In response to recent mortgage reform laws and mortgage industry focus on consumer protection, in 2013, the American Land Title Association (“ALTA”) created “Best Practices” as a voluntary tool to help its member title insurance and settlement companies demonstrate the safeguards that they have in place to ensure that closing activities meet all applicable laws and regulations.
Although ALTA did not make implementation of Best Practices mandatory, we here at FTE jumped on board and even got ourselves listed in the ALTA Registry, because we always strive to stay ahead of industry changes. Our Best Practices policies and procedures went into effect in November 2013.
First and foremost, FTE’s Best Practices highlight our efforts to protect client and customer funds and non-public personal information (“NPI”). We have a number of policies and procedures in place to make sure that your funds and NPI are safe with us. Our Best Practices also detail the many other policies and procedures that we have to ensure a positive and compliant real estate settlement experience for all those involved in the process, including homebuyers, lenders, and real estate agents.
There are seven sections to our Best Practices. The following is a summary of these sections. We welcome any feedback.
We build tools that help homebuyers and homeowners navigate the unfamiliar closing process and make confident decisions. We deliver services quickly and courteously because it helps to enhance the reputations of fellow business owners, the Realtors and lenders who have entrusted us with their clients’ transactions.
We insure title and close real estate deals efficiently, for an uninflated price. We skip the lavish perks and instead invest in talent and technology, which saves homebuyers REAL money.
Closing costs include taxes, lender fees and title fees that a homebuyer pays at settlement. Watch this video to prepare for the process.