ALTA Best Practices Framework Certification
1st Trust Title, Inc has received American Land Title Association (ALTA) Best Practices Framework compliance certification. The ALTA Best Practices Framework was developed to help lenders satisfy their responsibility to manage third-party vendors. Certification, which was awarded by the certified public accounting firm of Aprio LLP (formerly known as Habif, Arogeti & Wynne LLP), assessed the firm’s security procedures, training methods, and title insurance and settlement practices.
Aprio LLP performed its year-long examination, December 1, 2016 through February 28, 2017, and issued its certificate on May 22, 2017.
1st Trust Title Inc., has adopted and maintains the following American Land Title Association. National seven best practices, which include:
- Maintain current licenses as required to conduct the business of title insurance and settlement services.
- Maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.
- Maintain a written privacy and information security plan to protect Non-public Personal Information as required by local, state, and federal law.
- Maintain standard real estate settlement procedures and policies that ensure compliance with Federal and State Consumer Financial Laws as applicable.
- Maintain written procedures related to title policy production, delivery, reporting and premium remittance.
- Maintain appropriate professional liability insurance and fidelity coverage.
- Maintain procedures for resolving consumer complaints.