You know that title insurance is necessary when you purchase property. But how do you know your insurance agent is doing the right thing? How can you be sure that you are working with an honest company? The American Land Title Association (ATLA) has put together a list of the Pillars of Best Practices. What follows is an explanation of what these pillars are and why they are best practices.
Pillar No 1: Establish and maintain current license(s) as required to conduct the business of title insurance and settlement services.
Pillar No. 2: Adopt and maintain appropriate written procedures and controls for escrow trust accounts allowing for electronic verification of reconciliation.
Pillar No. 3: 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 No. 4: 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 No. 5: Adopt and maintain written procedures related to title policy production, delivery, reporting, and premium remittance.
Pillar No. 6: Maintain appropriate professional liability insurance and fidelity coverage.
Pillar No. 7: Adopt and maintain written procedures for resolving consumer complaints.
When you are choosing a title insurance company, it is important that your company of choice follows these pillars, which results in them receiving a Certificate of Compliance.
Kenworth Title consistently maintains these pillars, and proudly holds Certificate of Compliance. We want to help you with your title insurance needs. Contact us at firstname.lastname@example.org or 973-455- 1110.