Use the ALTA ID – No More Mistaking the Title Vendor
We all know how important it is to be absolutely certain about who your title company vendor is in your real estate transaction. With the ALTA Registry, every tittle and settlement agent location that is confirmed and published receives a unique number, the ALTA ID. This seven digit number revolutionizes the way your company identifies a title agent in your pipeline. It’s also a tremendous asset for every eclosing or digital mortgage your complete.
The ALTA Registry serves as a critical compliance tool as third-party vendor management has evolved. Having access to a confirmed source of information about your settlement providers makes it easier to conduct your due diligence and ongoing monitoring.But how?
First good reason to use the ALTA Registry
First, the ALTA Registry is an independent source of data managed by the American Land Title Association. This third party source of information is an excellent way to confirm your data with title agent provided information.
Second good reason to use the ALTA Registry
Secondly, the ALTA Registry is not simply a database of stale data. The information it contains has been subjected to a thorough review and confirmation by third parties with true skin in the game: the title insurance underwriters with relationships with these title agents. A record can only get into the ALTA Registry if the data in it has been reviewed and confirmed by at least one title insurance underwriter. Once an agent loses this confirmation, it will remain listed, but as “Unconfirmed” for 45 days after which it will be removed from the ALTA Registry.
Third good reason …… Well you get the message
Lastly – we have to remember that in a purchase market, the buyer or seller choosing their title vendors is common place. You could be connected to a new title agent vendor at a moments notice – but you are still expected to perform adequate due diligence on them. Rely on the ALTA Registry to get access to the title agent’s underwriter to obtain verifications and letters of good standing.