Title Insurance Agencies
New Data Call Requirements for Title Agents and Title Insurers
Additional regulations have been placed on title companies that require additional financial reporting as well as detailed documentation of the ALTA's Best Practices. Starting May 31, 2015 (deadline date amended from March 31 for this year’s data), title companies will be required to report financial information from the previous year to the Office of Insurance Regulation. This information (revenue, loss, and expense data) must be reported annually for the preceding calendar year. Failure to submit this data on time may result in the suspension of a title agency’s license.
Advanture has worked closely with title companies to help them deal with these new regulations. Our team implements and clearly documents policies and procedures to confirm compliance with ALTA Best Practices. We have also developed a desktop time tracker application, DataCall Pro, which is specifically designed to simplify extracting the right data to deal with these new Data Calls.
Custom Time Tracking Software - DataCall Pro
DataCall Pro is the first and only time tracking software that is tailor made to help title companies meet Data Call reporting requirements.
Our team, in conjunction with a title company client, has successfully developed a new custom application that makes reporting the right data to the Office of Insurance Regulation (OIR) simple. This easy to use application provides the specific features needed to easily capture and report time and cost data (Schedule B of the Data Call), and can be customized and integrated with a variety of real estate closing and title insurance software packages for greater reporting flexibility.
Implementing ALTA's Best Practices
The first step of operating within these new regulations is proving compliance with ALTA Best Practices. These guidelines have been developed because of increased pressure on lenders to have better knowledge of companies they do business with and can be broken down into the following categories:
- Licensing
- Escrow Accounting Procedures
- Privacy and Information Security
- Settlement Procedures
- Title Policy Production & Delivery
- Professional Liability Insurance Coverage
- Consumer Complaints
Our team has worked with Title Companies to prepare the necessary policies and procedures, which clearly document compliance with the ALTA’s best practices. In this process, we have been able leverage our work preparing Default Law firms for client audits as well as our work across industries helping our clients meet Payment Card Industry (PCI) data security standards. These experiences have proved especially useful in developing best practices in terms of handling Non-Public Personal Information (NPI) and maintaining written protocols for protection of data and NPI. Our background, combined with our industry knowledge makes us perfectly suited to guide title companies through the tedious process of proving full compliance as well as maintaining compliance.