Information Center

Lender Requirements

Lenders are vetting settlement agents in a wide variety of ways. Make sure your practice meets Best Practices standards and is prepared to address the requirements needed by lenders.

Download Lender Requirements

Suggested actions for Fund Members:

Review your practice and volume with specific lenders.
Review lender requirements with the Bank Requirement Chart, Information Center, and consider setting up Google Alerts for lender updates.
Decide on the level of requirements appropriate for your practice per the Lender Requirement Scale.
If 3rd party certification is needed, ensure AT LEAST 90-day lead time for the review period and 6-8 months to complete.

Lender Requirement Complexity Scale

Find out how difficult it is to obtain different Lender Best Practice requirements. Download the Lender Requirements for more information.

LOW

↑

COMPLEXITY

↓

HIGH

1 Old Republic Authorized Agent Letter

2 Settlement Agent self-certification

3 Copy of Best Practices Manual

4 Settlement agent self-certification with ALTA Certification package

5 Lender-specific requirements E.g. questionnaire, financial statements, business license, E&O, review AfBAs

6 Secure Insight/SSI Vendors Compliance Group

7 3rd-party certification

The 7 Pillars of ALTA's Best Practices

Implementation of a set of industry best practices developed by ALTA can help title professionals meet new market demands by proving regulatory compliance and that funds and information are being protected, which could help capture increased market share.

Licensing

Establish and maintain current License(s) as required to conduct the business of title insurance and settlement services.

Escrow/Trust Accounts

Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.

Privacy & Information Security

Adopt and maintain a written privacy and information security plan to protect Non-public Personal Information as required by local, state and federal law.

Settlement Processes

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.

Title Policy Procedures

Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.

Professional Liability Insurance

Maintain appropriate professional liability insurance and fidelity coverage.

Resolving Consumer Complaints

Adopt and maintain procedures for resolving consumer complaints.

On-Demand Training Library Webinars

Video – Building the Pillars of ALTA’s Best Practices Workshop I - Watch Now

Are Lenders asking you for a copy of your Best Practices Policies and Procedures Manual? If so, it’s time to attend Building the Pillars of ALTA’s Best Practices – Workshop I.The workshop is designed to give you a jump-start on the creation and...

Video – Building the Pillars of ALTA’s Best Practices Workshop II - Watch Now

This workshop continues the Fund’s examination of ALTA’s Best Practices, detailing Florida-specific requirements for:Pillar 2 - Escrow / Trust AccountingPillar 4 - Recording & Pricing ProceduresPillar 5 - Title Policy ProceduresAs with Workshop I...

Video – Introduction to ALTA’s Best Practices - Watch Now

As the real estate market continues to recover and the Consumer Financial Protection Bureau creates new rules related to real estate closings, the landscape in which title insurance agents conduct business continues to evolve. The American Land Title Association...

Helpful Links

Authorized Agent Letter

A Fund Member’s status as an Old Republic agent in good standing may be verified by visiting oldrepublictitle.com, selecting Agent Verification from the Services/Products dropdown and entering The Fund Member’s Old Republic Agent Number.