Compliance / Federal Consumer Financial Laws
Maintain current license(s) to conduct the business of title insurance and settlement services, including but not limited to:
- Compliance with Applicable Business Laws and Regulations
- Applicable License Documentation Available for Review
Maintain audit procedures and internal controls for all escrow trust accounts, including but not limited to:
- Underwriter and State Audit Certification
- Positive Pay, Dual Controls and 3 Way Reconciliation
- Centralized Reconciliation Process
- Technology for Online Banking with Appropriate Internal Controls in Place
- Electronic Verification of Reconciliation
Maintain a privacy and information security plan to protect personal information as required by local, state and federal law, including but not limited to:
- Clean Desk Policy
- Procedures in Place for Data/Information Breach
- Network Security
- Heightened Protection of Electronically Transmitted Non-Public Personal !formation
Maintain standard real estate settlement procedures and policies to ensure compliance with Federal and State Consumer Financial Laws, as applicable, including but not limited to:
- Internal, Underwriter and Trade Association Training Provided to all Staff at Regular Intervals
- Certification and Tracking of Employee Education
- Internal File and Quality Control Auditing Performed at Regular Intervals
Maintain procedures related to title policy production, delivery, reporting and premium remittance, including but not limited to:
- Ensure Timely Recording of Documents
- Accurate and Prompt Delivery of Final Title Policies
- Monthly Underwriter Remittance and Policy Reporting
Maintain appropriate professional liability insurance and fidelity coverage, including but not limited to:
- Fidelity Bond and Surety Bond Coverage Policies
- Retain a Segregated Loss Reserve
- Error and Omissions Insurance
Maintain procedures for resolving customer complaints, including but not limited to:
- Track Communications with Customers
- Track the Resolution of Complaints