Over the course of the last 12 to 18 months, our attorneys and staff members have worked incredibly hard to make sure that our firm puts client security, privacy, and service at the top of our priority list. As a part of that initiative we challenged ourselves as a firm to implement industry Best Practices in providing settlement services. We are proud to announce that the implementation phase is complete and we have recently been certified by an independent auditor as being compliant with the American Land Title Association’s Best Practices.
Just what does that mean? In short, it means that we are in full compliance with seven pillars written by ALTA and determined to represent the best way of conducting business in the area of closings and settlement services. The pillars are:
- Establish and maintain current licenses as required to conduct the business of title insurance and settlement services.
- Adopt and maintain appropriate written procedures and controls for escrow trust accounts allowing for electronic verification of reconciliation.
- Adopt and maintain a written privacy and information security program to protect non-public personal information.
- Adopt standard real estate settlement procedures and policies that ensure compliance with federal and state law.
- Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.
- Maintain appropriate professional liability insurance and fidelity coverage.
- Adopt and maintain written procedures for resolving consumer complaints.
Our attorneys and staff work very hard so that the closing process can be as seamless as possible for those choosing our firm. Compliance with ALTA’s best practices means that buyers, sellers, lenders, and real estate agents can rest easy in knowing that our firm provides a high level of service and that we take our roles in protecting private information and assets we are entrusted to hold very seriously.
Have questions about what this means for you in choosing a firm to handle your closing? Ask them in the comments and we will be happy to answer. Also, more posts on ALTA Best Practices are coming soon so stay tuned!