Information Center

Lender Requirements

Lenders are vetting settlement agents in a wide variety of ways. Make sure your practice meets Best Practices standards and is prepared to address the requirements needed by lenders.

Download Lender Requirements

Suggested actions for Fund Members:

Review your practice and volume with specific lenders.
Review lender requirements with the Bank Requirement Chart, Information Center, and consider setting up Google Alerts for lender updates.
Decide on the level of requirements appropriate for your practice per the Lender Requirement Scale.
If 3rd party certification is needed, ensure AT LEAST 90-day lead time for the review period and 6-8 months to complete.

Lender Requirement Complexity Scale

Find out how difficult it is to obtain different Lender Best Practice requirements. Download the Lender Requirements for more information.

LOW

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COMPLEXITY

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HIGH

1 Old Republic Authorized Agent Letter

2 Settlement Agent self-certification

3 Copy of Best Practices Manual

4 Settlement agent self-certification with ALTA Certification package

5 Lender-specific requirements E.g. questionnaire, financial statements, business license, E&O, review AfBAs

6 Secure Insight/SSI Vendors Compliance Group

7 3rd-party certification

The 7 Pillars of ALTA's Best Practices

Implementation of a set of industry best practices developed by ALTA can help title professionals meet new market demands by proving regulatory compliance and that funds and information are being protected, which could help capture increased market share.

Licensing

Establish and maintain current License(s) as required to conduct the business of title insurance and settlement services.

Escrow/Trust Accounts

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

Privacy & Information Security

Adopt and maintain a written privacy and information security plan to protect Non-public Personal Information as required by local, state and federal law.

Recording & Pricing Procedures

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.

Title Policy Procedures

Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.

Professional Liability Insurance

Maintain appropriate professional liability insurance and fidelity coverage.

Resolving Consumer Complaints

Adopt and maintain procedures for resolving consumer complaints.

Helpful Links

Best Practice Questions?

Email questions to bestpracticesquestions@thefund.com and receive answers from the experts.

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News & Updates

ALTA Title Insurance and Settlement Company Best Practices v3.0

The ALTA Best Practices Framework has been developed to assist lenders in satisfying their responsibility to manage third party vendors. The ALTA Best Practices Framework is comprised of the following documentation needed by a company electing to implement such a program.

Lender Requirements for Settlement Agents

Download the Lender Requirements Scale for Settlement Agents, Best Practices Lender Requirements Chart & Recommended Actions for Fund Members

Authorized Agent Program Available Through Old Republic
12/15/2015

The Fund, through Old Republic, is pleased to announce the availability of our Authorized A...

DoubleTime Upgrades and the ALTA Settlement Statement
9/22/2015

Download previews of the new DoubleTime® ALTA Settlement Statement forms. Learn how thi...

ALTA Best Practices Quick Guide

A collection of questions and answers to help kickstart creating your Best Practices manual.

Office Security
8/26/2015

What rules and restrictions do you have in place for your office security?

ALTA Closing Disclosure Three-Day Chart

New CFPB rules require you to work differently to ensure your closings occur without delay. New ALTA resource to assist with counting the three days.

Sample Completed Policies & Procedures Handbook

This Best Practices template represents a sample document that can be downloaded and manipulated to fit the desires of the user.

ALTA Best Practices Executive Summary

ALTA seeks to guide its membership on best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements.

ALTA’s Best Practices FAQ

What are the best practices? ALTA’s Title Insurance and Settlement Company Best Practices are a benchmark for the real estate settlement and mortgage lending industries. They illuminate the high level of professionalism

Information Center

Lender Requirements

Suggested actions for Fund Members:

Lender Requirement Complexity Scale

1

Old Republic Authorized Agent Letter

2

Settlement Agent self-certification

3

Copy of Best Practices Manual

4

Settlement agent self-certification with ALTA Certification package

5

Lender-specific requirements E.g. questionnaire, financial statements, business license, E&O, review AfBAs

6

Secure Insight/SSI Vendors Compliance Group

7

3rd-party certification

The 7 Pillars of ALTA's Best Practices

Licensing

Escrow/Trust Accounts

Privacy & Information Security

Recording & Pricing Procedures

Title Policy Procedures

Professional Liability Insurance

Resolving Consumer Complaints

Helpful Links

Best Practices FAQs

Videos & Webinars

General Documentation

Fund Concept (Members Only)

General Counsel Blog

ALTA Links

ALTA Settlement Statements

ALTA Resources

Best Practice Questions?

News & Updates