What are “Best Practices” and why does Res/Title implement them?

 

These days, everything seems standardized- and for a good reason.  You wouldn’t take a medication that wasn’t approved by the FDA or drive a car that didn’t pass inspection; why use a title company that isn’t taking the extra steps to make sure your data is protected?

 

We’re talking about following The American Land Title Association Best Practices.

 

Taking the extra steps to ensure your information is secure and protected is a no-brainer.  Following ALTA’s model, we strictly adhere to their standards to protect our consumers in the industry. With Res/Title being assessed by a third party certified national CPA firm, you can be confident your information is always safe and secure.

 

But what does that really mean?

 

Ensuring all our current licensing is up to date.
Currently we are active and in good standings in 33 states including the District of Columbia.

 

Utilizing appropriate Escrow Controls.
All escrow funds are maintained in separate designated accounts (Escrow, Trust, IOLTA, etc), which are reviewed for reconciliation discrepancies on a daily basis.

 

Implementing a security program to protect non-public personal information.
From making sure our virus and firewall software is up to date to back-up recovery on our servers, we also perform background checks on all our staff and provide them with program training to ensure compliance.

 

Adopting standard real estate and settlement policies.
Our use of software and technology allows us to track a file through each step of the closing process and provide complete transparency of the work being done on each file, making us compliant with Federal and State Consumer Financial Laws.

 

Maintaining appropriate Title Production.
We deliver all policies to customers within the guidelines set forth by the underwriters’ agency contracts. Current approved underwriters for Res/Title, Inc. are Chicago Title and Westcor Land Title.

 

Ensuring Errors & Omissions and Fidelity Coverage
We work to maintain all levels of insurance coverage. Coverage is held for professional liability, fidelity coverage (including employee theft, forgery & altercation, computer and funds transfer fraud) as well as surety bond coverage in any states that it is required.

 

Adopting procedures that address consumer complaints.

Sensitive to complaints we receive, our staff will forward the problem to the Chief Operations Manager to address who will then work with the loan officer and the customer to resolve the issue.

 

Going beyond Best Practices, Res/Title ensures your information is safe by implementing our clean desk policy. Our staff is trained to keep their desks clear of any personal information such as social security numbers or bank information. The staff is also required to lock their computers when away from their desk to ensure the security of important data.

 

Established in 1994, Res/Title has grown to become one of the largest independent title and closing companies in the nation.  Contact us at sales@res-title.com to learn more about how we can assist you!

 

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