Each title insurance and settlement company must determine its own response to ALTA based on its size, characteristics, nature and scope. The self-assessment is a starting point allowing the title company to compare itself to its peers. This self-assessment process is similar to the banking “stress” tests process. All firms would be advised to make some changes, at the minimum, upgrading their written policies.
ALTA has created an “Assessment Readiness Guides for Each Pillar” to help firms identify their primary weak points. Here are just some of the actual responses made by the agents:
• One-way glass
• Security cameras
• New filing cabinets and locks
• New vacuum cleaner
• New workstations
• Rewriting computer code
• Increase size of IT
• Writing formal manuals
The title insurance and settlement industry is fortunate to have ALTA translating the legal requirements into language that the title insurance agents can understand. Furthermore, the ALTA Board of Governors forums and worksheets are invaluable. Besides writing the original 7 Pillars, ALTA has also created a guide for each separate point to assist its members in better establishing the proper responses.
All industries must change and deal with new regulations and laws. Some of these requirements are more than a decades old, such as GLBA and may not have applied to the title insurance agents, per se, but with success comes a higher bar. The United States real estate market is quite sophisticated and will be able to offer better services by enacting ALTA Best Practices 7 Pillars.
The ALTA Best Practices 7 Pillars Guide shows title insurance and settlement companies how to comply with the CFPB August 1, 2015 regulations. Each firm can share their experiences at ALTA forums to find the most cost-effective solutions. The clock is ticking on the American land title industry. August 1, 2015 could be a very important date for the United States real estate market.
If you need clarification regarding ALTA’s pillars, contact Clear to Close Services (CTCS) today. Our firm specializes in comprehensive title processing encompassing refinance, sale, purchase, short sale, foreclosure, REO, deed in lieu, relocation, reverse mortgage, and 1031 exchange. Request a call from one of our expert Title Insurance agent’s today and follow us on Facebook for news and updates.