Survey of How Title Insurance Companies Rank in Regards to ALTA’s Best Practices

Survey of How Title Insurance Companies

Rank in Regards to ALTA’s Best Practices

Recently, nearly 750 title professionals completed ALTA’s best practices survey, which showed that the majority in the industry already have processes and procedures in place.
Here are some results:

• 99 percent of respondents maintain separate operating and escrow/trust accounts;

• 94 percent perform monthly, three-way reconciliation of accounts;

• 72 percent have a clean desk policy requiring employees to close files containing non-public personal information when not at their desk;
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• 81 percent use strong passwords for computers and require frequent password updates;

• 90 percent record documents within one to three days on average;

• 79 percent deliver title policies to customers within a month after closing;

• 90 percent remit title premiums to your underwriter by the last day of the month following the month in which the insured transaction was consummated;

• 95 percent carry E&O insurance;

• 67 percent carry other professional liability insurance (fidelity, surety);

• 96 percent have procedures to ensure that customers are charged the appropriate rates;

• 81 percent have a policy in place to respond to consumer complaints; and

• 71 percent perform background checks on employees who have access to consumer funds.

Documenting and following effective processes will help ensure accuracy, provide further safeguards to consumers and greatly reduce the risk of loss.

Have a question on how we do business? Contact us…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

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Posted on June 28, 2013, in Title and tagged , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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