ALTA is the national voice of the title insurance industry whose members include underwriters, agents and title insurance service providers such as The Fund. You may have recently received an invoice from The American Land Title Association, ALTA, for your 2014 membership dues or license for the use of ALTA’s policy forms.
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As of 2009, ALTA requires any issuing agent of title insurance hold a license for the continued use of ALTA’s policy forms.
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ALTA’s policy forms benefit the entire title industry, not just ALTA members.
The benefits this organization offers real estate attorneys are far reaching and for this reason, The Fund is an ardent supporter of ALTA with over 49 employees participating on ALTA committees. Examples of ALTA’s advocacy include,
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Lobbying efforts, including communicating with the Consumer Financial Protection Bureau (CFPB) about the new RESPA regulations.
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Creation of title insurance forms for commitments, policies and endorsements.
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Supporting the agency model through work with agents and lenders in creating ALTA’s Title Insurance and Settlement Company Best Practices Initiative.
Even though you are a policy issuing agent through The Fund for Old Republic National Title Insurance Company:
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Title insurance policy forms are copyrighted by ALTA which requires a Policy Forms License for each issuing agent of title insurance.
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Title insurers must purchase a license for policies that they issue in their own name, but that license does not extend to other issuing agents who use their services.
The most common options to satisfy the ALTA requirement are below. For more information visit alta.org/membership/faqs.
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A Policy Forms License is $195 and grants continued use of ALTA’s Policy Forms.
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Membership dues include Policy Forms Licenses for any number of signatories. Dues are calculated according to gross revenue from the previous year, starting at $460 and going up to $11,500. (Most of the members pay closer to the minimum than to the maximum). Additional membership benefits include a public listing in the ALTA Membership Directory, and the homeclosing101.com website; electronic daily news clips; articles; publications; discount programs; educational resources; and invitations to meetings and conventions.
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A Real Estate Attorney Membership is $250 and includes a license to use ALTA Policy Forms, weekly e-mail updates and quarterly mailings on key lawsuits affecting the land title industry. This option is similar to the ALTA Membership described above and is for an individual attorney.
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If you handled 50 or fewer title transactions in the previous calendar year, you can request an Occasional Use Waiver, which, upon approval, grants the agent a Policy Forms License at no cost. For information on the waiver application, visit www.alta.org/waiver. When completing the Occasional Use Waiver you are required to provide contact information for your title insurance underwriter for purposes of confirming the number of policies issued during the previous calendar year. The Fund contact to be listed on the Occasional Use Waiver is:
Old Republic National Title Insurance Company
P.O. Box 628600
Orlando, FL 32862-8600
Carmen Pasarell, Fund Accounting
1-800-275-2843
finance-customer-service@thefund.com.
For more information on ALTA licensing and membership, visit alta.org/membership/myaccount.