ALTA Best Practices Pillar 4 approved in New Jersey

ALTA Best Practices Pillar 4

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This course is one in a series of Courses that discuss ALTA Best Practices. This one covers Pillar 4. The objective of the course is for the learner to complete the section of their policy and procedure manual for the pillars discussed in the course. Also, upon completion the learner will be confident that they will be able to pass an ALTA Best Practice audit for the pillars discussed in the course.

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Pillar 4 is about adopting standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement process. The course covers the 34 questions asked in the ALTA Pillar 4 Workbook so that the learner understands what is expected to by compliant. The course covers the Action Items report, Assessment Readiness, and Certification

Adopting appropriate policies and conducting ongoing employee training helps ensure the Company can meet state, federal, and contractual obligations governing the Settlement.

Streamline Consulting has done the research and put together the content for the course. Streamline Consulting is a privately owned company that was formed in order to meet the personnel, technical and business needs of Title Insurance Companies. They are advocates for their clients in all aspects of the title insurance industry.

While the nature of the business is the same in all states, the nuances of each title company, even within the same city, can be very different. Streamline customizes every project and product for each title company, regardless of size, location or products and services provided to their customers.

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ALTA Best Practice Pillar 2 approved in New Jersey

ALTA Best Practices Pillar 2 Escrow Accounting

This course is one in a series of Courses that discuss ALTA Best Practices. This one covers Pillar 2. The objective of the course is for the learner to complete the section of their policy and procedure manual for the pillars discussed in the course. Also, upon completion the learner will be confident that they will be able to pass an ALTA Best Practice audit for the pillars discussed in the course.

Pillar 2 is about Escrow Trust Accounting. Appropriate and effective escrow controls and staff training help title and settlement companies meet client and legal requirements for the safeguarding of client funds. These procedures help ensure accuracy and minimize the exposure to loss of client funds. Settlement companies may engage outside contractors to conduct segregation of trust accounting duties.

The course covers the 73 questions asked in the ALTA Pillar 2 Workbook so that the learner understands what is expected to be compliant. The course covers the Action Items report, Assessment Readiness, and Certification

Streamline Consulting has done the research and put together the content for the course. Streamline Consulting is a privately owned company that was formed in order to meet the personnel, technical and business needs of Title Insurance Companies. They are advocates for their clients in all aspects of the title insurance industry.

While the nature of the business is the same in all states, the nuances of each title company, even within the same city, can be very different. Streamline customizes every project and product for each title company, regardless of size, location or products and services provided to their customers.

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ALTA Best Practices by Diane Evans approved in New Jersey

2 credits

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Current American Land Title Association President, Diane Evans discusses ALTA Best DIANE_EVANS_Practices. Her presentation includes a discussion of how the industry has arrived a the point where the promulgation of Best Practices is important. She covers legislation that requires title agencies to implement Best Practices and the role of the Consumer Financial Protection Bureau. This course covers an overview of each of the 7 Pillars

  • Pillar 1 – Licensing
  • Pillar 2 – Escrow Accounting
  • Pillar 3 – Protecting Non Public Personal Information
  • Pillar 4 – Pricing and Recording
  • Pillar 5 – Policy Production
  • Pillar 6 – Professional Liability Insurance
  • Pillar 7 – Consumer Complaints

Diane Evans has served the title insurance industry for more than three decades. She joined Denver, Colorado-based Land Title Guarantee Company in 1981 and currently serves as vice president. A member of the American Land Title Association’s (ALTA) Board of Governors and 2014-15 president, Diane also is a member of ALTA’s Government Affairs Committee, State Regulatory Advisory Committee, NAIC Committee and Agents Executive Section.

Additionally, she has served as chair of ALTA’s Abstracters and Title Insurance Agents Section Executive Committee. Diane has been active in the title industry in Colorado as well. She served as president of the Land Title Association of Colorado in 2001, served on its Board of Directors from 1992-2002 and continues to serve on its legislative committee. She has served on the Colorado Secretary of State E-Recording Panel, a member of the Producers Council of the Colorado Division of Insurance and the Colorado Division of Insurance Title Advisory Panel. She has served as chair of the State Board of Land Commissioners and on the Colorado State University System’s Board of Governors

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Cyber Crime in the Title Industry

3 credits

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wire fraud
The FBI’s Internet Crime Complaint Center receives complaints crossing the spectrum of cyber crime matters. Since they began tracking scams in the late 2013, it has compiled statistics on more than 7,000 U.S. companies that have been victimized. The scam succeeds by compromising legitimate business email accounts through social engineering or computer intrusion techniques, Businesses of all sizes are targeted, and the fraud is proliferating. Title companies handle a lot of money through their escrow acccyber attackounts and are consequently a favorite target of cyber criminals. This course covers all the different types of cyber-fraud, how to recognize them, and how to protect your business against them.

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Electronic Delivery of Mortgage Disclosures

1 credit

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Two industry leaders explain electronic delivery and esignatures. Electronic delivery of documents has become ubiquitous. It’s only natural that it would come to the Mortgage and Title industry. This course will give you some historical legislative background and will help you understand how electronic delivery and electronic signatures will impact your business.

The Presenters are

David Whitaker, Esq.

David Whitaker is Counsel in the Chicago office of BuckleySandler LLP.  Mr. Whitaker advises financial services companies in transactional, legal and regulatory matters.  Mr. Whitaker also assists companies in their efforts to structure and implement platforms and processes that conform to the requirements of the Electronic Signatures in Global and National Commerce Act (ESIGN), the Uniform Electronic Transactions Act (UETA), other applicable state and federal laws, and various industry standards.

Prior to joining BuckleySandler, Mr. Whitaker was Senior Company Counsel in the Strategy & Operational Risk Group at Wells Fargo Bank, N.A., where he served as team leader for the group of attorneys supporting Wells’ electronic financial services.  In that role, he supported the bank’s online and mobile banking services, and a wide variety of new product development initiatives.  Among other products, he served as the primary legal architect at Wells for the development of the vSafe online document storage service and the clearXchange P2P electronic payments platform.

Before joining Wells, Mr. Whitaker was Of Counsel in Goodwin Procter’s Corporate Department and a member of its Financial Services Practice, specializing in electronic commerce issues and financial services law. He has extensive experience with practical application of laws governing electronic banking, letters of credit, payment systems and commercial and consumer financing. Before joining Goodwin Procter, Mr. Whitaker was Assistant General Counsel at the Federal Home Loan Mortgage Corporation (Freddie Mac) in McLean, Virginia. He has also served as a Vice President at Star Bank, N.A. (now U.S. Bancorp), headquartered in Cincinnati, Ohio; Vice President and Assistant Director of Legal Services at Bank of Oklahoma, N.A.; and in private practice as a partner at Boesche, McDermott & Eskridge, in Tulsa, Oklahoma.

Mr. Whitaker is a member of the American Law Institute. He was named a “2009 Mortgage Banking Technology All-Star” by Mortgage Banking Magazine, in recognition of his pivotal role in “transform[ing] e-mortgages from an idea into a product.” Mr. Whitaker is also a member of the American Bar Association’s Business Law Section, and the Business Law Section’s Committee on the Uniform Commercial Code (“UCC”), Committee on the Law of Commerce in Cyberspace, and UCC Subcommittee on Letters of Credit. He has co-chaired the Cyberspace Committee’s Task Force on Federated Identity Management.

Michael Laurie

Michael co-founded Silanis more than 20 years ago. Today he is responsible for planning and growth strategies for product marketing and product management.

An expert in the field of compliance and standards for electronic signatures and e-vaulting solutions, Michael has been a driving force in advancing the e-signature marketplace through his participation in industry associations and contribution to standards including SPeRS, ESRA, MISMO and IRI. He is a frequent featured speaker at industry conferences and events. In 2013, he was recognized by BuckleySandler LLP with an ESIGN Service Award for his pioneering educational efforts, innovation within the industry and championing of electronic signatures in commerce.

Michael graduated from Laval University with a bachelor of sciences in electrical engineering.

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Reverse Mortgages

1 Credit

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reverse mortgagesA reverse mortgage is a safe and easy way for seniors to turn their home’s equity into an additional source of income to meet any financial need. Most financial planners view it as a liquidity tool that unlocks tax free premium dollars. It is a loan that is available to homeowners who are at least 62 years of age and who have a substantial amount of equity in their home. Unlike traditional home equity loans, the reverse mortgage has no income or credit qualifications and no repayment of any kind until the home is sold or the borrower permanently leaves their primary residence. Payment options are in the form of a lump sum, monthly payments, line of credit or a combination of these options. This course will discuss:

  • What are reverse mortgages?
  • How reverse mortgages work
  • Consumer protections and Elder Abuse
  • Underwriting guidelines for insuring reverse mortgages
  • The ALTA 14.3 endorsement, and guidelines
  • The Reverse Mortgage Closing

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The course is approved for 1 continuing education credit

Michael HoldenMiclael Holden is Vice President Strategic Agency Manager, NORTH AMERICAN TITLE INSURANCE COMPANY (NATIC). Michael has been serving the title industry since 1989. Michael received his Bachelor’s degree from the University of Missouri and has previously owned and operated a large title agency in Missouri. Prior to joining NATIC, he worked for two different regional underwriters as national agency manager. An active member of ALTA, Michael serves on several committees and has previously served on the agents’ section to the board of governors. Michael has been a speaker for several state land title association conventions and helps provide CE classes to title agents in the Midwest. Michael has a wealth of knowledge about the history of the land title industry in the United States and publishes a monthly article titled: “The Ramblings of a Title Man.” In 2007 he was recognized as “Top 40 under 40” by The Title Report™. In 2014, his first book, also titled “The Ramblings of a Title Man” was released. He, or a member of his family, has worked in the title industry continuously since 1920.

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ALTA Best Practice CE course approved in New Jersey

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Stephanie Fullerton of Streamline Consulting discusses the 7 Pillars of ALTA Best Practices. Not only is each Best Practice defined but an explanation is included that gives the reasoning behind it. Steps for implementation and the certification process are also discussed. Below is a brief outline.

  • Overview   
    • ALTA
    • 7 Best Practices of Best Practices
  • Best Practice #1    
    • Licensing
    • ALTA’s Policy Forms Licensing Requirement
  • Best Practice #2: Escrow Trust Accounting
    • Steps to Compliance
  • Best Practice #3    
    • Protecting NPI
    • Steps to Compliance
  • Best Practice #4    
    • Settlement Processes
    • Recording Procedures
    • Pricing Procedure
  • Best Practice #5: Policy Production    
  • Best Practice #6: Insurance Coverage  
  • Best Practice #7:  Consumer Complaints  
  • Implementing Best Practices
  • Assessment Procedures
    • Assessment Preparation Workbook
  • Certification
    • Certification Package
    • Certification Package Part 1
    • Certification Package: Part 2
  • Conclusion

Best PracticeStreamline Consulting, LLC was founded in 2004, born naturally, based on the experience of its founders and a need within the industry for bridging gaps between software and title and insurance functionality. Streamline became an effective, non-biased and neutral third-party, to help make decisions, implement policies and procedures and in utilizing production software to its fullest capacity; all of which needed to be specific to the individual/respective organization.

We take the human resource and the title/escrow capabilities contained within client offices and apply them to the software to bring out the greatest utility in both. Streamline Consulting has team members and resources that focus on documents, reporting, system setup, project management solutions, data conversions, remote or on-site training and implementations, as needed. We function as the main software administrator for many of our clients, by working hand in hand with the client and applying workflow goals and management parameters to customize the software to meet your needs. Communication is not limited to just management.

By sitting with client staff, we draw out the reality about how they actually spend their time, what applications they are using, how they use the production software and also work around inefficiencies.

This full bodied engagement is not necessary for everyone. Streamline is also equipped to work with clients on individual projects on an as needed basis. In addition to these professional capabilities, Streamline team members genuinely enjoy taking part in adding value to the client organization which is why we consider ourselves to be your Value Added Partner. We believe every company deserves the opportunity to shine regardless of its size and that in order to be successful, you must empower those around you to be the same. Streamline prides itself on providing innovative solutions, alternatives and opportunities for real estate title insurance companies nationally.

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Convert your training to Continuing Education

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The Lenders will decide which title agencies to use.

I’m working on a title insurance continuing education course. It is based on a presentation by Anne Anastasi, a past president of ALTA. She was admitting that the Best Practices are voluntary but lenders are going to need a certain level of confidence to do business with title agencies. She said:

“We know that the judge and jury of whether or not your operation is risk worth, lies in the hands of 15,217 different lenders in this country. So you need to be a good partner with your lenders.”

A policy and procedure manual based on ALTA best practices will go a long way in establishing the trust lenders will be looking for.   Stay tuned.  Learntitle in conjunction with Streamline Consulting is working on a bundle of courses that when completed will yield an ALTA Best Practice Policy and Procedure Manual plus several hours of continuing education.

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Chris Christie Signs Bill Requiring NJ Counties to E-Record

County recorders in New Jersey will now be required to accept electronic documents, following the recent enactment of a bill to modernize the land recording process.

The law redefines the terms “document” and “recorded” to include electronic documents and electronic image storage. It also streamlines how county recorders store the various documents they record, which include mortgages, deeds and associated assignments, discharges and releases.

The law calls on New Jersey’s Division of Archives and Records Management to establish statewide guidelines for the format and technical requirements of recorded documents “to foster state-wide uniformity in title recordation,” within 12 months of its passing. Assembly Bill 2565 was introduced in March 2010 and passed by the state legislature in Jan. 2012. New Jersey Gov. Chris Christie signed it into law on Jan. 17.

The law gives counties five years to adopt e-doc capabilities, though some New Jersey counties already use e-recording technology and processes, following the passage of the federal Electronic Signatures in Global and National Commerce, or ESIGN, Act in 2000 and New Jersey’s version of the state-level Uniform Electronic Transactions Act, enacted in 2001.

“While the use of electronic deeds and mortgages is not expected to occur in the near term, both ESIGN and UETA encourage the development of systems that will accept electronic documents without disrupting the ongoing process of title recordation,” the legislature said in a joint statement by the Assembly’s Housing and Local Government Committee and the Senate’s Community and Urban Affairs Committee.

The statement also notes the importance of having a law that can easily adapt to changes in technology and the need for uniformity across the state’s 21 counties to make it easier for people and companies that file documents to comply with the state law.

“It must be acknowledged, however, that conventional paper documents will continue to be recorded for the foreseeable future. This revision is a first step toward balancing the need to use technological advances where appropriate, with the recognition that it is not appropriate to mandate an immediate switch to the latest technological development.”

According to the Property Records Industry Association, more than 700 of the approximately 3,100 counties and county equivalents in the United States currently utilize e-recording technology.

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