Our being certified as compliant means that all parties and stakeholders in settlements that we perform have significantly higher assurances that we perform our role in all aspects of the transaction to the highest standards as set out by the American Land Title Association (ALTA) Best Practices.
Certification means, after rigorous inspection by a third party, we are proven to be able to offer:
Beware- Phishing and Wire fraud Schemes are on the rise in electronic commerce. These schemes exist in the real estate world as well.
This American Land Title Association video highlights some tips on how to ensure your transfer of funds can be protected
The Community Closing Network family of companies proudly complies with ALTA’s best practices and is officially certified by PYA, a certified public accounting and consulting firm recognized as the first Elite Provider to offer ALTA Best Practices Assessments. The Community Closing Network family of companies has implemented ALTA’s Best Practices to ensure lenders and consumers are protected to ensure they have the most positive real estate settlement experience.
Below are the standards that we meet and/or exceed as a company as recommended by ALTA:
Pillar 1: “Establish and Maintain Current Licenses(s) As Required to Conduct the Business of Title Insurance and Settlement Services.”
Pillar 2: “Adopt and Maintain Appropriate Written Procedures and Controls for Escrow Trust Accounts Allowing For Electronic Verification of Reconciliation.”
Pillar 3: “Adopt and Maintain a Written Privacy and Information Security Program to Protect Non-Public Personal Information as Required By Local, State and Federal Law.”
Pillar 4: “Adopt Standard Real Estate Settlement Procedures and Policies to Help Ensure Compliance With Federal and State Consumer Financial Laws as Applicable to the Settlement Process.”
Pillar 5: “Adopt and Maintain Written Procedures Related to Title Policy Production, Delivery, Reporting and Premium Remittance.”
Pillar 6: “Maintain Appropriate Professional Liability Insurance and Fidelity Coverage.”
Pillar 7: “Adopt and Maintain Written Procedures for Resolving Consumer Complaints.”