Archive for August, 2016

Best Practices, by Inwest Title, Utah’s Largest Independent Title Company

Friday, August 26th, 2016

With all the increased regulatory requirements and changes in recent years brought on by the Consumer Finance Protection Bureau (CFPB) forcing lenders to heavily scrutinize and vet those providing services to them Inwest Title took immediate action to assist in this process. Inwest Title has undergone an in depth audit of our policies and procedures by one of the nation’s largest and most respected accounting firms. The purpose of the audit was to show that Inwest Title meets or exceeds industry standards established by the American Land Title Association (ALTA®) which consist of the following 7 pillars:

Pillar No 1: Establish and maintain current License(s) as required to conduct the business of title insurance and settlement services.

Pillar No 2: Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.

Pillar No 3: Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state, and federal law.

Pillar No 4: Adopt standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Protection Laws as applicable to the Settlement process.

Pillar No 5: Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.

Pillar No 6: Maintain appropriate professional liability insurance and fidelity coverage.

Pillar No 7: Adopt and maintain written procedures for resolving consumer complaints.

As an industry leader and the largest independent title company in Utah, Inwest Title has not only has adopted and implemented these ALTA best practices standards but have made it our mission to continually work towards improving our internal processes to put the consumer first with a seamless closing process with a focus on protecting consumer private information and in resolving any complaints quickly and efficiently.

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For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at www.inwesttitle.com.