Steeg Law Firm, LLC and its affiliated title insurance agency, Orleans Title Insurance Agency, LLC (OTIA), are proud to announce that we have been certified to be using the American Land Title Association’s (ALTA) Best Practices in this field.
Sweeping changes have taken place for the sale and financing of residential real estate in the United States. On October 3, 2015, an entirely new, comprehensive set of rules went into effect, governing lenders, lawyers, buyers and title companies involved in sales of single family homes. Under the umbrella of the Consumer Financial Protection Bureau, the federal government is trying to achieve a greater level of transparency and consumer protection for home-buyers, in response to the abuses in residential lending that contributed to the Great Recession of 2008-09.
Complex New Regulations, Rigorous Certification Process
The new regulations are extremely complex, and the leading lenders, lawyers and title companies are becoming “certified” as using “best practices” under these new regulations. It is a rigorous process that takes months to design, implement and complete. It covers multiple aspects of the office, computer systems, software, and physical processes of the law firm and title company.
“Becoming certified for ALTA Best Practices is an assurance of quality control that is critical to all parties involved in closings of single family homes, another indication of our continuing commitment to quality and service,” said Managing Partner, Robert M. Steeg.
Steeg Law and OTIA have been ALTA Best Practices certified at the highest level.
Some lenders are requiring closing attorneys and title agencies to provide evidence of their compliance with the Best Practices established by ALTA, including asking specifically for a copy of the results of the company’s assessment.
There are two levels of compliance. The highest level results in a lawyer or title agency being “certified” to be using best practices to achieve compliance with the new rules. Steeg Law and OTIA have been certified at the highest level.
Please contact Robert M. Steeg for more information.