Washington, D.C., April 6, 2017 — The American Land Title Association (ALTA), the national trade association of the land title insurance industry, released updates to supplemental materials for its Title Insurance and Settlement Company Best Practices.

“ALTA’s Best Practices is the clear choice among title and settlement companies to help develop policies and procedures that protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements,” said Michelle Korsmo, ALTA’s chief executive officer. “The Best Practices also have become the blueprint used by many lenders to meet third-party vendor management regulatory requirements.

“ALTA updated its Best Practices in October 2016 to improve and clarify the requirements. Following the introduction of these changes, ALTA’s Best Practices Task Force worked to update the supplemental materials to ensure that the industry receives consistent information about how to implement and comply with the Best Practices,” Korsmo continued.

The updates to the supplemental material include:

• Assessment Readiness Guides: These guides help companies internally assess their compliance with each pillar of the ALTA Best Practices. The updated Version 2.5 of the Assessment Readiness Guides can be accessed here.
  
  
• Compliance Management Report: The report is designed to help companies communicate the results of the internal assessment they conducted using the Assessment Readiness Guides. This report can be provided to lenders or other third parties. Version 2.5 of the Compliance Management Report can be accessed here.