ALTA® Urges All Title Agent and Underwriter Offices to Prepare for Use of 2006 ALTA® Loan Policy
|July 24, 2007|
The recent Freddie Mac bulletin, announcing a delay in the required use of the 2006 ALTA Loan Policy, was only a reprieve. The form will be required starting 1/1/08, in all states where regulatory approval has been given (our anecdotal information is that only TX, NM, FL, LA, and DE haven’t approved it yet). We need to be ready. It doesn’t do our individual company or industry credibility any good not to meet this reasonable deadline. The form has been approved for more than a year and most title production software revised to accommodate it. The title industry needs to respond at the operational level.