What are the ALTA Best Practices?                   

 ALTA describes its mission statement for Best Practices as follows:

"ALTA seeks to guide its membership on best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements. These practices are voluntary and designed to help members illustrate to consumers and clients the industry’s professionalism and best practices to help ensure a positive and compliant real estate settlement experience." 

ALTA  Best Practices are comprised of the following seven (7) pillars:

1. Establish and maintain current License(s) as required to conduct the business of title insurance and settlement services.

2. Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.

3. Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state and federal law.

4. 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.

5. Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.

6. Maintain appropriate professional liability insurance and fidelity coverage.

7. Adopt and maintain written procedures for resolving consumer complaints.

Who follows ALTA Best Practices?

          We are proud to be fully compliant with ALTA Best Practices. Although compliance is not currently required for title companies, we believe it is the future standard. This is another reason why SPN Title Services is unique. We have dedicated time and resources to become fully compliant, and we wear the title proudly. All to protect you.

Why were Best Practices developed?

          ALTA created Best Practices to help members highlight policies and procedures the industry exercises to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience.

How does this benefit me?

         Even in today's global marketplace, you expect your data to be protected. ALTA's Best Practices ensure that your title company is fully compliant with the latest laws and regulations, and that it utilizes the most advanced physical and network security to protect your personal information. From three-way reconciliation measures for our escrow account, to encrypted e-mail solutions with our customers, you can be assured that your information is protected.

         We also adopted ALTA's Best Practices to protect lenders, buyers, and sellers from fraudulent activities. Since we are customer-focused, we always put your security first.

Here is just one example of why we take ALTA Best Practices seriously:

Feds Charge CA Brothers in Cyberheist of Title Company

          "That title firm was unaware of it at the time, but fraudsters had recently installed the ZeuS Trojan on an employee’s computer and were using it to send wire transfers and ACH payments to money mules and to bank accounts controlled by the [hackers]..."

SPN Title - ALTA Best Practices Compliant

The Who, What, and Why of ALTA's Best Practices