The American Land Title Association has created assessment procedures to help mortgage originators to determine if a title professional meets the seven pillars of its best practices statement. Version 2.0 of the best practices for title and closing agents came out on July 19. The trade group has also created a certification package around agents carrying out those best practices.
Frank Pellegrini, ALTA’s president, said in a press release that mortgage originators are under regulatory pressure to make certain that their third party service providers are in compliance. The Consumer Financial Protection Bureau has said originators will be held accountable for the actions of their vendors.