ALTA Best Practices Information Center
In the wake of the mortgage meltdown of 2008, the federal government, lending industry, and title industry explored ways to make the mortgage lending and closing processes more secure. Initiatives from government agencies make lenders financially responsible for the activities of many third-party vendors providing services in connection with consumer credit transactions—including title insurers.
In an effort to help the lending community reduce its liability, the American Land Title Association (ALTA) authored new quality control standards designed to improve service, reduce risk, and ensure the highest level of regulatory compliance. Those standards resulted in a seven-point program entitled, ALTA Best Practices Framework: Title Insurance and Settlement Company Best Practices. Published in January 2013 and updated in July 2013, Best Practices is designed to improve the overall quality and safety of the escrow and title services provided by title insurers and agents. In addition to the Best Practices document itself (which contains the Mission Statement and Definition of Terms), ALTA’s Title Insurance and Settlement Company Best Practices web page contains valuable information and FAQs.
Implementing Best Practices continues to be our highest priority. Please continue to watch your email and check this page for information.
Specific Information for ATG Agents
Overview
"ALTA Best Practices: A Seven-Point Program to Improve the Industry - How Will it Impact ATG Agents?" (Update from ATG Administration, February-March 2013 ATG Trusted Adviser)
Articles and Procedural Updates
- Best Practice #1: Establish and Maintain Current Licenses
- Best Practice #2: Adopt and Maintain Written Procedures and Controls for Escrow Trust Accounts
- Best Practice #3: Protect Non-Public Personal Information
Quick Search: - Best Practice #4: Adopt Standard Real Estate Settlement Procedures
- Best Practice #5: Adopt Procedures for Title Policy Production, Delivery, Reporting, and Premium Remittance
- Best Practice #6: Maintain Appropriate Professional Liability Insurance and Fidelity Coverage
- Best Practice #7: Adopt and Maintain Procedures for Resolving Consumer Complaints
Implementation Tools
To assist with the new requirements, ATG has prepared forms and checklists for your use.
ATG and ALTA
ATG is a member of the American Land Title Association (ALTA), the national trade association and voice of the title insurance industry. Our CEO, Peter Birnbaum, served on ALTA's Board of Governors the from 2009-2015.
Print this page