Best Practices to Protect Customers, Ensuring Quality Services In the Title Insurance Industry
Best Practices to Protect Customers,
Ensuring Quality Services In the Title Insurance Industry
American Land Title Association (ALTA) has created a set of best practices called Title Insurance and Settlement Company Best Practices to help highlight practices the industry exercises to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience. These serve as a benchmark for real estate settlements. It is beneficial for us in the title business to promote self-regulation through the best practices that meet high professional standards of operation to protect consumers and businesses. The best practices address areas ranging from controls regarding escrow and trust accounts to protecting customers’ personal information and responding to complaints:
- Establish and maintain current license(s) as required to conduct the business of title insurance and settlement services. The purpose is to ensure that the company is fully compliant with all applicable laws and regulations.
- Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation. These controls help meet client and legal requirements for safeguarding client funds.
- Adopt and maintain a written privacy and information security plan to protect Non-public Personal Information as required by local, state and federal law. Federal and state law requires a written information security plan describing how non-public customer information is protected.
- Adopt standard real estate settlement policies and procedures. This can ensure a settlement company can provide a safe and compliant settlement and meet state, federal and contractual obligations governing the settlement process and provide for ongoing employee training.
- Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance. Appropriate procedures for the production, delivery and remittance of title insurance policies ensures title companies meet their legal and contractual obligations.
- Maintain appropriate professional liability insurance and fidelity coverage. Appropriate levels of professional liability ensure that title agencies and settlement companies have the financial capacity to stand behind their professional services.
- Adopt and maintain procedures for resolving consumer complaints. A process for receiving and addressing consumer complaints is important to ensure that any instances of poor service or non-compliance do not go undiscovered.
As a professional in the real estate title insurance industry we pride ourselves on making sure we do what is best for the consumer. Have a question as to how we handle your information, call us today 239-415-6574!
Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.
Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com
Posted on June 21, 2013, in Title and tagged ALTA, American Land Title Association, Bonita Springs Title Company, Cape Coral Title Company, Estero Title Company, Fort Myers, Fort Myers Title Company, Jennifer Ferri, Property Guiding, SWFL Real Estate, Title Insurance, Title Junction, Title Work. Bookmark the permalink. 1 Comment.