Best Practices

Best Practices

Here at Cornerstone Abstract & Settlement we take pride in the fact that we are not only Compliant in Best Practices, but go beyond the basic requirements.

The Dodd-Frank Wall Street Reform & Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB) and its new rules and regulations changed the mortgage lending industry and the traditional relationships between lenders and title insurance agents. As lenders are responsible for the actions of third-party vendors, additional compliance is required for the title insurance industry. ALTA’s Best Practices were created in response to changing times and roles.

Cornerstone Abstract & Settlement practices the 7 pillars of Best Practices as follows:

Best Practice #1: Establish and maintain current licenses as required to conduct the business of title insurance and settlement services.

Cornerstone Abstract & Settlement has three licenses title agents who are constantly continuing their education and knowledge regarding the title insurance industry.

Best Practice #2: Establish written procedures and controls for Escrow Trust Accounts.

Cornerstone Abstract & Settlement has clear policies regarding the protection of client funds by a few of the following examples:

* Two-person verification of wires.

* Limited # of employees who can wire

* Duties are segregated so that the person reconciling the account does not have signing authority

* Management review of monthly reconciliations

Best Practice #3: Protect and secure non-public personal information (NPI).

Cornerstone Abstract & Settlement protects your personal information through physical security of personal documents, Network Security through our computer system, Training of our employees regarding confidentiality among other things. We know in this day and age that attacks on private information is a constant threat. We work hard to ensure your privacy!

Best Practice #4: Recording and Pricing Policy.

Cornerstone Abstract & Settlement strives to record documents within days of settlement for closings that occur in our three home counties. Documents to be recorded in other counties are sent out immediately via overnight services to ensure recording a timely fashion.

Our title insurance rates are calculated based upon ALTA state regulations and are accurately calculated by our title insurance software.

Best Practice #5: Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance to meet legal and contractual obligation.

Our title agents here at Cornerstone Abstract & Settlement will submit the appropriate documents to issue final policies to Lender and Owners in a timely manner after settlement.

Best Practice #6: Maintain appropriate insurances commensurate with the requirements of their agency contract and/or state law.

Cornerstone Abstract & Settlement performs an annual review of our insurance coverage to ensure that we have the necessary coverage to protect our clients.

Best Practice #7: Resolving Consumer Complaints

While it is our sincere hope that none of our clients ever have any complaints, we understand that during the preparation of some complex closing situations, consumers may have issues they wish to bring to light. Cornerstone Abstract & Settlement takes all complaints seriously and resolves to remedy all complaints.