Best Practices Amendment: To Require ALTA Registry
Have you established an ALTA Registry Universal ID (ALTA ID) yet? If not, you may want to consider doing so!
On February 21, 2019, the ALTA Board of Governors approved a motion to revise the Title Insurance & Settlement Company Best Practices to include a requirement for companies to be listed in the ALTA Registry. Specifically, Pillar 1 of the Best Practices will be amended to include a requirement that each settlement office location establish and maintain a unique ALTA Registry Universal ID (ALTA ID) using the ALTA Registry platform. Pillar 1 of the Best Practices already requires title companies to maintain licenses for doing business in the title industry, including obtaining and maintaining state insurance licenses, satisfying doing business requirements and maintaining an ALTA policy forms license. For lenders, this helps lenders determine they are working with legitimate title and settlement providers.
The proposed revision is currently under a 30-day comment period that ends April 12. Comments may be sent to bestpractices@alta.org.
The ALTA Registry is a free, searchable online database of underwriter-confirmed title agencies, settlement companies and underwriter direct offices. Lenders use data from the ALTA Registry to obtain underwriter-verified information about a title agent’s legal entity name, location and contact information.
Source: To learn more about the pending revision, visit ALTA.org!