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ALTA Best Management Practices

American Land Title Association (ALTA) has best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements.

Licensing Policy Statement

It is the policy of The Title Professionals, LLC to comply with all licensing laws and regulations in all states in which it operates.  Agency has in place the following controls:

1. Every employee of Agency required to be licensed by such laws and regulations is properly licensed.

The following employees of Agency hold a title insurance license:

Mark Steele 566249
Margaret Blum 837550
Barbara Cole 504188
Deanna Cox 988956
Amanda Curtis 694979

Kirsten Davis 1039672
Alisa Dillon 989535
Aimee Meade 598571
Stephanie Randall 572136
Sally Shea 985852
Angela Weinhardt 944053

2. The Agency holds a valid appointment with the following underwriters:

Fidelity National Title Insurance Company
First American Title Insurance Company

3. The Agency is a Real Estate Settlement Agent registered with the Virginia Bureau of Insurance and is compliant with all RESA regulations. The Agency’s RESA registration is good through April 30, 2016. The agency’s last RESA audit was conducted on March 11, 2014 and is on file with the Bureau of Insurance.

4. The agency maintains a written procedure to verify licensing and registration for the agency and its employees on a semi-annual basis. The licensing and registration were last verified on May 1, 2015.

Escrow Account Controls Policy Statement 

The Title Professionals, LLC considers safeguarding its customer funds to be of utmost importance.   Agency has in place the following escrow controls:

  • Credit and background checks on all employees with access to customer funds are run on an annual basis and pre-employment.
  • All receipts and outgoing wires are reconciled on a daily basis.
  • Three-way reconciliation of all escrow accounts is conducted on a monthly basis.
  • The following fraud controls offered by United Bank and BB&T:  Positive pay, automated clearing house blocks, international wire blocks are in place and in use for every transaction.
  • Escrow and operating funds are never commingled and remain in segregated accounts.
  • All accounts are maintained in federally insured financial institutions.
  • Only authorized employees have access to Agency’s escrow accounts.
  • All checks over $5,000.00 and wire transfers require two signatures or approvals.
  • Reconciliation of accounts is performed by the owner and reviewed by non-escrow personnel monthly.
  • Management conducts regular audits of employee escrow files.
  • All escrow account controls are audited by management annually.
  • Employees receive regular training in proper handling of escrow funds and escrow accounting.
  • Employees receive regular training on identification of fraud, especially mortgage fraud.
  • Management reviews training levels for all escrow employees on an annual basis.

Settlement Policy Statement

It is the policy of The Title Professionals, LLC to conduct every settlement in compliance with RESPA and all other federal and state laws.  Every settlement is conducted in accordance with the instructions of lender, seller, buyer, borrower and title insurance underwriter.

The agency maintains the following settlement controls:

  • Final settlement statements reflect actual disbursements made on behalf of the parties.
  • All closing instructions are collected in writing and are reviewed prior to closing.
  • Settlements are conducted in accordance with lender instructions.
  • All documents are reviewed by settlement employees prior to closing.
  • All mortgage payoffs are received in writing directly from the lender. Payoff funds are sent securely as directed in payoff letter
  • Home equity lines of credit are properly closed and released of record.
  • Title insurance commitment requirements are satisfied prior to closing to ensure issuance of a policy.
  • All disbursements from agency escrow account are properly documented in account ledgers.
  • All escrow disbursements require two approvers.
  • Employees are trained on proper conduct of a settlement and disbursement of escrow funds.
  • Employees are trained on mortgage fraud awareness and prevention.
  • All title insurance rate calculations are made through the underwriter’s online rate calculator and a written record is maintained in the file.
  • All available rate discounts are provided to customers.
  • Management conducts periodic audit of premium to verify compliance with underwriter’s rate structure.
  • Overcharge of any fee is promptly refunded to customer.
  • Documents are submitted for recording within two business days of settlement.
  • All recording shipments are tracked and recording of documents is verified.
  • The agency is a Real Estate Settlement Agent registered with the Virginia Bureau of Insurance and is compliant with all RESA regulations.  The Agency’s RESA registration is good through March, 2016.  The agency’s last RESA audit was conducted on March 5, 2015 and is on file with the Bureau of Insurance.

Information and Data Privacy Statement

It is the policy of The Title Professionals, LLC to comply with all federal privacy and data security laws and regulations and such laws in all states in which it operates.

The Agency maintains the following information and data security controls:

    • The office lobby is physically separated from employee office space. All customers/vendors are escorted through office space.
    • Agency has a written Data Security Policy under which employees are trained, audited and compliant.
    • Physical files are maintained in a secure location when not in use.
    • All data on server is encrypted.
    • Employees are prohibited from removing company files or information by paper or portable memory device.
    • The agency has commercially acceptable network security barriers and monitors in place
    • The agency has an established Business Continuity Plan which is reviewed and updated annually.
    • Employees undergo background and credit checks at hiring and routinely thereafter
    • Documents are transmitted by secure methods
    • All Non-public Personal Information is retained in secure locations and disposal is in compliance with state and federal law
    • Employees are regularly trained on the collection, maintenance and disposal of Non-public Personal Information
    • Agency has a written privacy statement which is disseminated to customers.
    • Management audits compliance with privacy statement on a regular basis.

Settlement Policy Statement

It is the policy of The Title Professionals, LLC to conduct every settlement in compliance with RESPA and all other federal and state laws. Every settlement is conducted in accordance with the instructions of lender, seller, buyer, borrower and title insurance underwriter.

The agency maintains the following settlement controls:

  • Final settlement statements reflect actual disbursements made on behalf of the parties.
  • All closing instructions are collected in writing and are reviewed prior to closing.
  • Settlements are conducted in accordance with lender instructions.
  • All documents are reviewed by settlement employees prior to closing.
  • All mortgage payoffs are received in writing directly from the lender. Payoff funds are sent securely as directed in payoff letter
  • Home equity lines of credit are properly closed and released of record.
  • Title insurance commitment requirements are satisfied prior to closing to ensure issuance of a policy.
  • All disbursements from agency escrow account are properly documented in account ledgers.
  • All escrow disbursements require two approvers.
  • Employees are trained on proper conduct of a settlement and disbursement of escrow funds.
  • Employees are trained on mortgage fraud awareness and prevention.
  • All title insurance rate calculations are made through the underwriter’s online rate calculator and a written record is maintained in the file.
  • All available rate discounts are provided to customers.
  • Management conducts periodic audit of premium to verify compliance with underwriter’s rate structure.
  • Overcharge of any fee is promptly refunded to customer.
  • Documents are submitted for recording within two business days of settlement.
  • All recording shipments are tracked and recording of documents is verified.
  • The agency is a Real Estate Settlement Agent registered with the Virginia Bureau of Insurance and is compliant with all RESA regulations. The Agency’s RESA registration is good through March, 2016. The agency’s last RESA audit was conducted on March 5, 2015 and is on file with the Bureau of Insurance.

Title Insurance Policy Production Statement

 It is the policy of The Title Professionals, LLC to produce, deliver and remit every title insurance policy in a manner that is compliant with lender instructions and the agency’s contract with its title insurance underwriter.

Agency has established the following procedures with respect to title insurance policy production:

  • Agency has established a goal of delivering policies to its customers within thirty days of closing.
  • Policies are reported to agency’s underwriter no later than the end of the first full month after closing.
  • Title insurance orders are processed on the same day or next business day after receipt.
  • Title searches are conducted in accordance with underwriter’s guidelines, and state law if applicable.
  • Title insurance policies are issued in accordance with underwriting guidelines established by the title insurance company.
  • Employees are regularly trained on the production of title insurance policies.
  • All underwriting of title insurance policies is conducted by a licensed title insurance agent.
  • Title and closing files are preserved in accordance with applicable state law and instruction of title insurance underwriter.
  • Files are destroyed in accordance with state and federal privacy law.
  • The agency maintains a register of all policies issued with identifying information.
  • Agency has been appointed an agent for the following title insurance companies: First American and Fidelity National
  • Agency responds promptly to customer and underwriter requests in the event of a claim.

Professional Liability and Fidelity Coverage Policy Statement

  • TTP maintains professional liability insurance in the amount of no less than $1,000,000.00. This amount is appropriate given the company’s size and complexity and the nature and scope of its operations; the amount is not less than the amount agreed to in the company’s underwriting agreement(s). The insurance carrier is nationally known and has appropriate Best ratings. Coverages / Endorsements are reviewed annually and are added or subtracted to reflect current changes in the practices of the industry and to reflect new threats to our business as they arise, such as cybercrime.
  •  Fidelity bond coverage (Protection for Agent against employee dishonesty)TTP maintains a fidelity bond policy in an amount of not less than $100,000.00. The company reviews both State law and our Issuing Agency Contracts to verify that our coverage meets or exceeds their respective requirements. This coverage is carried even if State law or our Issuing Agency Contract do not require it from time-to-time as conditions or laws change.
  • TTP is a RESA-registered Virginia Settlement Agent and has provided the Bureau of Insurance with a $200,000 surety bond for protection of its customers as a condition to registration. The company is compliant with all RESA regulations and is in good standing with the Bureau of Insurance.

Consumer Complaint Policy Statement

It is the policy of The Title Professionals, LLC to resolve customer complaints in a fair and efficient manner. To this end, agency has established the following procedures with respect to customer complaints:

  • Agency has a written customer complaint procedure.
  • Employees have been trained to identify a complaint and swiftly implement our written procedure.
  • A specific employee has been assigned to receive and document all complaints.
  • Customers are contacted and provided with name of employee or manager who will resolve the complaint.
  • All complaints are thoroughly investigated.
  • All complaints are resolved and the resolution is communicated to the customer.
  • All complaints are retained in writing.
  • The resolution of complaints is addressed with staff to provide training on avoidance of similar complaints in future.

 

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