Recent CFPB regulatory requirements have deemed that lenders are responsible for actions of their third party service providers. To meet the ever changing and challenging demands of regulators, lenders and con-sumers, the American Land Title Association has developed a Best Practices Framework for the Settlement Industry.
We at Metro National Title are proud to state that we meet or exceed each of the American Land Title Association’s Best Practices guidelines which are as follows:
- Establish and maintain current license(s) as required to conduct the business of title insurance and settle-ment services
- Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts
- Adopt and maintain a written privacy and information security program to protect Non-public Personal In-formation as required by local, state and federal law
- Adopt standard real estate settlement procedures and policies to ensure compliance with Federal and State Consumer Financial Laws
- Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance
- Maintain appropriate professional liability insurance and fidelity coverage
- Adopt and maintain procedures for resolving consumer complaints
