ALTA has updated its supplemental materials for its title insurance and settlement company best practices, the organization announced.
Updates were made to ALTA’s assessment readiness guides, which help companies assess their compliance with each pillar of the ALTA Best Practices; and to ALTA’s compliance management report, which is designed to help companies communicate the results of the internal assessment they conducted.
“ALTA’s Best Practices is the clear choice among title and settlement companies to help develop policies and procedures that protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements,” ALTA CEO Michelle Korsmo said in a press release. “The best practices also have become the blueprint used by many lenders to meet third-party vendor management regulatory requirements.”
“ALTA updated its best practices in October 2016 to improve and clarify the requirements. Following the introduction of these changes, ALTA’s Best Practices Task Force worked to update the supplemental materials to ensure that the industry receives consistent information about how to implement and comply with the best practices,” Korsmo added.