Platinum National Title, LLC is committed to protect the security of the consumers and continue to provide professional quality service to our clients.
In accordance with that commitment our company has adopted the “best practices” guidelines set forth by the American Land Title Association in an effort to be in compliance with both the Gramm-Leach Bliley Act and the Consumer Financial Protection Bureau established under the Dodd-Frank Act.
American Land Title Association (ALTA) has created “best practices” that are intended to define a set of strong procedures that the title insurance and settlement companies can follow to protect consumer information and provide higher levels of efficiency. The framework of ALTA’s ‘”best practices” is designed with the expectation that a strong foundation will be established through adherence to the seven distinct pillars outlined in the “best practices” guidelines.
The “best practices” of an industry are methods and techniques that are proven to produce superior results in achieving higher benchmarks. The purpose is to maintain consistent quality that serves as an enhancement to mandatory legislated standards and promote the industries adherence to compliance.
The 7 “best practices” pillars outlined by ALTA and adhered to by our company are as follows:
1. Licensing – Establish and maintain current license(s) as required to conduct the business of title insurance and settlement services.
2. Escrow Account Controls – Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for the electronic verification of reconciliation.
3. Information and Data Privacy – Establish and maintain a written privacy and information security program to protect Non-Public Personal information as required by local, state and federal law
4. Settlement Policies and Procedures – Adopt standard real estate settlement policies and procedures that help ensure compliance with Federal and State Consumers Financial laws as applicable to the settlement process.
5. Title Production – Adopt and maintain appropriate procedures for the production, delivery, reporting and remittance of title insurance policies designed to meet both legal and contractual obligations.
6. Errors and Omissions and Fidelity Coverage – Maintain appropriate levels of professional liability and fidelity coverage to ensure the financial capacity to stand behind the professional services provided.
7. Consumer Complaints – Adopt and maintain procedures for receiving and addressing consumer complaints so that any instances of poor service or non-compliance do not go undiscovered.
Our commitment to provide professional quality service and at the same time protect the security of our clients has been recognized by our underwriter Westcor Land Title Insurance Company who has designated us through their strict compliance audit process as a “Certified Title Agency of Westcor Land Title Insurance Company”. Lenders and consumers can be confident that a Certified Title Agency of Westcor meets the highest standards in the industry.
In 2017 Platinum National Title was awarded the Certificate of Excellence for “Outstanding Escrow Audit” by Old Republic Title. A designation only given to companies that adhere to the strict auditing guidelines of this well respected national underwriter.
Platinum National Title is also a member of SecureInsight powered by Secure Settlements, Inc. This company is used by numerous national Lenders who need to be in compliance with all Federal and State laws governing their industry. SecureInsight helps these Lenders with their Vendor “vetting process”
To be a member of SecureInsight a title insurance company must complete a strict review of their internal controls and procedures and supply copies of all current licensing and insurances that adhere to the ALTA “Best Practices” guidelines.
When Platinum National Title handles your closing you can be assured of the most professional and best quality service. Remember World Class Service can by yours!!