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  • Best Practice Pillar ! - Licensing
    Title Agent or Producer license or registration or any other business licensing required by state law, or a license to practice law, where applicable.

    Establish and maintain all current licenses that are required as a business/law firm and to conduct title and insurance settlement services.
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    Mon Feb 20, 2017 10:35 am
  • Best Practice Pillar 2 - Escrow Trust Accounting
    Establish and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.

    Appropriate and effective escrow controls and staff training help title and settlement companies meet client and legal requirements for the safe keeping of client funds. This best practice procedure enables accuracy and minimizes the risk of losing client funds as well as a reduction in fraudulent activities. Settlement companies are able to use outside resources to conduct segregation of trust accounting duties.
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  • Best Practice Pillar 3: Protecting NPI
    Adopt and maintain a written privacy and information security program to protect NPI as required by law.

    Personally identifiable data, for example: information provided by a customer on a form or application, information about a customer’s transactions, or any other information about a customer which is otherwise unavailable to the general public. NPI includes first name or first initial and last name coupled with any of the following: Social Security Number, driver’s license number, state-issued ID number, credit card number, debit card number, or other financial account numbers.
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  • Best Practice Pillar 4: Settlement Processes
    Adopt standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer financial laws as applicable to the settlement process.

    Creating policies and trainings that are effective and appropriate for employees, helps the company stay up to date with state, federal and contractual obligations governing the settlement.
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  • Best Practice Pillar 5: Policy Production
    Keep up to date procedures regarding title policy production, delivery, reporting and premium remittance.

    Establishing and keeping up to date procedures for the production, delivery, reporting and remittance of title insurance policies allows title companies to meet all legal and contractural obligations.
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  • Best Practice Pillar 6: Insurance Coverage
    Maintain the correct professional insurance and fidelity coverage.

    The correct levels of professional insurance and fidelity coverage allow for title companies and settlement companies to maintain the financial capacity to guarantee their professional services.
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  • Best Practice Pillar 7: Consumer Complaints
    Create and stay up to date with written procedures for effectively managing consumer complaints.

    In order to maintain and help a company grow, it is vital to have a system in place to effectively handle consumer complaints. In order to improve and grow it is important that complaints do not go undiscovered.
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