Wells Fargo announced its support of the American Land Title Association’s (ALTA) Best Practices in its Settlement Agent Communications issued March 6. The lender said they are guidelines for sound business practices that should ideally already be in place for businesses providing title and closing services for its customers.
“In January, 2013 the American Land Title Association (ALTA) published its ‘Title Insurance and Settlement Company Best Practices.’ As stated in ALTA’s Best Practices Mission Statement, they are designed to help ‘illustrate to consumers and clients the industry’s professionalism and best practices to help ensure a positive and compliant real estate settlement experience.
“We understand that – for some — there will be transition time needed to enhance current practices and fully implement Best Practices,” the statement said. “If your company is not yet following the ALTA Best Practices – do you have a plan in place for adoption? If your company is not yet following the ALTA Best Practices – do you have written policies and procedures in place to document it and inspection processes to validate it?”
Michelle Korsmo, ALTA’s chief executive officer, said, “We appreciate the Wells Fargo leadership and recognition of the valuable partnership between settlement agents and mortgage lenders throughout the real estate closing process. Their endorsement of the America Land Title Association’s Title Insurance and Settlement Company Best Practices gives clear guidance to help ensure the protection of consumers during their real estate transaction. These industry standards are being implemented by title insurance and settlement companies around the country to help manage possible risk for consumers and mortgage lenders.”
Source: The Title Report
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