Post on 13-Jul-2020
Tuesday, November 11, 2014
Computer and Technology Best Practices
Dona Sutton, PropertyInfo
2014 Ohio TIPS Columbus, Ohio
The Closing Disclosure Form will be
used for loan applications taken after?
a) January 1, 2015
b) June 30, 2015
c) August 1, 2015
d) None of the above
The BIG Question?
Questions to ask your software vendor:
1. Current subscription?
2. Current version?
3. System requirements?
4. Loan Origination Software integration?
5. Training plans?
6. Update forms/documents and reports pulling
from HUD-1 lines?
ALTA Best Practice No. 1
Establish and maintain current License(s) as
required to conduct the business of title insurance
and settlement services.
Utilize features in your existing software:
1. Documents - digital copies of license(s)
2. Tasks - this is done, do this
3. Auto Notifications / Reminders - remember to do this
4. Party - access
What is the Ohio regulatory agency
responsible for administrating title
agent licensing?
a) Department of Financial Services
b) Division of Sanitation
c) Ohio Bar Association
d) Ohio Department of Insurance
ALTA Best Practice No. 2
Adopt and maintain appropriate written procedures
and controls for Escrow Trust Accounts allowing
for electronic verification of reconciliation.
1. Receipts and disbursements - daily
2. Three-way reconciliation – monthly
3. Third party reconciliation
4. User permissions
5. Positive Pay
6. Documents, tasks, notifications
7. Reports accessible to Underwriter
8. Weekly reports reviewed by Manager/Attorney
Which of the below is NOT a
component of Best Practice # 2?
a) ACH blocks
b) Background checks on all employees with
access to customer funds
c) Monthly reconciliation of operating accounts
d) Proper designation of escrow trust accounts
ALTA Best Practice 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.
• ACH block
• Clean desk policy
• Password
• Cloud solution
• Disaster recovery
• Documents, Tasks, Notifications
• Encrypted email
• International wire block
• MICR check stock
What does NPI stand for?
a) National Provider Identifier
b) New Product Information
c) New Product Introduction
d) Non-public Personal Information
ALTA Best Practice No. 4 Adopt standard real estate settlement procedures
and policies that help ensure compliance with
Federal and State Consumer Financial Laws as
applicable to the Settlement process.
• Track and audit per file
– eRecording
– overnight
– policy remittance
– rate charged
– consumer refunds
• Calculations
– Underwriting premium
– recordings
– taxes
On a purchase, how long after
settlement do you have to submit or
ship documents that require recording?
a) 2 days
b) 1 week
c) 5 days
d) 7 days
ALTA Best Practice No. 5
Adopt and maintain written procedures related to
title policy production, delivery, reporting and
premium remittance.
• Documents, Tasks, Notifications, Access
• Electronic set up, calculations and remittance in
title production
Issue and deliver policies within how
many days of settlement?
a) 30 days
b) 60 days
c) 90 days
d) 120 days
ALTA Best Practice No. 6
Maintain appropriate professional liability
insurance and fidelity coverage.
Utilize features in your existing software:
1. Documents
2. Tasks
3. Auto Notifications / Reminders
4. Access
Who may require a company to maintain
professional liability insurance or errors
and omissions insurance, fidelity
coverage or surety bonds?
a) State
b) Underwriter
c) All of the above
d) None of the above
ALTA Best Practice No. 7
Adopt and maintain written procedures for
resolving consumer complaints.
• File notes / conversation log
• Google Spreadsheet
• Microsoft Sharepoint
• FreshDesk.com
Who should handle customer complaints?
a) Urban Meyer
b) George Naumoff
c) Barack Obama
d) Single point of contact
Utilize your resources:
• Ohio State Bar Association
• ALTA
• cfpb
• OLTA
• Software vendors
• Stewart
• Stewart/cfpb