ALTA Best Practices
The American Land Title Association (“ALTA”) Best Practices Framework was developed to assist ALTA Members such as Safe Harbor Title Company to optimize their practices and procedures to ensure financial and data security, operational stability, and to meet regulatory requirements along with fulfilling customer needs and requirements. Safe Harbor Title Company has chosen to adopt the American Land Title Insurance Association (“ALTA”) Best Practices Framework for Title Insurance and Settlement Company’s to protect our customers and clients, promote quality service, safeguard data and funds, provide for ongoing employee training, and meet legal and market requirements. These practices are voluntary and designed to improve operations and help Safe Harbor Title Company maintain the highest level of professionalism and best practices to help ensure a positive and compliant real estate settlement experience. Every effort has been made to anticipate and address all aspects of title or settlement company activity.
The 7 Best Practices Pillars
1. Best Practice: Establish and maintain current License(s) as required to conduct the business of title insurance and Settlement services.
2. Best Practice: Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.
3. Best Practice: Adopt and maintain a Written Information Security Plan (“WISP”) and a written privacy plan to protect NPI as required by local, state, and federallaw.
4. Best Practice: Adopt standard Real Estate Settlement policies and procedures that help ensure compliance with: (i) federal and state consumer financial protection laws and regulations, and (ii) contractual obligations as applicable to the Settlementprocess.
5. Best Practice: Adopt and maintain written procedures related to title policy production, delivery, reporting, and premiumremittance.
6. Best Practice: Maintain appropriate insurance and fidelity coverage.
7. Best Practice: Adopt and maintain written procedures for resolving Consumer complaints.
Download the 4.0 ALTA Best Practices