Resources: ALTA Best Practices
ALTA Best Practices
As a proud member of the American Land Title Association (ALTA), Top Tier Title Agency follows the national organization’s seven pillars of best practices for the title insurance industry.
The Title Insurance and Settlement Company Best Practices ensure that consumers have increased faith in their title service providers, such as Top Tier Title, when they are working together on a real estate transaction. We don’t look at these guidelines as mandates; compliance and safeguarding every customer’s non-public personal information (NPI) has always been a top concern for Top Tier Title. Each of our employees are trained rigorously on the compliance standards affecting our industry and continually educated on current regulations and compliance matters.
The seven pillars that comprise ALTA’s Best Practices are 1) having the proper licensing, 2) ensuring that a company has proper procedures regarding escrow services, 3) having a procedure protecting non-public personal information, 4) ensuring that a company has proper closing procedures, 5) guaranteeing proper delivery of a policy after a transaction, 6) being properly insured in case of errors, and 7) having an avenue for consumer complaints.
Your Security is a Top Priority
We take protecting your NPI seriously. Only our vetted employees can access customer information through our secure servers. We heavily restrict the type of information that can be accessed on cell phones and portable storage devices to best safeguard NPI. Documents containing non-public personal information are transmitted from our office using Citrix Sharefile, a vendor specializing in safe delivery of documents using encryption and password protection.
In addition to protecting your NPI, we take every step to protect your money. Having a fully trained staff allows us to ensure a segregation of duties so that it is less likely that an error will be made or a fraudster will get through our system of checks and balances. Our industry has become inundated with attacks by cyber criminals hoping to commit wire fraud. If your money is misdirected and ends up in the hands of wire fraud criminals, everyone loses.
Top Tier Title trains our team on an annual basis to look out for fraudulent activity and better identify new tactics criminals use to try to steal your NPI and real estate funds. We also find opportunities on a weekly basis to create learning moments for the entire company, by sharing emails demonstrating attempts in email phishing schemes. These criminals try new strategies every day, so it is important that we remain vigilant and keep security top of mind.
Our Escrow Procedures
Top Tier Title maintains separate escrow and operating accounts. Escrow accounts are prepared with trial balances and reconciled on a daily basis. Top Tier Title takes the additional security measure of payee recognition for our escrow accounts. Instead of only verifying account information and funds, our system also verifies the payee is accurate.
Top Tier Title is Your Closing Expert
Every member of our team of closers at Top Tier Title strives to deliver a smooth and efficient closing for our customers, every time. Our licensed title officers provide careful examination to uncover and resolve title issues as quickly as possible to ensure your property rights are protected. Closings are handled in the most timely, legally sound manner. Our team will facilitate your closing from start to finish, even in a tight one-to-three-day timeline.
If you team up with Top Tier Title, there will be no communication hang-ups or last-minute surprises, only consistent progress updates and swift resolutions. While we manage your title processing, you have the capability to monitor the status of your transaction online 24/7, thanks to our Top Tier Title File Tracker. This online tool allows our clients to track and manage every step of the closing process. With our File Tracker, clients are also able to upload and download documents needed for their closing simply and securely.
Top Tier File Tracker is another security measure available exclusively to Top Tier Title customers.
The Closing is Not the End
Even after the deal is done, Top Tier Title knows our job is not complete. All documents must be delivered to our clients as quickly as possible. Per pillar five of ALTA’s Best Practices, title policy production and delivery is to be completed within 30 days after closing, and the insurer’s premium is to be delivered within 45 days. We know that customers want their documents in a timely manner, and underwriters need their funds in a similarly quick fashion. For added convenience, closing documents can also be delivered electronically, and accessed through our Top Tier Title File Tracker.
We’re proud of our strong relationships with our title insurance underwriters: Fidelity National Title lnsurance Company, First American Title Insurance Company, and Old Republic Title Insurance Company. These relationships allow us to better serve our clients and tackle the most challenging of real estate closings.
We Strive for Perfection for Every Client
We take pride in every real estate transaction we take part in. If our customers have an experience that doesn’t meet their standards we want to hear about it. In accordance with ALTA’s last two Best Practices, Top Tier Title carries the necessary insurance to ensure liability for our professional services, and we have a customer-friendly avenue to file complaints. We believe that a streamlined process for receiving and addressing consumer complaints is important to ensure that any instance of unmet expectations doesn’t go unresolved.