BEST PRACTICES

CFBP & ALTA

CFPB

The consumer financial protection bureau or (CFPB) is a federal agency in charge of financial regulations. After the 2007 real-estate crisis, the CFPB extensively expanded it’s regulation of how real estate industry professionals do business. This includes protecting client information and privacy, ensuring integrity and fair practices from sales through escrow and closing.

ALTA

American Land Title Association (ALTA) is a trade association, representing the title and settlement industry. ALTA worked with the banking industry and CFPB regulators to develop its seven pillars of “Best Practices.” The pillars are as follows:

1. Establish & Maintain Current License(s)
2. Maintain Escrow & Trust Account Written Procedures
3. Maintain Privacy Program to protect non-public personal information
4. Ensure Compliance with Federal State Consumer Finance Laws
5. Adopt & Maintain procedures related to title policy production
6. Maintain Appropriate professional liability insurance & fidelity coverage
7. Adopt & maintain written procedures for resolving consumer complaints