ALTA Best Practice #7

ALTA Best Practice #7 says:  “Create and stay up to date with written procedures for effectively managing consumer complaints.”

The reason for this is to  maintain and help a company grow, it is vital to have a system in place to effectively handle consumer complaints. In order to improve and grow it is important that complaints do not go undiscovered.

Steps to implement this Best Practice include:

1. Document and track all complaints, using a standard procedure.


2. Obtain enough information from clients, using standard procedures to be able to effectively resolve complaints.


3. Create an effective consumer complaint form.


4. Have a point of contact for client complaints.


5. Have a system in place that effectively helps get complaints to the correct personnel.


6. Create a log book, that lists a history of all complaints and their resolutions for records and training purposes.

Learntitle has worked with Streamline Consulting to develop a course that discusses all of the ALTA Best Practices.  It is good for 1 continuing educatin credit in several states.  Select your state to enroll

Select your state

Alabama

New Jersey

Oklahoma

ALTA Best Practice #7

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.

Click Here to Enroll

• 
  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

  
  

Click Here to Enroll

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.

Click Here to Enroll

ALTA Best Practice Course Approved in Oklahoma

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

New Course approved in Pennsylvania

Learntitle has had another course approved in Pennsylvania:

The Closing is Over but What About the Post Closing

Click Here to Enroll

This course is approved for 1 credit.

The following is an outline of what will be covered in the course:

Eye on the Prize/ Get it Closed

1. Fiduciary Responsibility / Commitments


2. Disbursements


3. Risk Factors

What Is Post-Closing? 

1. Recordings


2. Money


3. Lien Release and Trustee Services


4. Original Documents


5. Culture – the details

Recording – Priority  

1. Importance of Immediate Recordation
   
   
   
   1. Compliance
   
   
   2. Policy Liability / Gap
   
   
   3. Customer Satisfaction
   
   
   4. Underwriter Relationship
   
   
   5. Minimize Title Liability
   
   
   6. Supports prompt funding
   
   
   7. What is E-Recording? How does it help?
   
   
   
   

Follow the Money

1. Payoffs


2. Insurance, Taxes, High Risk Items


3. Good Funds vs. Collected Funds

Reconciliation

1. 3 way reconciliation


2. Consumer funds


3. Balance in Files


4. Fraud


5. Security


6. Escheat


7. Protecting consumer funds

Lien Release Tracking

1. Have a process


2. Follow through


3. What to do when you can’t wrap it up

Outsourcing

1. How does it all work?


2. Curative


3. Settlement

The Challenge of Change

1. Getting Staff buy in


2. Creating a culture that supports thorough post-closing processes

Click Here to Enroll

Presenting this course are:

Vicki DiPasquale National Sales Manager Simplifile

Liz Tanner Tanner Law, Ltd. Final Trac 16B Gooding Ave, Bristol RI 02809 (401) 253-7854

New Course approved in Pennsylvania

ALTA Best Practice #5

Alta Best Practice #5 deals with Policy Production. It says:

Keep up to date procedures regarding title policy production, delivery, reporting and premium remittance.

The reason for this is to Eestablish and keep up to date procedures for the production, delivery, reporting and remittance of title insurance policies which will allow title companies to meet all legal and contractural obligations.

Steps for achieving compliance with Best practice #5

1. All title insurance policies are issued and delivered to clients in a timely manner, within 30 days of the date of settlement, in order to meet state, regulatory and contractual obligations.

2. Title insurance policies are ALWAYS reported and remitted to an underwriter in a timely fashion, in order to satisfy state, regulatory and contractual obligations.

3. You must report and remit policies to an underwriter, with copies, the last day of the month after the settlement of an insured transaction.

Learntitle has collaborated with Streamline Consulting to develope an overview of all the Best Practices. We expect that course to be available soon for continuing education credit.

ALTA Best Practice #5

ALTA Best Practice #4 Settlement Processes

ALTA defines the settlement process as:

The process of completing a real estate transaction in accordance with written instructions during which deeds, mortgages, leases and other required instruments are executed and delivered, an accounting between the parties is made, the funds are disbursed and the correct documents are recorded with the appropriate entities.

ALTA Best Practice #4 states:

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.

The reasoning behind it is:

Creating policies and trainings that are effective and appropriate for employees, helps the company stay up to date with state, federal and contractual obligations governing the settlement.

Agencies have procedures in place and training takes place on an ongoing basis.  In order to be compliant, those informal trainings need to be written down.  If you are ever audited, you need to be able to point to a document that says “This is what we do” and “we did it on these dates”

Learntitle has a course pending that will explain all of the ALTA Best Practices.  As soon as NJDOBI approves it, we’ll let you know.

ALTA Best Practice #4 Settlement Processes

ALTA Best Practice #3: Protecting NPI

This particular Best Practice seems to be creating the most buzz. What exactly is NPI? What is the best way to protect it? What is it going to take to be compliant? What are your thoughts.

Non-public Personal Information (NPI)

Personally identifiable data, for example: information provided by a customer on a form or application, information about a customer’s transactions, or any other information about a customer which is otherwise unavailable to the general public. NPI includes first name or first initial and last name coupled with any of the following: Social Security Number, driver’s license number, state-issued ID number, credit card number, debit card number, or other financial account numbers.

Best Practice

Adopt and maintain a written privacy and information security program to protect NPI as required by law.

Reason

Federal and state laws require title companies to develop a written information security program that explains how NPI is protected.

For more information about all the ALTA Best Practices and also 1 credit of title insurance continuing education, enroll in the ALTA Best Practice course at Learntitle. Click Here to Enroll

ALTA Best Practice #3: Protecting NPI

The Closing is Over But What About the Post Closing

Presenters

Victoria L. DiPasquale National Sales Manager Simplifile	Elizabeth M. Tanner, Esq. Tanner Law, Ltd. Final Trac

Approved for 1 credit

Introductions and Agenda

• 
  Eye on the Prize/ Get it Closed
  
  
  
  • Fiduciary Responsibility / Commitments
  
  
  • Disbursements
  
  
  • Risk Factors
  
  
  
  


• 
  What Is Post-Closing?
  
  
  
  • Recordings
  
  
  • Money
  
  
  • Lien Release and Trustee Services
  
  
  • Original Documents
  
  
  • Culture – the details
  
  
  
  


• 
  Recording – Priority
  
  
  
  • Importance of Immediate Recordation
  
  
  • Compliance
  
  
  • Policy Liability / Gap
  
  
  • Customer Satisfaction
  
  
  • Underwriter Relationship
  
  
  • Minimize Title Liability
  
  
  • Supports prompt funding
  
  
  • What is E-Recording? How does it help?
  
  
  
  


• 
  Follow the Money
  
  
  
  • Payoffs
  
  
  • Insurance, Taxes, High Risk Items
  
  
  • Good Funds vs. Collected Funds
  
  
  • Reconciliation
  
  
  
  


• 
  Lien Release Support and Lien Clearing
  
  
  
  • Follow through and process
  
  
  • What to do when you can’t wrap it up
  
  
  
  


• 
  Benefits of outsourcing
  
  
  
  • How does it all work?
  
  
  • Curative
  
  
  • Settlement
  
  
  
  


• 
  The Challenge of Change
  
  
  
  • Getting Staff buy in
  
  
  • Creating a culture that supports thorough post-closing processes
  
  
  
  

The Closing is Over But What About the Post Closing

Alta Best Practice #2

This is the second installment of ALTA Best Practices.  It concerns Escrow Accounting.

Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.

Purpose: Appropriate and effective escrow controls and staff training help title and settlement companies meet client and legal requirements for the safeguarding of client funds. These procedures help ensure accuracy and minimize the exposure to loss of client funds. Settlement companies may engage outside contractors to conduct segregation of trust accounting duties.

Procedures to meet this best practice:

• Escrow funds and operating accounts are separately maintained.
  
  
  
  • Escrow funds or other funds the Company maintains under a fiduciary duty to another are not commingled with the Company’s operating account or an employee or manager’s personal account.
  
  
  
  


• Escrow Trust Accounts are prepared with Trial Balances.
  
  
  
  • On at least a monthly basis, Escrow Trust Accounts are prepared with Trial Balances (“Three-Way Reconciliation”), listing all open escrow balances.
  
  
  
  


• Escrow Trust Accounts are reconciled.
  
  
  
  • On at least a daily basis, reconciliation of the receipts and disbursements of the Escrow Trust Account is performed
  
  
  • On at least a monthly basis, a Three-Way Reconciliation is performed reconciling the bank statement, check book and Trial Balances.
  
  
  • Segregation of duties is in place to help ensure the reliability of the reconciliation and reconciliations are conducted by someone other than those with signing authority.
  
  
  • Results of the reconciliation are reviewed by management and are accessible electronically by the Company’s contracted underwriter(s).
  
  
  
  


• Escrow Trust Accounts are properly identified.
  
  
  
  • Accounts are identified as “escrow” or “trust” accounts. Appropriate identification appears on all account-related documentation including bank statements, bank agreements, disbursement checks and deposit tickets.
  
  
  
  


• Outstanding file balances are documented.


• Transactions are conducted by authorized employees only.
  
  
  
  • Only those employees whose authority has been defined to authorize bank transactions may do so. Appropriate authorization levels are set by the Company and reviewed for updates annually. Former employees are immediately deleted as listed signatories on all bank accounts.
  
  
  
  


• Unless directed by the beneficial owner, Escrow Trust Accounts are maintained in Federally Insured Financial Institutions.


• Utilize Positive Pay or Reverse Positive Pay, Automated Clearing House blocks and international wire blocks, if available.
  
  
  
  • Background Checks are completed in the hiring process. At least every three years, obtain Background Checks going back five years for all employees who have access to customer funds.
  
  
  
  

Ongoing training is conducted for employees in management of escrow funds and escrow accounting

Alta Best Practice #2

ALTA Best Practice #1 - Licenses

Over the next few weeks I will be discussing the ALTA Best Practices.  #1 is about licensing.

– Title Agent or Producer license or registration or any other business licensing requirement as by state law, or a license to practice law , where applicable.

Best Practice

– Establish and maintain all current licenses that are required to conduct title and insurance settlement services business.

Reason

– Keeping up to date with all applicable state mandated licenses and corporate registrations, helps to establish and maintain a healthy and happy relationship between your company and the state.

For more information about ALTA Best Practices, take Learntitle’s Ethics course.  Enroll Here.

ALTA Best Practice #1 - Licenses

Ethics course updated

Learntitle’s Title Insurance Ethics course has been updated to include information about the new ALTA Best Practices.  The course is approved by DOBI for 3 credits.   Click Here to enroll.

Ethics course updated

3 security concerns when working with third-party vendors

This article reinforces title agent concerns about lender attitudes toward their vendors.

As more lenders turn to third parties, regulators are emphasizing the importance of gauging the potential risks involved.

“You have to assess not only the vendor; you may also have to assess the vendor’s relationships. Some of these third parties have connections to other institutions and servicers,” Comptroller of the Currency Thomas Curry said in a speech to the Independent Community Bankers of America.

Read the full article here

3 security concerns when working with third-party vendors

The ALTA® Board of Governors approved recommendations for new forms

The ALTA® Board of Governors approved recommendations to adopt 2 new endorsements and make revisions to 2 closing protection letters and a short form policy during a meeting on February 20, 2014.  -

The current ALTA Closing Protection Letter has been modified to clarify that coverage does not extend to loss arising out of federal consumer protection laws, nor for loss arising out of laws pertaining to securitization, including exemption from credit risk retention.

Tax Credit Endorsements were also added

The current ALTA Closing Protection Letter – Single Transaction (12-1-11) has been modified to clarify that coverage does not extend to loss arising out of federal consumer protection laws, as defined in 12 U.S.C. §5481 (14), the ability to repay, truth-in-lending or other federal or state consumer protection or predatory lending laws, nor for loss arising out of laws pertaining to securitization, including exemption from credit risk retention. – See more at: http://www.alta.org/forms/formsnews.cfm#sthash.8386Tqdc.dpuf

See more here

The ALTA® Board of Governors approved recommendations to adopt 2 new endorsements and make revisions to 2 closing protection letters and a short form policy during a meeting on February 20, 2014.  – See more at: http://www.alta.org/forms/formsnews.cfm#sthash.8386Tqdc.dpuf

The ALTA® Board of Governors approved recommendations for new forms

CFPB continues RESPA enforcement with action against nonbank lender - Lexology

On February 24, the CFPB announced that a nonbank mortgage lender agreed to pay an $83,000 penalty to resolve violations of RESPA’s Section 8. The lender primarily offers loss-mitigation refinance mortgage loans to distressed borrowers. According to the consent order, after the lender ceased obtaining funding for its loans from two subsidiaries of a hedge fund, the lender continued to split loss-mitigation and origination fees with the subsidiaries on 83 additional loans originated over an eight-month period, even though neither subsidiary provided financing or any other service in any of those transactions

Read the full article here

CFPB continues RESPA enforcement with action against nonbank lender – Lexology.

CFPB continues RESPA enforcement with action against nonbank lender - Lexology

New Jersey Rate Manual(effective 04/2013)

Register or Login to Enroll

Credits: 3

Enrollment Valid For: 12 months

New Jersey Rate Manual

Includes new rates (effective 04/2013)

Covers all the fees associated with a title insurance transaction.

New Jersey Rate Manual(effective 04/2013)

Ethics in Title Insurance

Register or Login to Enroll

Estimated Length: 3 hours

Cost: $55.00 (USD)

Credits: 3

Enrollment Valid For: 12 months

This course meets the New Jersey Dept of Insurance requirement for Ethics Continuing education.

This course discusses the Alta Consumer Initiative, The Alta Principles of Fair Conduct, and the New Jersey Land Title Association Code of Ethics.  It also takes a look at confronting temptation and customer pressure and it includes tools to use to make decisions.

Ethics in Title Insurance

Surveys and Descriptions

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Estimated Length: 3 hours

Credits: 3

Enrollment Valid For: 12 months

Surveying or land surveying is the technique and science of accurately determining the terrestrial or three-dimensional position of points and the distances and angles between them. These points are usually on the surface of the Earth, and they are often used to establish land maps and boundaries for ownership or governmental purposes.  For purposes of Title, they are used in the “Description”. To accomplish their objective, surveyors use elements of geometry, engineering, trigonometry, mathematics, physics, and law. This course discusses surveys and descriptions and their relationship the title insurance.

Surveys and Descriptions

Bankruptcy and Foreclosure Issues in Title

Register or Login to Enroll

Credits: 3

Description

If homeowners hold title to real property while under the protection of the Bankruptcy Court or are going through a foreclosure process and are looking to sell or refinance their property, certain underwriting requirements must be met in order to insure the transaction. This course discusses the issues surrounding bankruptcy and foreclosures and the relationship they have to title insurance

Bankruptcy and Foreclosure Issues in Title

Free Webinar on upcoming challenges and how to Adapt

Tuesday, December 17, 2013
2:00 p.m. EST – 3:00 p.m. EST (11:00 a.m. PST — 12:00 p.m. PST)
No cost to register.
Join us for a webinar presentation which frames the changes about to affect your agency, and provides ways you can adapt right now.
Moderators:

Rick Diamond, Vice President of I.T., Agency Operations, WFG National Title Insurance Company

Charles Cain, SVP, Agency, Midwest, WFG National Title Insurance Company

What your agency did to be successful in the past will likely not be enough to succeed in 2014 and beyond.  Regulatory changes, market shifts and new client demands all mean that title agents will have to reconsider the way they do business…and soon.   On December 17, join us to consider some of the new challenges emerging for title agents as well as two real solutions available to WFG agents. 

• How does your agency ensure data security as will be required by the CFPB and your lending clients?  To what extent does your e-mail need to be encrypted?  Is your firewall adequate?  How secure is your network, and is that secure enough?


• Will your methods for ensuring data integrity—especially where inaccurate data could negatively affect closing tolerance–meet the standards required by your lenders?


• How does an agent undertake the very real operational changes that will be required by lenders, underwriters and enforcement agencies while maintaining his or her margins?


• Are your settlement, closing and even recording procedures in line with new consumer protection requirements?

 

This is a free webinar open to title agents, settlement services professionals, real estate attorneys and industry executives who take their operations practices and compliance strategies seriously.   Expect future seminars on topics of interest to you from WFG National Title Insurance Company, a partner and trusted resource for title agents nationwide.
Click here to register.
The Title Advisor series is a webinar series provided as a complimentary resource for agents and partners of WFG National Title Insurance Company.  Each month, WFG will provide top experts to discuss subjects of relevance for title agents and settlement services providers:

• Growth Strategies:  Revenue streams, product strategy, marketing and sales


• Market Trends:  Big picture overview of the industry and market strategy


• Compliance Trends:  Legislative, regulatory and litigation updates and tools for compliance


• Production and Ops Practices:  Technology, streamlining efficiencies, general operations and strategies for improving production and delivery of product


• Title 101:  Basic training for entry and mid-level title professionals.


• Town Hall:  Tell us what’s on your mind. How can we be of service, and what issues can we help you face?

 

To learn more about WFG National Title, or to learn about future installments of The Title Advisor Series, go to www.WFGNationalTitle.com.

Free Webinar on upcoming challenges and how to Adapt

Danealle Marshall joins Cloudstar

Cloudstar, the leading provider of security, compliance, and cloud technology systems for the land title industry, is pleased to announce that Danealle Marshall has joined the organization as a Strategic Account Manager.  She brings with her 15 years of consulting, sales and training experience in the land title industry, delivering responsive service, industry expertise, and strong client advocacy.  Prior to joining Cloudstar, Danealle held positions with Digital Risk, Entrust Solutions, Land America, and other well-known industry players.

Cloudstar is very excited to have Danealle on board.  She is very passionate about our industry and serving the needs of title agents, said Gregory McDonald, CEO of Cloudstar.

As a second generation member of the title insurance industry, Danealle thrives on being a knowledge source to clients and colleagues and brings with her the ability to analyze, anticipate needs, and provide expert guidance on compliance and technology solutions for title agents and real estate professionals.

“I am grateful for the opportunity to contribute to the Cloudstar team as a catalyst for Change.  It is currently sink or swim for many title industry professionals, who need to quickly adopt technological solutions and industry best practices in order to stay afloat and compete in a heavily regulated marketplace,” Marshall states.

Danealle is actively engaged with multi-generational clients and colleagues and is a contributing member of real estate, mortgage and title industry associations.

Danealle Marshall joins Cloudstar