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United One Is Exceeding ALTA’s Best Practice Requirements

More and more, industry regulations are focusing on lenders’ responsibilities to protect the consumer. Although lenders were always responsible for the actions of their third-party service providers, they are now expected to closely oversee their service providers’ actions. One response to this trend was the development of ALTA Best Practices. These were developed to guide title insurance agents to enhance their existing business practices, to protect their customers, ensure quality service, provide for ongoing employee training, and meet legal and market requirements. See http://www.stewart.com/cfpb/alta-best-practices.

Upon learning of the upcoming CFPB requirements, United One immediately responded by developing and instituting policies and procedures, not only to ensure that it would be compliant under CFPB standards, but would also exceed industry expectations. These policies and procedures include: Licensing Audit and Controls, Escrow & Trust Account Audit and Controls, Stringent IT Security Privacy Policies & Controls, Settlement and Title Policy Production Policies and Procedures, and E&O and Bonding Audit & Controls. As a result, United One has already been “vetted and verified” by its title insurance underwriters.

At United One, our processes and procedures have been audited by the largest regional and national lending institutions. We have always passed through these stringent audit processes with superior ratings. It is the learnings that we have gained through these processes that we share with all of our customers. The standards that the largest institutions are held to will soon apply to all banks and credit unions regardless of size and structure.

Posted by United One Team Member on 10/8/2014 2:52:48 PM EST

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