Certification Package Now Available to Title Professionals
August 1, 2013
ALTA has created a Certification Package that can be used by title professionals to warrant and attest to lenders that they have implemented ALTA’s Best Practices.
The certification package includes a letter that states the title professional complies with the Best Practices, a certificate to show that he or she has passed an assessment and a copy of the agent’s errors and omissions or other professional liability insurance declarations page.
The agency representations and warranties letter can be used by title professionals to attest that they have implemented ALTA’s Best Practices. The letter also says the title professional will comply with the Best Practices for a 24-month period commencing at the date of the letter. The certificate can be used by title professionals to show that they have passed an assessment.
The certificate is issued from the company that conducts the assessment to the title company. The certificate has two parts. One part is for security and privacy, while the second part is for all the other pillars of the Best Practices.
ALTA is creating a workbook for title professionals to help examine adoption of Best Practices and prepare for a company assessment. The workbook will expand on and clarify each of the Best Practices. It will ask agents questions in each of the assessment procedures to assist in understanding readiness for the Best Practices assessment.
Finally, ALTA is working on completing tools to help members develop their own written procedures. The model creation tools will help guide agents as they create written procedures necessary to execute the policy of adhering to Best Practices.
ALTA expects to publish the workbook and model policy creation tool in August.
If you have questions regarding any aspect of the Best Practices, send ALTA an email at email@example.com.
Best Practices Education Opportunities
At 2 p.m. ET, Wednesday, July 24, Terrie Miller of H.B. Wilkinson Title Company and Alison Gareffa of Old Republic National Title Insurance Company will address the seventh pillar of Best Practices during the webinar titled “Best Practices – Resolving Consumer Complaints.” Miller and Gareffa will walk through how to develop a process for receiving and addressing consumer complaints is important to ensure that any instances of poor service or non-compliance do not go undiscovered. Click here to register.
To help you stay ahead of the curve on what lenders are looking for, we have nine professional development sessions dedicated to Best Practices during our 2013 Annual Convention in Palm Beach, Fla., at the Breakers. Here’s a look at a few of the sessions:
- Escrow from Soup to Nuts: From set up to shut down, this session will cover everything you need to know about escrow including proper naming of the account, reconciliation, verifying the existence of fraud accounts, proper crime insurance and how to escheat funds. Come to this session to make sure your accounts satisfy the ALTA Best Practices.
- Gaining a Competitive Advantage by Implementing a Clean Desk Policy: Speakers will provide information that will give you the ability to create a customized Clean Desk Policy specific to your organization.
- Weaving the Threads of Title E&O: This session will discuss how title professionals can utilize current insurance market products to mitigate their financial responsibility risks. Attendees will learn about title agent E&O, cyber liability/data breach and escrow security bonds, and how to use these products most effectively within their agencies.
- Trials and Tribulations in Enhancing Consumer Care: Panelists who have implemented Best Practices will share successes in modifying their processes and provide attendees solid take-aways that can be implemented in their operations.
- Go to ALTA's Best Practices webpage for more information.