North American Title Implements System to Enhance Compliance Efforts
February 28, 2017
North American Title Co. (NATC) has implemented the OurRecords Inc. compliance management system, which allows the company to request its credential requirements, forms, manuals, procedures and policies with third-party vendors and contractors.
"The title industry has always had many, complex moving parts," said Tiffany Bertling, NATC senior vice president, business systems and process. "Since the new heightened compliance standards were put in place by the Consumer Financial Protection Bureau, we have been on a quest to build a substantive system to meet the highest standards of compliance with our third-party service providers in a streamlined and transparent format. OurRecords has met all of our criteria for a truly high-performance system that ensures all of our requirements – both internal and external – are met and verified within one system."
According to OurRecords co-founder and CEO Bill Hall, the solution is optimized for managing compliance for thousands of organizational business partners. OurRecords automates the onboarding, document submission, review, approval and maintenance of business partner compliance. Business partner compliance documentation is kept with each partner's profile and all submissions, communications and storage of documentation is completely secure.
"The American Land Title Association’s (ALTA) Best Practices specifically address the importance of vetting compliance of third-party providers," Hall said. "Recently, ALTA revised the Best Practices with respect to specific guidelines around managing signing agents. Our solution allows NATC to create criteria around different groups of vendors, depending on the level of credentialing needed. For instance, each state or underwriter may have different prerequisites for signing services. The requirements can be easily customized to each of those parameters."
Hall said once the criteria are set up for a particular type of third-party vendor and the necessary instructions and documents uploaded, NATC can send invitations to new and existing vendors to create their OurRecords account. Full instructions and documentation can be downloaded, completed and re-uploaded for verification and approval. The system also notifies the respective parties as required when new documentation is needed, for instance re-verification of errors and omission insurance or licensing.
"The system also allows us to track all of our internal licensing for individuals, offices and underwriter appointments," Bertling noted. "The notification and reporting is very robust and offers a very effective way for monitoring our adherence to all requirements in a way that saves both time and money."
Contact ALTA at 202-296-3671 or communications@alta.org.