ALTA Best Practices - Attorney Edition
You have heard of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) and potential "vetting" companies. Generally speaking, if you touch consumer funds in any way, you are going to be affected by Dodd-Frank and the CFPB. You may have heard of the "Best Practices" initiative of the American Land Title Association ("ALTA") to assist settlement service providers to adapt to this new stricter environment. Though attorneys may be exempt from provisions of Dodd-Frank under § 1027(e), lenders are subject to strict liability and it is their liability which is the underlying trigger for these changes.
This Website and the Chicago Title North Carolina Approved Attorney Handbook are a starting point for quick access to information to help North Carolina attorneys learn about and adopt "Best Practices" consistent with the ALTA initiative.
The information to follow includes multiple checklists, questionnaires and resources from the ALTA Best Practices (the industry standard) and adapted to NC practice to help NC attorneys . This includes adapted versions of the ALTA Best Practices Framework: Title Insurance and Settlement Company Best Practices, Version 2.0, Assessment Procedures and Certification Package (published July 19, 2013, Copyright 2013 American Land Title Association, www.alta.org/bestpractices, instructions are in ALTA Best Practices below.), Chicago Title and North Carolina comments along with other supplemental information and resources interspersed. Each Best Practice Chapter Includes:
- ALTA Best Practice & Purpose
- NC Attorneys: What You Should Know; Issues to Consider & Discuss
- Resources - Articles, contacts, websites, ethics rules & opinion
- ALTA Procedure for this Best Practice
- Sample checklists, procedures and useful information
- Sample Policies and Procedures Template
This website, the Handbook, links and resources, are intended to assist North Carolina closing attorneys in getting started on this process!