Action Title and escrow is proud to announce that it received a Certification of its adherence to ALTA Best Practices. This was awarded to Action Title as a result of a very exhaustive audit of our adherence to the ALTA Best Practices. A copy of the certification viewed in our home office in Martinsville, Indiana.
Background:
In 2012, a number of regulatory and market pressures brought scrutiny to the basic integrity of the title insurance industry. There were many stories of title agents involved in misappropriating closing funds or participating in real estate or mortgage fraud schemes. While it was only a small percentage of industry members, the publicity brought attention to industry members’ qualifications and practices.
One response was for the industry trade association, The American Land Title Association, to formulate Title Insurance and Settlement Company Best Practices, a set of minimum standards for industry members to comply with to improve the quality and integrity of our business.
The Best Practices cover areas such as:
- Employee and Company Licensing
- Escrow Trust Account Controls
- Privacy and Information Security
- Compliance with Federal and State Consumer Finance Laws
- Written Procedures regarding title policy production, delivery, reporting and premium remittance
- Maintenance of appropriate professional liability insurance and fidelity coverage
- Procedures for resolving consumer complaints
In every instance, Action Title meets or exceeds the standards established by ALTA, particularly in the areas of escrow account and personal information security.