American Land Title Association created the ALTA’s Title Insurance and Settlement Company Best Practices Program. Best Practices help members highlight policies and procedures the industry exercises to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience.
Treasure Title Insurance Agency, Inc. has adopted the ALTA Title Insurance and Settlement Best Practices Program and Treasure Title will continue to make the best effort to maintain the ever-changing practices of this program.
The seven pillars of Best Practices are as follows:
- Pillar #1: Licensing Establish and maintain current License(s) as required to conduct the business of title insurance and settlement services.
- Pillar #2: Escrow Trust Accounting Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.
- Pillar #3: Protecting NPI Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state and federal law.
- Pillar #4: Settlement Processes 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.
- Pillar #5: Policy Production Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.
- Pillar #6: Insurance Coverage Maintain appropriate professional liability insurance and fidelity coverage.
- Pillar #7: Consumer Complaints Adopt and maintain written procedures for resolving consumer complaints.