Alex Title Co - Alexandria MN Title, Abstract Alexandria Title Company
Best Practices
Best Practices as it relates to Title Insurance Agencies:
American Land Title Association has created a set of industry guidelines and standards that are to be complied with by individual title insurance agencies. Further, these guidelines are established by the Consumer Financial Protection Bureau and are established under the Dodd-Frank Act and are in compliance with the Gramm-Leach Bliley Act. The industry guidelines presented by American Land Title Association are divided into “pillars” of information. Each of these pillars represent a different requirement for compliance. There are a total of seven pillars, each of which is described in complete detail through our Best Practices Manual. Our goal, through the publication of this Best Practices Manual, is to set forth the specific ways in which we comply with each of the seven pillars of information as recommended by the American Land Title Association. As suggested by the American Land Title Association this manual will help illustrate to consumers and clients our company’s commitment to professionalism and best practices to ensure a positive and compliant real estate settlement experience.
Pillar One – Licensing
The goal of pillar one is to establish and maintain current license(s) as required to conduct the business of title insurance and settlement services.
Pillar Two – Escrow Account Controls
The goal of pillar two is to adopt and maintain appropriate and effective escrow controls to meet client and legal requirements for safeguarding client funds.
Pillar Three – Information and Data Privacy
The goal of pillar three is to establish and maintain a written privacy and information security program to protect non-public information as required by the governing authority.
Pillar Four – Settlement Policies and Procedures
The goal of pillar four is to adopt standard real estate settlement policies and procedures that ensure compliance with Federal and State Consumer Financial Laws.
Pillar Five – Title Production
The goal of pillar five is to adopt and maintain appropriate procedures for the production, delivery, reporting and remittance of title insurance policies designed to meet both legal and contractual obligations.
Pillar Six – Errors and Omission and Fidelity Insurance Coverage
The goal of pillar six is to maintain appropriate levels of professional liability and fidelity coverage to ensure the financial capacity to stand behind the professional services rendered.
Pillar Seven – Consumer Complaints
The goal of pillar seven is to adopt and maintain procedures for receiving and addressing consumer complaints so that any instances of poor service or non-compliance do not go undiscovered.

As an agency, we are fully compliant with all seven prescribed pillars. A copy of our Best Practices Manual is available upon request.

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