From the inception of ALTA Best Practices, Title Agents have looked for a crystal ball to find answers about what a lender will review during an audit. There are so many choices to make – from the documentation of the ALTA Best Practices Policy and Procedure Guides to the choice of vendors available to assist – it is a truly daunting task to undertake. The reality, too, is that there is no cheat sheet available to share that ties ALTA Best Practices to lender audit requirements. It seems, too, with the ALTA Best Practice Maturity Models introduced in 2016, few, if any Title Agents, have reached the fully optimized status. The question remains: Where exactly does a Title Agent begin their preparations for a Lender Audit? Are all the ALTA Best Practices needed? And, which ALTA Best Practice items are most important; i.e. most heavily weighted during a Lender Audit?
Archive for month: April, 2017
There are many ways to manage the ups and downs of the market. One option to consider is to create a variable cost structure to your business by outsourcing certain tasks.
There are hordes of outsource/BPO firms – all of whom extol their virtues openly. How do you know which ones are good? Most of them talk a good game and tell you what you want to hear. How do you know they aren’t learning title on your dime? How do you know they will deliver? Do they have adequate security policies and procedures in place to protect NPI, including personnel background checks sufficient to comply with US lender standards? What is the best way to manage them? What tasks should you start with?