Wells Fargo announced its support of the American Land Title Association’s (ALTA) Best Practices in its Settlement Agent Communications issued March 6. The lender said they are guidelines for sound business practices that should ideally already be in place for businesses providing title and closing services for its customers.
“In January 2013, [ALTA] published its ‘Title Insurance and Settlement Company Best Practices.’ As stated in ALTA’s Best Practices Mission Statement, they are designed to help ‘illustrate to consumers and clients the industry’s professionalism and best practices to help ensure a positive and compliant real estate settlement experience,” the lender said. “We understand that — for some — there will be transition time needed to enhance current practices and fully implement Best Practices.” If your company is not yet following the ALTA Best Practices — do you have a plan in place for adoption? If your company is not yet following the ALTA Best Practices — do you have written policies and procedures in place to document it and inspection processes to validate it?”
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