The American Land Title Association’s Title Insurance and Settlement Company Best Practices is back in the news. Now, two years after the ALTA best practices were published, an increasing number of lenders are requiring that title companies prove, by third-party oversight, that they have implemented the practices and are either certified by ALTA or working towards the certification.
Title companies are under the gun, as lenders are acting in response to Consumer Financial Protection Bureau regulations taking effect on October 3, 2015, relating to third-party oversight.
As a member of ALTA, LaPorte recognizes both the importance and urgency of acting on this requirement as soon as possible. We also understand, from the lenders’ side, that the ALTA certification provides a level of assurance to lenders that certain risks are being mitigated.
In response, we have established the ALTA Best Practices service line. We have a team of professionals available to evaluate title companies’ readiness and help prepare for the assessment process. We also have the qualifications and professionals available to perform third-party assessment procedures that will assure lenders that ALTA’s best practices have been implemented. Finally, we can help prepare ALTA certification packages.
LaPorte has the knowledge and resources required to perform these best practices services – and we are ready to perform them now. For more information about our new service line, you can contact Real Estate Industry Group co-leaders Wendi Barnes at 225.296.5150 ext. 3303 or [email protected] and Jennifer Bernard at 504.835.5522 ext.3212 or [email protected].