ALTA Best Practices
LTAMS’ goal is to provide you with the best tools and resources that you need in this ever-changing marketplace. As you know, as a result of the increased regulatory oversight by CFPB and other banking regulators, lenders have increased their requirements on settlement agents. As a result, ALTA has created a set of Best Practices that can help you demonstrate to lenders that you are doing what is needed to keep transactions safe and secure.
About Best Practices
A news story in Journal of Accountancy regarding AICPA (American Institute of Certified Public Accountants) issuing new technical questions and answers to provide nonauthoritative guidance to practitioners in connection with the “Best Practices” framework of the American Land Title Association (ALTA).
AICPA Technical Questions and Answers on the ALTA Best Practices
The American Land Title Association (ALTA) seeks to guide its membership on best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements. These policies, procedures, controls, and practices (collectively referred to as practices for purposes of this section) are voluntary and designed to help members illustrate to consumers and clients the industry professionalism and best practices to help ensure a positive and compliant real estate settlement practice. These practices are not intended to encompass all aspects of title or settlement company activity