American Land & Title Association (ALTA) Best Practices

The Dodd-Frank Wall Street Reform & Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB) and its new rules and regulations are changing the mortgage lending industry and ultimately the traditional relationships between lenders and title insurance agents. As lenders are responsible for the actions of third party vendors, additional compliance is required for the title insurance industry. ALTA’s Best Practices were created in response to changing times and roles.


Best Practices - Licensing
Establish and maintain current license(s) as required to conduct the business of title insurance and settlement services.


Best Practices - Escrow & Trust Account
Adopt and maintain appropriate written procedures and controls for Escrow/Trust accounts.


Best Practices - Privacy & Information Security
Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state and federal law.


Best Practices - Recording & Pricing Procedures
Adopt standard real estate settlement procedures and policies that helps ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement Process.


Best Practices - Title Policy Procedures
Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.


Best Practices - Professional Liability Insurance
Maintain appropriate professional liability insurance and fidelity coverage.


Best Practices - Resolving Consumer Complaints
Adopt and maintain procedures for resolving consumer complaints.

For a complete copy of the Sentry Abstract Best Practice Manual, kindly email: dedwards@sentryabstract.com with your request.