Tag Archives: ALTA

On My Soapbox—Is it Fair to Make Title Agents and Law Firms Prove Compliance with Best Practices?

For those in the title and legal industries, it can be more than a little annoying to have one’s role in representing lenders characterized as merely that of “third-party service provider.”  Title agencies and law firms perform the same trusted services for the lending community today—handling confidential bank client information and millions of dollars of … Continue Reading

Should a Settlement Agency Be Considered a Daycare for Customer Data?

All too often, title and settlement agents give little more than a passing thought to the importance of protecting highly sensitive customer data.  But to the lenders we service, the care and protection of the customer data with which we’re entrusted is extremely important.  That’s because the law unequivocally requires customer data to be protected … Continue Reading

Whatcha Gonna Do, Whatcha Gonna Do, Whatcha Gonna Do When a Data Breach Happens to You?

In my job, I have the privilege of speaking with title and settlement agents from across the nation.  At some point during our conversations, those agents who have just been certified as compliant with ALTA’s Best Practices will usually voice something similar to the following: “I recently upgraded my server, and each of my office … Continue Reading

When a CPA Assesses Your Compliance with Best Practices, “Review” is a Noun, Not a Verb

Title professionals regularly use the term “review,” but most often it is used as a verb.  (e.g. “I am going to review the Closing Disclosure,” or “You always should carefully review the loan closing instructions.”)  However, over the past year working inside a CPA firm, I have discovered that CPAs also routinely use that same … Continue Reading

Third-Party Certification—Knowing Your Options, Learning the Lingo

In our previous blog, Self-Certification: Buyers and Sellers Beware, I discussed issues surrounding a “self-certification” of compliance with ALTA’s Best Practices, and how that approach could be utilized to comply with some lenders’ requests to demonstrate proof of adoption of the Best Practices standards.  A review of recent lender correspondence requiring some level of compliance indicates that self-certification is an … Continue Reading

ALTA Advocates for Agents by Asking CFPB for Support of Best Practices

For the past 10 years, lenders repeatedly have been asked by their regulators, and recently the CFPB, to demonstrate they are exercising appropriate due diligence and supervision over the title and closing agents who handle their customer’s non-public, personal information. Lenders also are required to demonstrate that closing agents are treating all consumers fairly as … Continue Reading

Self-Certification: Buyers and Sellers Beware

So far, our blog series  has covered “Current Lender Requirements for ALTA Best Practices Adherence,” “An Initial Look at Available Best Practices Adoption Data,” “ALTA Best Practices—Who is Requiring What,” and “Motivating Forces Behind Lender Best Practices Requirements.” In this blog, we’ll look at the pros and cons associated with submitting a “self-certification” of compliance. … Continue Reading

Current Lender Requirements for ALTA Best Practices Adherence

Why were ALTA Best Practices developed? In this upcoming blog series, I will offer some observations about the title industry’s challenges in adopting proposed company operational standards that were developed by the American Land Title Association, referred to as the ALTA Best Practices Framework 2.0. In this blog, I will provide a “30,000 foot” overview … Continue Reading

New Title Industry Blog About Reaching Higher Compliance Standards

Nationally certified public accounting and consulting firm PYA announces the release of a new blog designed to enhance communication between the title and closing community and the world of accounting.  Nationally certified public accounting and consulting firm PYA has announced the launch of a new blog for the title and closing community that offers unique … Continue Reading