The American Land Title Association® (ALTA®) has created Title Insurance and Settlement Company Best Practices. These are meant to serve as a guide for ALTA members in enhancing existing business practices to protect consumers, ensure quality service, provide for ongoing employee training, and meet legal and market requirements.
ALTA has committed to the Consumer Finance Protection Bureau (CFPB) that each Title Company will be compliant in 7 different areas (pillars) in order to participate in the business changes occurring presently.
At Main Street Abstract Company we continue to support you with the latest in title standards, regulations and Best Practices procedures.
Our continued interest in title insurance education and our up to date training are a regular and on-going activity so that we provide the best service possible.
Below are brief descriptions of each of the 7 Title Insurance and Settlement Company Best Practices, each of which has been adapted by Main Street Abstract Company.
All 7 Pillars of the ALTA Best Practices are the way for Main Street Abstract Company to demonstrate its commitment to our clients and our business partners. If you have any questions about the policies and procedures as they are implemented at MSAC please feel free to call Gwen Damone at 215-343-8551.
Best Practices - Licensing
Establish and maintain current license(s) as required to conduct the business of title insurance and settlement services.
Best Practices - Escrow & Trust Account
Adopt and maintain appropriate written procedures and controls for Escrow/Trust accounts.
Best Practices - Privacy & Information Security
Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state and federal law.
Best Practices - Recording & Pricing Procedures
Adopt standard real estate settlement procedures and policies that helps ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement Process.
Best Practices - Title Policy Procedures
Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.
Best Practices - Professional Liability Insurance
Maintain appropriate professional liability insurance and fidelity coverage.
Best Practices - Resolving Consumer Complaints
Adopt and maintain procedures for resolving consumer complaints.