New ALTA Commitment Tidbits

ALTA Universal ID; Lender Action for Low Volume Closing Agents

Dear Members,

We are starting to get questions about the new commitment form. I will address one or two questions in each of my emails for the next several weeks.

ALTA Universal ID:
This first question is easy - what is an "ALTA Universal ID?" There is a field/space for this information on the first page of the new commitment. ALTA (American Land Title Association) created the idea of a Universal ID for settlement agents as an easy way for lenders and others to identify closing agents with certainty.

With just a few clicks, a lender can look up a title agent in an online directory and within a few clicks determine that they are licensed, approved for certain underwriters and have access to the agent’s correct address (including any branch offices). It would be similar to the Nationwide Mortgage Licensing System (NMLS), which offers a centralized portal for identification of mortgage industry and other services providers. As of today, the idea of a Universal ID has not been widely adopted, so for the time-being, if you do not have an ALTA Universal ID number that field will say “none.”

REMINDER:
We are holding two FREE Town Halls on the new commitment so that you and your staff can easily get up to speed. The Town Halls will take place at noon on April 27 and May 16. There is no charge to attend, so please take advantage of these timely seminars!

Lender Scrutiny of Closing Agents:
A Fund Member recently received notification that they had been removed from the approved settlement agent list of a national lender because they had "closed fewer than 5 loans over the last 12 months." This is of significant concern to me because there are a lot of Fund Members who likely fall into this category. I am very interested to hear whether other Members have received similar notifications. We will collect this information and see if there is any way to address this situation. I can't promise anything, but I need to be armed with information if I am going to try.

Let me know how we can help you.

Best Regards,

MELISSA JAY MURPHY
Senior Vice President and General Counsel