Wells Fargo Releases Expectations Regarding ALTA's Best Practices

Further, Wells Fargo referenced ALTA's Best Practices and "considers them (ALTA's Best Practices) to be guidelines for sound business practices that should ideally already be in place for businesses providing title and closing services for our customers."
Wells Fargo indicated that it understands there may be a time of transition prior to the full implementation of all the Best Practices.  Wells Fargo encouraged settlement agents to develop a plan for adoption and to create written policies and procedures.  The newsletter encourages settlement agents to ask themselves the following questions:

• "If your company is not yet following the ALTA Best Practices - do you have a plan in place for adoption?
• If your company is already following the ALTA Best Practices - do you have written policies and procedures in place to document it and inspection processes to validate it?

If you have not already done so, now is the time to begin to document your policies and procedures.  To help you get started we have provided some helpful resources below:

• Visit our Best Practices page and download the policies and procedures templates, which may be customized for your use.
• Watch the "Introduction to ALTA's Best Practices" webinar to familiarize yourself with all seven of ALTA's Best Practices.
• Join us for "Building the Pillars of ALTA's Best Practices", a hands-on workshop Thursday, May 8th from 9:00 am – 12:00 pm at our Annual Fund Assembly.  This workshop will lead you through the Pillars of ALTA's Best Practices and will have the opportunity to draft some of your own policies and procedures reflecting how your individual office functions.
• Visit the Best Practices technology booth at The Fund Assembly Expo.

For questions on ALTA's Best Practices, email bestpracticequestions@thefund.com.