The American Land Title Association (ALTA) has unveiled new tools available to mortgage originators to supplement their risk-management programs. Accompanying the release of an updated version of the ALTA "Title Insurance and Settlement Company Best Practices," the new ALTA Assessment Procedures and Certification Package are designed to assist mortgage originators in determining if a title professional meets the seven pillars of the Best Practices.
The ALTA Best Practices are industry standards designed to highlight policies and procedures the land title insurance industry exercises to protect mortgage originators and consumers, while helping to ensure a positive and compliant real estate settlement experience.
“These are important tools to provide a national standard that mortgage originators can use to assess service providers,” said Michelle Korsmo, ALTA’s chief executive officer. “The Assessment Procedures provide agents and underwriters a standard tool to determine whether they meet the Best Practices and is designed to be objective and uniform.”
Frank Pellegrini, ALTA’s president, encourages members of the land title industry to begin reviewing the Assessment Procedures immediately to as they prepare to attest to their mortgage originators that they are compliant with Best Practices.
“Mortgage originators are under increased pressure to ensure their third-party service providers are minimizing possible risk and following business practices that protect all parties during the real estate transaction," said Pellegrini.