ALTA Best Practice Course Approved in Oklahoma

Stephanie Fullerton of Streamline Consulting discusses the 7 Pillars of ALTA Best Practices. Not only is each Best Practice defined but an explanation is included that gives the reasoning behind it. Steps for implementation and the cerification process are also discussed. Below is a brief outline.

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• 
  Overview   
  
  
  
  • ALTA
  
  
  • 7 Best Practices of Best Practices
  
  
  
  

  Best Practice #1    

  
  
  
  
  • Best Practice 1: Licensing
  
  
  • ALTA’s Policy Forms Licensing Requirement
  
  
  
  

  Best Practice #2    

  
  
  
  
  • Best Practice #2: Escrow Trust Accounting
  
  
  • Best Practice #2: Steps to Compliance
  
  
  
  

  Best Practice #3    

  
  
  
  
  • Best Practice #3: Protecting NPI
  
  
  • Best Practice #3: Steps to Compliance
  
  
  
  

  Best Practice #4    

  
  
  
  
  • Best Practice #4: Settlement Processes
  
  
  • Best Practice #4: Recording Procedures
  
  
  • Best Practice # 4:Pricing Procedure
  
  
  
  

  Best Practice #5    

  
  
  
  
  • Best Practice #5: Policy Production
  
  
  
  

  Best Practice #6    

  
  
  
  
  • Best Practice #6: Insurance Coverage
  
  
  
  

  Best Practice #7    

  
  
  
  
  • Best Practice #7: Consumer Complaints
  
  
  
  

  Implementing

  
  
  
  
  • Implementing
  
  
  
  

  Assessment    

  
  
  
  
  • Assessment Procedures
  
  
  • Assessment Preparation Workbook
  
  
  
  

  Certification   

  
  
  
  
  • Certification Package
  
  
  • Certification Package Part 1
  
  
  • Certification Package: Part 2
  
  
  
  

  Conclusion

  
  

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Streamline Consulting, LLC was founded in 2004, born naturally, based on the experience of its founders and a need within the industry for bridging gaps between software and title and insurance functionality. Streamline became an effective, non-biased and neutral third-party, to help make decisions, implement policies and procedures and in utilizing production software to its fullest capacity; all of which needed to be specific to the individual/respective organization.

We take the human resource and the title/escrow capabilities contained within client offices and apply them to the software to bring out the greatest utility in both. Streamline Consulting has team members and resources that focus on documents, reporting, system setup, project management solutions, data conversions, remote or on-site training and implementations, as needed. We function as the main software administrator for many of our clients, by working hand in hand with the client and applying workflow goals and management parameters to customize the software to meet your needs. Communication is not limited to just management. By sitting with client staff, we draw out the reality about how they actually spend their time, what applications they are using, how they use the production software and also work around inefficiencies.

This full bodied engagement is not necessary for everyone. Streamline is also equipped to work with clients on individual projects on an as needed basis. In addition to these professional capabilities, Streamline team members genuinely enjoy taking part in adding value to the client organization which is why we consider ourselves to be your Value Added Partner. We believe every company deserves the opportunity to shine regardless of its size and that in order to be successful, you must empower those around you to be the same. Streamline prides itself on providing innovative solutions, alternatives and opportunities for real estate title insurance companies nationally.

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ALTA Best Practice Course Approved in Oklahoma

What if a lender requirement conficts with state law

This is an excerpt from a recent article by Jeremy Yohe of ALTA:

“Some national lenders are now requiring in their master service agreements adherence to a six-month data retention policy. This means that all data provided to support a transaction must be disposed of within six months after a transaction closes.”

Has anybody seen this?  If so, how does this align with the NJ requirement to save files for 14 years?

What if a lender requirement conficts with state law

MERS, The Core Concepts course approved in Missouri

Michael B. Skalka

Executive Vice President

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MERS operates an electronic registry, the MERS® System, for tracking servicing rights and beneficial ownership interests in residential mortgage loans, and MERS® Commercial for the commercial mortgage‐backed securities (CMBS) and multifamily marketplace

About the Presenter

In April 2012, Mike Skalka relocated to Virginia to join MERSCORP Holdings, Inc., parent company of Mortgage Electronic Registration Systems, Inc. (MERS), as Executive Vice President and Chief Legal Officer. He also serves as Corporate Secretary for MERSCORP Holdings and MERS.  MERSCORP Holdings, which operates an electronic registry of mortgage loan servicing rights and ownership on behalf of the lending industry, is presently addressing the challenging issues associated with foreclosures and mortgage record holding – areas in which Mr. Skalka’s background and knowledge is uniquely suited. 

 

Mr. Skalka received his B.A. degree from C.W. Post College of Long Island University and his J.D. degree from Chicago-Kent College of Law. Upon graduation from law school, Mr. Skalka began his career in the title industry and then went on to private practice; subsequently, reentering the title industry years later.

 

Mr. Skalka joined Stewart Title in 1988 as the founding president of Stewart Title Insurance Company, domesticated in New York. Shortly thereafter, in the early 1990s, he helped establish Stewart’s operations in Canada and theUnited Kingdom, and then relocated from New York to Houston, in 1993, to serve as Executive Vice President and General Counsel of the Stewart Organization until 2005.

 

As Stewart continued to seek opportunities outside of the U.S., Mr. Skalka led those efforts by becoming Chairman of Stewart’s International Group in 2005. In 2007, he became the first person outside of the Morris and Stewart families to be appointed President and Managing Director of Global Underwriting Services of Stewart Title Guaranty Company, where he remains a member of its Board of Directors. Mr. Skalka had also helped to lead the National Title Services Division of Stewart since 2009.

 

With his more than 35 years in the title and real estate industries, Mr. Skalka has established himself as an admired member of the real estate community. He has had the honor to be appointed to the Board of Governors of the American Land Title Association^®, as well as to serve upon its various committees; and, is a past President of the New York State Land Title Association.

 

In the spring of 2007, the Houston Chronicle published a feature article about Mr. Skalka and his international activities on behalf of the Stewart Organization.  He also has been quoted in Continental Airlines Magazine concerning the real estate market in Latin America.  Mr. Skalka has spoken before numerous bar association, land title asso

ciation, and related industry functions throughout the United States and England and has had articles published by the Bank Lending Institute, the New York Law Journal, the Practicing Law Institute and the National Register of Commercial Real Estate.

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MERS, The Core Concepts course approved in Missouri

A Suggestion from HousingWire

HousingWire

Art Oswald sent you a link from www.housingwire.com

 

CFPB"s new Loan Estimate Form will pack a punch

The disclosure form changes are not just cosmetic — the requirements around producing and delivering this paperwork will fundamentally change mortgage operations.

Having trouble clicking the link? Paste this URL in your browser: http://www.housingwire.com/blogs/5-closing-call/post/30336-cfpbs-new-loan-estimate-form-will-pack-a-punch

A Suggestion from HousingWire

ALTA Best Practice #6

ALTA Best Practice #6 is Maintaining the correct professional insurance and fidelity bond coverage.

The correct levels of professional insurance and fidelity coverage allow for companies and settlement companies to maintain the financial capacity to guarantee their professional services.  In some states laws have been created which require a certain level of professional insurance and fidelity coverage, as well as errors or omissions insurance and surety bonds.  This could also be found in some insurance underwriting agreements.

Your agency should keep up to date with all professional liability insurance and errors and omissions insurance

Make sure your company follows state laws and obligations of insurance underwriting agreements by having the correct levels of professional insurance, fidelity coverage, errors and omissions insurance and surety bonds.

Learntitle has worked with Streamline consulting to develop a continuing education course that explains all of the ALTA Best Practices.  Click here to enroll and learn more.

ALTA Best Practice #6

The CFPB"s authority differs from other regulatory regimes

The CFPB’s UDAAP authority differs from other regulatory regimes because it expressly imposes upon a financial institution an affirmative obligation to supervise closely the behavior of its service providers.

The UDAAP Trap: How Financial Institutions can Avoid Penalties when Using Third Party Services | Pillsbury Global Sourcing Practice – JDSupra

http://www.jdsupra.com/legalnews/the-udaap-trap-how-financial-institutio-83421/?utm_source=jds&utm_medium=twitter&utm_campaign=cftc&utm_term= &utm_content=

The CFPB"s authority differs from other regulatory regimes

Sparks fly as House GOP fires for effect on CFPB | 2014-06-18 | HousingWire

They pulled off the kid gloves and the boxing gloves at the House Financial Services Committee, going full-on bare-knuckle and then even brass knuckles on the Consumer Financial Protection Bureau and its director, who was there to give his semi-annual report to Congress.

via Sparks fly as House GOP fires for effect on CFPB | 2014-06-18 | HousingWire.

Sparks fly as House GOP fires for effect on CFPB | 2014-06-18 | HousingWire