Mortgage Grapevine
Shot Themselves in the Foot?
Looks like the American Land Title Association (ALTA) has just shot itself and the title and settlement industry in the foot from a public relations standpoint with several of their recently announced “best practices.“ The list can be found on the ALTA website. “Best practices” include being properly licensed, complying with privacy laws, complying with settlement laws, and complying with their underwriting agreements. In my opinion those items are minimal requirements to stay in business. Best practices are usually crafted as higher standards that go beyond basic requirements.
When I read the “best practices” it made me think that many title and settlement companies must be having trouble with those most basic of functions, since ALTA is promoting and encouraging the industry to adopt them. Are the settlement and title industries widely non-compliant and in need of this level of encouragement to simply comply with the laws they operate under? The best practices document makes it sound that way! Any thoughts?
http://www.alta.org/bestpractices/docs/ALTA_Title_and_Settlement_Company_Best_Practices.pdf
by oldbe February 13, 2013 4:14 PM
It's a maneuver to eliminate the few independent agents left in the business, nothing more.
Most agents already apply every licensing requirement needed in each State, the bulk of the Best Practices involves an extraordinary amount of extra work, documentation, regulation.
Now imagine you are a title company in rural NC with 4 employees and you only do 40 orders a month and you are the only examiner/owner/agent......
by Booth February 13, 2013 6:39 PM
FATCo, take me away!
by Dr. Branker February 13, 2013 7:16 PM
Since the financial crisis, enforcement actions against lenders for the actions of their service providers have resulted in a new business environment for anyone handling settlements. Lenders are now requiring more information from the service providers with whom they do business.
To meet these new market demands and lender expectations, ALTA took a leadership role to develop the Best Practices. They were crafted to serve as a benchmark for the real estate settlement and mortgage lending industries and illuminate the high level of professionalism that members of the title industry follow to protect consumers and businesses. They were created to ensure settlement providers continued role as the essential independent third-party at the closing. They were designed to ensure that any title insurance and settlement company—large or small—that chooses to implement the Best Practices in their business can do so.
It is ALTA’s priority to ensure all participants in the title industry have the necessary tools to meet market needs.
For info on the best practices, please go to www.alta.org/bestpractices.
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