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Title & Settlement Industry Divided On ALTA Best Practice
Compliance

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Habif, Arogeti & Wynne, LLP (HA&W), a Georgia-based tax, accounting, and business consulting firm conducted a survey on title and settlement professionals’ perceptions and perspectives about ALTA Best Practices compliance and where the companies stand in the process of becoming compliant. It also examined challenges companies face when becoming ALTA Best Practices compliant.

Some key findings:

  • Many title agents and settlement firms have started down the road to ALTA Best Practices compliance, with companies in all phases of compliance from assessment to testing.
  • Respondents perceived the impact of the CFPB’s Bulletin 2012-03 more in terms of their relationships with lenders than with clients.
  • Also there is a noticeable difference in the perception and practice of ALTA Best Practices compliance between small and large firms.
  • Very few respondents have received a compliance report indicating that they are compliant with ALTA Best Practices – just 11 percent.

Check out the survey for more. http://www.compliancesuccess.com/wp-content/uploads/2015/07/2015CS-Survey.pdf

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