Use ALTA's Certification Package to Show Implementation of Best Practices
July 3, 2014
ALTA's Certification Package 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.