ALTA Best Practice Certification

altoCertificationAmerican Land Title Association Best Practices Certification
When the Consumer Finance Protection Bureau stated Lenders were responsible for the actions of their third party vendors, many turned to the American Land Title Association (ALTA) Best Practices to vet their Settlement Agents. The seven (7) ALTA Best Practices encompass:

  • Licensing
  • Escrow/Trust Account Controls
  • Data Privacy and Protection
  • Settlement Services
  • Title Policy Production
  • Insurance
  • Consumer Complaints

After contracting with the Settlement Agent*, AMERICAN RISK MANAGEMENT’s Credentialing staff performs a detailed review of all required policies and procedures along with supporting documents. Once all documentation has been reviewed and approved, AMERICAN RISK MANAGEMENT will schedule and conduct an on-site review that includes closed loan file review, physical location review and HUD-1 reconciliation. After a successful on-site review, AMERICAN RISK MANAGEMENT will issue the ALTA Best Practices certificate to the Settlement Agent.

* Key contract provisions include a 30 day defect cure period, consulting and confidentiality.

AMERICAN RISK MANAGEMENT credentialing staff also performs Procedural Reviews and Lender Specific Reviews. Staff members are available to help Settlement Agents create their Policies and Procedures.

Click here for a list of certified settlement agents
Click here for a list of certified settlement companies

Comments are closed.