Since the financial crisis of 2008, lenders have focused on reducing settlement risk. The topic was further highlighted in a 2012 bulletin issued by the Consumer Financial Protection Bureau (“CFPB”) where lenders were reminded that they are directly responsible for the activities of the third-party service providers they choose to do business with.
In an effort to address these concerns, the American Land Title Association (“ALTA”) developed “Title Insurance and Settlement Company Best Practices” in 2013. These title and settlement benchmarks were produced to further protect consumers, promote quality service, provide for ongoing associate training, and meet legal and market requirements. While voluntary, these Best Practices have been adopted and implemented by Stonewall Title Company.
ALTA’s Best Practices are not intended to encompass all aspects of title and settlement, but they do attempt to address the areas of greatest concern to lenders and the public in general. Meeting these Best Practices helps Stonewall Title Company illustrate to our customers the company’s dedication to professionalism and supports a positive and compliant real estate settlement experience.
ALTA’s Best Practices compliance includes: