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

Is your closing software ready?