ALTA Develops Best Practices to Protect Customers, Ensure Quality Service
October 16, 2012
“While lenders have been responsible for their service providers’ actions for years, it’s only been recently that bulletins, enforcement orders and corrective actions have demonstrated regulators’ intent that banking organizations are expected to oversee actions of third-party service providers, including title and settlement agents.
Consequently, regulators’ increased demand to protect consumers has forced lenders to adjust their relationships with service providers and be more sensitive to the types of companies they do business with. To help meet this need, ALTA has created a set of best practices called Title Insurance and Settlement Company Best Practices to help members highlight practices the industry exercises to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience…”
Read more at American Land and Title Association