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?

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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


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