22 HќќѠіђџȱ юћјђџ Ѣћђȱ2014 ',5(&7256 6(1,25 0$1$*(0(17 When you go to the hospital for an operation, it is understood that the doctor should have a medical license in order to perform the surgery. When you drive down the road, you expect that the driver coming toward you in the oncoming lane has a valid driver’s license. The same is true when providing title ȱĴȱDZȱ ȱȱ ȱȱęȱȱȱĴȱȱȱ provider. The state determines who should hold a license to perform title and/ ȱĴȱǯȱ ȱȱȱ forth requirements and examines applicants. These requirements vary by state, but could include: (1) a law license issued and regulated by the state bar, (2) a license issued and regulated by the department of insurance, (3) both, or (4) none of the above. Some states require other licenses, ȱȱȱȱ¢ȱęǯȱ These requirements are set forth by the various state regulators and are included in American Land Title Association (ALTA) Best Practice ǯȱŗǯȘ Once appropriate licensing is Ĵǰȱȱȱ¢ȱȱȱȱ simple. Note that if you are properly licensed in your state to provide title ȱĴȱǰȱ¢ȱȱ ¢ȱȱ ȱȱęȱȱȱ seven pillars of professionalism that comprise ALTA’s Best Practices. Best Practice No. 1 states: Establish and maintain current license(s) as required to conduct the business ȱȱȱȱĴȱ services. Purpose: ȱȱ mandated insurance licenses and corporate registrations (as applicable) helps ensure the company remains in ALTA Best Practice No. 1 — Licensing Third-party risk management has become a focal point for regulators with ¡ȱȱȱȱȱĜ¢ȱ£ȱȱȱǯȱ ȱ¢ȱ banks continue to seek guidance on adopting risk management practices, the best ȱěȱ¢ȱȱ ȱ ȱ ȱ ȱǻ Ǽȱȱȱȱ Ĵȱ¢ȱȱȱȱȱȱȱȱȱȱȱ real estate transactions. ȱ ȱěȱȱȱȯȱ ȱȱALTA Best Practicesȱȯȱ¢ȱ ȱȱ bank should measure its service providers. The best practices are: licensing; escrow ȱDzȱȱȱęȱDzȱ ȱȱȱȱ consumer laws; timely delivery of title policies; maintain appropriate insurance; and addressing consumer complaints. During the next few months, Hoosier Banker will be featuring a series of articles by Investors Title Insurance Company. The articles will outline the seven standards that ȱȱȱ¢ȱȱȱȱĴȱȱ ȱȱȱ ȱȱȱȱȱǯȱ ȱęȱȱȱȱȱȱȱȱȱ practice of licensing. Trusted. Partner.
RkJQdWJsaXNoZXIy MTg3NDExNQ==