Outgoing American Land Title Association (ALTA) president Bill Burding announced at ALTA ONE that the ALTA Registry, the national database of title and settlement agents, added a feature that allows companies to provide errors and omissions (E&O) policy information more easily to underwriters.
“Lenders approached us about how hard it is to find our E&O insurance on behalf of title agents. When I brought this up at the board meeting, many of the underwriters agreed,” Burding said. “I’m excited to announce that the ALTA Registry will now house your E&O policy information in one central location so that you no longer have to submit it to multiple underwriters and lenders every year.”
The new tool includes document level automatic scrubbing using Deep Secure by Forcepoint’s malware removal technology and data extraction via AREAL’s AI-powered document processing technology.
“The ALTA Registry has evolved into a data clearinghouse for title underwriters, lenders and settlement agents,” Rattikin Title CEO and co-chair of the ALTA Registry Committee Jack Rattikin III said in a release. “The Registry provides an optimal way for underwriters to manage oversight of their agents’ E&O data.”
The ALTA Registry also closes an access point for potential malware and drives down oversight costs by improving accuracy and automated data downloads, according to ALTA.
“A secure and neutral data-sharing utility that benefits all title agents and underwriters will be a welcome solution to maintaining current E&O coverage details,” First American Title Vice President of Corporate Business Solutions and co-chair of the ALTA Registry Committee Eddie Oddo said. “The Registry standardizes the process and eliminates the need for title agents to send E&O information to multiple underwriters, allowing industry professionals to focus on the tasks that drive their business.”
Nearly 8,800 title agents, settlement companies and real estate attorneys appear in the ALTA Registry. Last year, the Registry added an indicator to help mortgage companies identify title and settlement companies that can perform remote online notarization closings.