Tag Archives: ALTA

Title Insurance Issues

ALTA Best Practice #4 Settlement Processes

ALTA defines the settlement process as:

The process of completing a real estate transaction in accordance with written instructions during which deeds, mortgages, leases and other required instruments are executed and delivered, an accounting between the parties is made, the funds are disbursed and the correct documents are recorded with the appropriate entities.

ALTA Best Practice #4 states:

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.

The reasoning behind it is:

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.

Agencies have procedures in place and training takes place on an ongoing basis.  In order to be compliant, those informal trainings need to be written down.  If you are ever audited, you need to be able to point to a document that says “This is what we do” and “we did it on these dates”

Learntitle has a course pending that will explain all of the ALTA Best Practices.  As soon as NJDOBI approves it, we’ll let you know.

Title Insurance Issues

ALTA Best Practice #4 Settlement Processes

ALTA defines the settlement process as:

The process of completing a real estate transaction in accordance with written instructions during which deeds, mortgages, leases and other required instruments are executed and delivered, an accounting between the parties is made, the funds are disbursed and the correct documents are recorded with the appropriate entities.

ALTA Best Practice #4 states:

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.

The reasoning behind it is:

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.

Agencies have procedures in place and training takes place on an ongoing basis.  In order to be compliant, those informal trainings need to be written down.  If you are ever audited, you need to be able to point to a document that says “This is what we do” and “we did it on these dates”

Learntitle has a course pending that will explain all of the ALTA Best Practices.  As soon as NJDOBI approves it, we’ll let you know.

Continuing Education

How to create a strong password

ALTA Best practices encourages the use of strong passwords for your computer systems. Passwords provide the first line of defense against unauthorized access to your computer. The stronger your password, the more protected your computer will be from hackers and malicious software. You should make sure you have strong passwords for all accounts on your computer. If you’re using a corporate network, your network administrator might require you to use a strong password.

Check the strength of your password here

What makes a password strong (or weak)?

A strong password:

  • Is at least eight characters long.

  • Does not contain your user name, real name, or company name.

  • Does not contain a complete word.

  • Is significantly different from previous passwords.

  • Contains Uppercase letters, Lowercase letters, numbers and symbols

A password might meet all the criteria above and still be a weak password. For example, No1password! meets all the criteria for a strong password listed above, but is still weak because it contains a complete word. N01 p@ssw0rd! is a stronger alternative because it replaces some of the letters in the complete word with numbers and also includes spaces.

Help yourself remember your strong password by following these tips:

  • Create an acronym from an easy-to-remember piece of information. For example, pick a phrase that is meaningful to you, such as My daughter’s birthday is 28 October, 1974. Using that phrase as your guide, you might use Mdbi28/Oct,74 for your password.

  • Substitute numbers, symbols, and misspellings for letters or words in an easy-to-remember phrase. For example, My daughter’s birthday is 28 October, 1974 could become MiDauBrthd8iz 281074 (it’s OK to use spaces in your password).

  • Relate your password to a favorite hobby or sport. For example, I love to play basketball could become ILuv2PlayB@sk3tb@ll.

If you feel you must write down your password in order to remember it, make sure you don’t label it as your password, and keep it in a safe place.

Check the strength of your password here