ALTA Best Practices
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There has been a growing focus on consumer protection in the mortgage industry in recent years. This has led to reforms in the mortgage laws. The Title Insurance and Settlement companies which form the American Land Title Association, therefore, felt the need to come up with that best practices so that all the member companies can be compliant to all the current laws and regulations. The American Land Title Association has come up with Best Practices in the year 2013. ALTA
has made adherence to Best Practices voluntary and left it to individual companies. At ATG TITLE
, we implemented our Best Practices policies and procedures.
At ATG TITLE
, Best Practices are the part of our efforts to help protect the funds as well as non-public personal information of all clients. Our policies ensure that consumers’ money and non-public information are always safe. We want everyone to have a successful and painless real estate settlement experience. Therefore, our policies are made for everyone involved in the process of real estate transactions, such as, home buyers, lenders and real estate agents.
Our best practices are divided into seven sections. A summary of these seven sections is presented below. We will also love to listen to your feedback.
Section 1 Licensing
ATG TITLE and all of its employees, at all times, maintain all the necessary registrations and licenses required to operate as a settlement company and to conduct settlements in its licensed jurisdictions
Section 2 Escrow/Trust Accounting
ATG TITLE takes a lot of steps to protect client funds. To safeguard client funds, they are maintained in completely separate escrow accounts and these accounts have controls in place to ensure their safety. The authorized employees, who have access to these funds, have been proper background checks done. Also, a three-way reconciliation of these escrow account funds is conducted on a daily basis. ATG Title is constantly offering ongoing training to its employees for accounting and managing client funds in escrow.
Section 3 Privacy and Information Security
Section 4 Document Recordation/Title and Settlement Pricing
To ensure that the recordation is completed as quickly as possible, ATG TITLE uses a process of E-recording to ensure that documents are made available for recordation at most within 3 to 6 business hours of completion of transaction. Wherever the process of E-recording is not available, the documents are provided for recordation at most within two business days after the close of the transaction. All the records are maintained by ATG TITLE. ATG TITLE has also put processes in place for helping clients with correct title insurance rates after applicable discounts. To ensure this, regular training is provided to employees of ATG TITLE on recording and pricing policies.
Section 5 Title Policy Production/Premium Remittance
Homeowners receive the owner’s title insurance policy on the day of closing, lenders policies are provided within five business days. The underwriters are delivered policy premiums as per the underwriting agreement.
Section 6 Professional Liability Insurance and Fidelity Coverage
ATG Title maintain the states required professional liability insurance and fidelity coverage. The insurance amount meets or exceeds the legal and underwriting requirements. Also, the amount of insurance is regularly reviewed and any change, if necessary, is made.
Section 7 Consumer Complaints
To ensure proper disposal of consumer complaints, ATG TITLE has maintained one point of contact for all kind of complaints. Also, it has a written policy for acceptance and administration of all the consumer complaints. All the complaints and their resolutions are recorded and analyzed. The required changes are made in processing policies as a result of analysis of these complaints. The employees are also provided adequate training to properly handle all kind of complaints by consumers.