Webinar to Help Title and Settlement Industry Handle Lender Requirements and Compliance Issues

May 22, 2014

LenderSecure will host a Best Practices Boot Camp webinar from 2:00-3:00 p.m. ET on Wednesday, May 28.

Titled “Protecting Data, Documents & Dollars,” the event will help title and settlement agents understand and follow ALTA's Best Practices, which can help satisfy regulatory demands on lenders and demonstrate policies and procedures followed to safeguard data, documents and dollars.

Participating on the webinar will be Christopher Gulotta, CEO and Founder of Real Estate Data Shield; Richard Reass, CEO and founder of RynohLive, Reliant Title and Segnin Software; and Bud Walder, vice president of marketing for DataMotion.

Specific Best Practices discussed during the event will cover:

  • Data Security: Including an overview of essential safeguards critical to protecting clients’ sensitive information
  • Document Security: How to protect Non-public Personal Information (NPI) on data and documents in motion using email encryption technology
  • Dollar Security: How to protect and manage escrow accounts from fraud, errors and more
  • “It’s no longer about just ‘closing the deal,’” Gulotta said. “Bank regulators are requiring lenders to ensure they are compliant with federal consumer protection and privacy laws and regulations. So, the question is, with the annual cost to ensure compliance equal to only a few closed units, can industry professionals and organizations afford not to comply?” “Nothing undermines a business in our industry more than losing the trust of customers, and there are a lot of threats that have the potential to do just that,” Reass added. “From being aware of the sophisticated scams constantly emerging to keeping abreast of new technology and regulatory developments, organizations need to take action now to protect customers and themselves.”

    According to Walder, data breaches are increasingly common across many industries and real estate settlement is not immune.

    “The fallout from a breach can result in substantial regulatory fines and a damaged reputation that can severely impact a company’s bottom line and future,” he said. “Threats can be mitigated and controlled much more easily if measures to protect NPI are in place. That is where understanding and following ALTA Best Practices can really help.”

    In addition to the Best Practices, ALTA has developed several items to aid implementation. Here’s a look at some of the tools available:
    • Assessment Procedures
      The standard assessment procedures can be used by third parties to evaluate settlement services providers.

    • Assessment Preparation Workbook
      Exclusive to ALTA members, the Assessment Preparation Workbook is a tool to help companies prepare for a Best Practice Assessment. After it's completed, the Workbook generates a report identifying any areas that need addressed. Click here to watch a tutorial on how to complete the Workbook.

    • Certification Package
      The certification package can be used by title professionals to demonstrate to lenders that they have implemented Best Practices. The certification package includes a cover page, an agency letter, a Best Practices certificate and a declarations page.

    • Policy and Procedure Creation Guidance
      This guide provides members step-by-step directions on how to draft formal policies and procedures for the Best Practices. In addition, a sample policy and procedure as well as a template to help provide a standard format are provided.

    • Template for Best Practices Policy and Procedure
      Download the template to begin building your Best Practices Policy and Procedure for each of the Best Practices.

    • Sample Outline/Table of Contents for Best Practices Policy and Procedure
      This outline provides an example of items a final policy and procedure should include.
    ALTA also is finalizing an Elite Provider Program that will help connect title companies with vendors that can help meet requirements of the Best Practices.

    Contact ALTA at 202-296-3671 or communications@alta.org.