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07/22/2016

Share Your Thoughts: Best Practices Comment Period Ends July 29

Bestpractices

ALTA’s Board of Governors on June 9 approved proposed changes to the association’s “Title Insurance and Settlement Company Best Practices” to better reflect market needs and trends. In addition, ALTA’s Best Practices Executive and Internal Auditing committees created the Best Practices Maturity Model to help companies evaluate their policies and procedures to ease adoption of Best Practices. Read on to learn how you can provide comments by the July 29 deadline.

All three of the following proposals are under public comment. All comments made during this period will be considered until the proposals go into effect Oct. 7. Your input is essential to ensure that all ALTA services are optimized for members.

These proposed changes include modifications to better reflect contemporary marketplace trends and common business practices. Click here to find a redline of changes to the Best Practices.

This proposed revision to the ALTA Best Practices Assessment Procedures clarifies areas of confusion and better reflects how agents operate. Click here to find a redline of changes to the Best Practices Assessment Procedure.

This new tool allows title companies to determine where they are in their development toward full Best Practices compliance by measuring progress against benchmark compliance levels. ALTA has provided a Maturity Model Guide for answers to the most frequently asked questions and more information. As a note, the Maturity Model does not invalidate any assessment a company may have already received.

Please submit all comments to bestpractices@alta.org.

Comments

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Changes that match market needs are usually good for the industry.

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