Deep Dive: The ALTA Registry Helps Mortgage Lenders Reduce Risk and Protect Against Wire Fraud
A national data base of agents for lenders
The ALTA Registry improves the accuracy and efficiency of the mortgage process. Time is valuable. If a lender wants to verify company information at the last minute before a closing, the process can be stalled for days. However, having an accurate ALTA Registry database right at your fingertips cuts that downtime considerably and keeps the lending process on track. When complications do occur, the ALTA Registry allows issues to be resolved and agents to be validated earlier in the transaction, while the loan is being processed instead of right before closing.
Process Improvement – increased accuracy with fewer resources
The national ALTA Registry is a searchable, online database containing title insurance underwriter confirmed information about title agents, underwriter direct offices and real estate attorneys. Lenders benefit from the timeliness and accuracy the ALTA Registry provides.
A first of its kind for the industry, the national ALTA Registry is a searchable, online database containing title insurance underwriter-confirmed information about title agents, underwriter direct offices and real estate attorneys. It assigns a unique identification number—the ALTA ID—to each one for precise credentials. All parties benefit by using the ALTA Registry, lenders know they are working with the correct title company. Title agents supply their company names and contact information, and title insurance underwriters confirm the agent information before it’s published in the ALTA Registry.