Title companies, settlement companies, title agents, closing attorneys, closing agents, and real estate settlement attorneys or professionals (collectively referred to herein as “title agents”) across the United States are assessing whether they are adequately prepared. In this case, “game time” means successfully implementing the American Land Title Association (ALTA) Best Practices Framework: Title Insurance and Settlement Company Best Practices (“Best Practices” or “Framework”) and obtaining a third-party compliance certification assurance report. The seven pillars of the ALTA Best Practices Framework provide a complete list of policies and control requirements to help title agents implement the appropriate policies and procedures to protect lenders and consumers.
Determining exactly which policies and controls are necessary to meet ALTA’s Best Practices Framework criteria and complete a successful ALTA compliance certification can be daunting and confusing. However, CRI fields a team of professionals that are well-practiced in policies, procedures, processes, and controls, and our seasoned professionals know that sometimes our clients need some basic training to help prepare for compliance and internal control assessments. CRI is able to identify inefficiencies and find undervalued assets is the CRI ALTA Best Practices Readiness Assessment. It is designed to provide an evaluation of your current compliance posture, plus an estimate of your ability to complete a successful certification of the seven pillars. Our team will help you achieve your goal of 100% readiness across all seven pillars.
Five Steps of CRI’s ALTA Best Practices Readiness Assessment
1. Conduct an introductory call. We want to understand both your team and your timeline expectations. We will also overview the game plan, such as needed documentation and completion of CRI’s Readiness Assessment tool. This tool is designed to quickly identify deficiencies that need to be mitigated before starting the actual compliance testing. We want to be proactive on the front-end to identify those deficiencies so that the compliance testing will run as efficiently as possible. We want to help you with anything that would require having to stop compliance testing, remediate, and then start compliance testing over again.
2. Complete of CRI’s Readiness Assessment tool, which is designed to be completed in less than an hour. Both the CRI Readiness Assessment and any necessary supporting documentation are provided to CRI upon completion.
3. CRI we will begin our review process and conduct additional calls with you for any needed clarification.
4. We provide you with written feedback (including an estimate of a percent or score) of successful completion for each of the pillars. CRI will prepare and provide your gap analysis and remediation plan. Because CRI must remain independent to perform compliance testing, we cannot perform the actual remediation steps. However, CRI will coach your team through completion of the remediation steps. We anticipate multiple support calls to and from the bullpen with you regarding topics such as:
- What constitutes a month-end three-way reconciliation or daily reconciliation?
- What should an Information Security Plan or Information Security Risk Assessment include?
- What is the definition of NPI?
- What is considered timely remittance of the underwriter’s portion of title insurance premiums?
- What constitutes a complaint that should be logged and action take?
5. Should you require assistance in developing additional remediation strategies, CRI can raise your batting percentage by providing a separate consulting engagement through this optional process to detail the precise steps needed to attain ALTA Best Practices compliance. You can decide on the amount of assistance you would like in any, all, or part of the seven pillars.
For more information, or to help prepare your team to achieve complete compliance, contact us today!