What are the ALTA Seven Pillars of Best Practices and why were they created?
Title insurance agents have a great responsibility to the consumers we serve!
In addition to ensuring free and clear title to property, title insurance agents must protect clients’ privacy and non-public information (NPI), ensure that escrow funds are well-managed and secured, that title policy procedures are clearly documented and followed, proper liability insurance is maintained and more.
The American Land Title Association Seven Pillars of Best Practices are a voluntary framework of title industry best practices which were developed in conjunction with the banking industry and the Consumer Financial Protection Bureau (CFPB) and are:
- Pillar No 1: Establish and maintain current license(s) as required to conduct the business of title insurance and settlement services.
- Pillar No. 2: Adopt and maintain appropriate written procedures and controls for escrow trust accounts allowing for electronic verification of reconciliation.
- Pillar No. 3: Adopt and maintain a written privacy and information security program to protect Non-Public Personal Information as required by local, state and federal law.
- Pillar No. 4: Adopt standard real estate settlement procedures and policies that help ensure compliance with federal and state consumer financial laws as applicable to the settlement process.
- Pillar No. 5: Adopt and maintain written procedures related to title policy production, delivery, reporting, and premium remittance.
- Pillar No. 6: Maintain appropriate professional liability insurance and fidelity coverage.
- Pillar No. 7: Adopt and maintain written procedures for resolving consumer complaints.
Trident Land Transfer has not only adopted the ALTA best practice framework but, in keeping with being an industry leader, has a Compliance Department which works with all our stakeholders in upholding our commitments to providing the highest level of title insurance services, protecting consumer NPI and resolving consumer complaints. If there are any questions concerning Trident’s Seven Pillars of Best Practices please don’t hesitate to ask either your Trident Land Transfer associate or, if you prefer, call or email Trident Compliance counsel Andrea Castro, Esq., at 610-889-7689 or send her an email at email@example.com.