment Readiness Guide is comprised of a series of questions corresponding to the Best Practices. Along with the questions, the guide includes suggested testing and reviews for a company to conduct to help verify whether an operation follows the Best Practices.
In addition to the Assessment Readiness Guides, ALTA is working with lenders to develop a standard format to communicate compliance. This will be a tool ALTA members can use to respond to lender questionnaires or other inquiries.
Additional resources on ALTA’s Best Practices are available at www.alta.org/bestpractices. Questions about the Assessment Readiness Guide may be sent to firstname.lastname@example.org.