Mason Title & Escrow Company Complies with The American Land Title Association Best Practices
In 2012, a number of regulatory and market pressures brought scrutiny to the basic integrity of the title insurance industry. There were many stories of title agents involved in misappropriating closing funds or participating in real estate or mortgage fraud schemes. While it was only a small percentage of industry members, the publicity brought attention to industry members qualifications and practices.
One response was for the industry trade association, The American Land Title Association, to formulate Title Insurance and Settlement Company Best Practices, found here, a set of minimum standards for industry members to comply with to improve the quality and integrity of our business. These Best Practices cover areas such as
- Employee and Company Licensing
- Escrow Trust Account Controls
- Privacy and Information Security
- Compliance with Federal and State Consumer Finance Laws
- Written Procedures regarding title policy production, delivery, reporting and premium remittance
- Maintenance of appropriate professional liability insurance and fidelity coverage
- Procedures for resolving consumer complaints
In every instance, Mason Title & Escrow Company meets or exceeds the standards established by the ALTA, particularly in the areas of escrow account and personal information security.
All of us in the industry want to get transactions completed, but for the benefit of all, they need to be done in compliance with all state, federal and local laws, protection of consumer privacy, and with security for financial transfers in order to avoid later consequences for any or all of the parties to the transaction.
You should always use industry professionals that comply with these standards as a minimum in order to uphold the integrity of the profession and maintain the security of the buyers, sellers and refinancers. Cutting corners in the industry is a short term gain with long term consequences.