ClosingCorp has announced that it has agreed to integrate data from the American Land Title Association’s ALTA Registry of title and settlement agents.
“We’re pleased ClosingCorp plans to include the ALTA ID on its Title Agent Fee Sheets,” said Paul Martin, ALTA Registry Director. “We share a goal of improving the accuracy of title-agent-related data, and the emergence of the ALTA Registry as an effective and easy-to-use source of data and information comes at the perfect time to improve the accuracy of fees on the TILA-RESPA Integrated Disclosure (TRID) Closing Disclosure form. The national ALTA Registry is a unique real estate utility created specifically for the mortgage industry and technology providers, such as ClosingCorp. For the first time, the industry has a single source of agent information and national identifier for each location in the form of the ALTA ID.”
ALTA launched the ALTA Registry in 2017 as the first national database of title insurance agents and settlement companies. In addition to contact information and branch locations for agents and title companies, each ALTA Registry listing also includes a unique location identification number, the ALTA ID.
The availability of unique ALTA IDs will allow lenders to have access to branch location details, accurate legal entity names and direct contact information for underwriters to request authorizations and approvals. In addition, because the ALTA ID is the same across the service, lenders can check who is licensed for what with speed and confidence.
“Under the TRID rule, lenders must be confident that their third-party providers are quoting accurate rates and fees. Not having reliable vendors creates a greater risk of fraud, tolerance violations, uninsured losses and a negative customer experience,” said Bob Jennings, chief executive officer of ClosingCorp. “The ALTA Registry will help improve accuracy, efficiency and compliance for our clients throughout the mortgage process.”