Assessment ALTA Best Practices Framework: Assessment Procedure Assessment Procedures Number ALTA Best Practice 4 Overall Assessment Recap: If any Adopt standard real estate settlement individual procedure procedures and policies that help ensure marked with an compliance with Federal and State Consumer asterisk FAILS, Best Financial Laws as applicable to the Settlement Practice 4 FAILS. process. 4.01* Obtain and/or document Company’s written PASS / FAIL / NA procedures to maintain compliance with established If no written rates and legal and contractual requirements for procedures, Procedure recording documents. 4.01 FAILS. Sample Sample Selection for Assessment Procedures 4.02 Selection and 4.03: Instructions Based on Company’s process (centralized versus for decentralized), select sample as follows: Next Two Centralized: Assessment 25 files or 100% of last 3 months of Procedures closed files, whichever is less. Decentralized: At 1 file per state in which Company writes (a minimum of 25 files in total) or 100% of last 3 months of closed files, whichever is less.
Assessment Procedure Number ALTA Best Practices Framework: Assessment Procedures Assessment ALTA Best Practice 4 Adopt standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement process. Overall Assessment Recap: If any individual procedure marked with an asterisk FAILS, Best Practice 4 FAILS. 4.01* Obtain and/or document Company’s written procedures to maintain compliance with established rates and legal and contractual requirements for recording documents. PASS / FAIL / NA If no written procedures, Procedure 4.01 FAILS. Sample Selection Instructions for Next Two Assessment Procedures Sample Selection for Assessment Procedures 4.02 and 4.03: Based on Company’s process (centralized versus decentralized), select sample as follows: Centralized: 25 files or 100% of last 3 months of closed files, whichever is less. Decentralized: At 1 file per state in which Company writes (a minimum of 25 files in total) or 100% of last 3 months of closed files, whichever is less.