LAS VEGAS — Nevada Title Company has become certified in the American Land Title Association’s Title Company and Settlement Insurance “Best Practices”.
Nevada Title Company pursued its certification as a response to the Consumer Financial Protection Bureau’s new lending rules which became effective January 2014. The American Land Title Association (ALTA) is the national trade association for the title insurance industry. Its title insurance and settlement company “Best Practices” are the title industry standard. Nevada Title’s adoption of the “Best Practices” for closing agents is voluntary, but it shows they’re in compliance and ready to work with lenders moving forward under the new mortgage lending rules.
Nevada Title Company is one of the first agencies to fully receive a certification. To obtain this certification, Nevada Title was required to successfully pass an audit review by McGladrey and Westcor Land Title Insurance Company.
“We’re proud to have our pillars of ALTA Best Practices in place and extremely proud to be certified. We’re on the forefront of the changing tides in our industry,” said Nevada Title Company President Jeffrey T. Harris. “Any mortgage lender and consumer can be assured that Nevada Title Company is secure and compliant.”
Designed to protect lenders from the acts of their title insurance and settlement vendors, the ALTA “Best Practices” is the industry standard as lenders start requiring it as part of their own efforts to meet vendor management compliance obligations as set forth from the CFPB (Consumer Financial Protection Bureau). Since the January 2014 rules were implemented, the Consumer Financial Protection Bureau has repeatedly emphasized that lenders are responsible for the actions of their third-party vendors, which includes title companies.
About Nevada Title Company
Nevada Title Company has several locations in Southern Nevada providing title insurance, underwriting, escrow and closing services to residential, commercial and industrial clients through its nationwide network of affiliates since 1979. The company has become an innovative industry leader with local, national and international clients. Nevada Title Company is headquartered at 2500 N. Buffalo Drive, Suite 150, Las Vegas, Nevada 89128. For more information, contact (702) 251-5000 or visit www.nevadatitle.com.