- Business Hours: 8:00am – 7:00pm, Monday – Thursday and 8:00am - 6:00pm, Friday.
Please send all Orders and Revision Requests to orders@barristerstitle.com and all Prior Policy Requests to priors@barristerstitle.com.
May 2015 – ALTA BEST PRACTICES : Pillar #4
April 2015 – ALTA BEST PRACTICES : Pillar #7
April 7, 2015June 2015 – Best Practice #5: Title Policies and Post-Closing
June 7, 2015Settlements
As promised. . .I saved the best for the last. Over the next few months, we will break down the two Pillars that most typify our collective activities, Settlements and Title Production. While the latter applies to us, I am thankful to say that the former does not. Notwithstanding that, I will do my best to provide some concrete and practical guidance concerning the provisions of Pillar #4. Since these two Pillars are so central to our businesses, I will try to break them up into several installments.
The most important thing I can tell you about the requirements of Pillar #4 is the notion that your procedures for conducting closings must be written down. I recently watched a Webinar conducted by an Accounting Firm that intends to provide certification services to our industry and it was stressed that this particular aspect of Pillar #4 was most lacking in the audits they conducted. The concept is that you must have all aspects of your procedures for conducting a closing, from stem to stern, in a written format. I encourage you to visit this website for more information: Best Practices Task Force
Policies and Procedures must be documented in the five categories listed below:
1. Recording Procedures.
2. Pricing Procedures.
3. Disbursement Procedures.
4. Return of Loan Package.
5. Training.
Visit the Best Practices Task Force Website for Sample Templates of procedures, as well as Sample Checklists.
ACTION ITEM(S):
- Develop written procedures detailing your Firm’s practices and procedures for conducting closings and providing training.
- Train all Firm Personnel regarding said Policy.
- Train your employees to conform their work activities to the written procedures of your Policy.
- Document all days where training was provided to all Firm Staff and Employees.