As of August 2015, Ellis, Dees & Sadler, PC, then Ellis, Braddock & Dees, Ltd., was the first law firm in Vicksburg to receive a Certification of its adherence to the American Land Title Association’s (ALTA) Best Practices by an independent third party Certified Public Accounting Firm. The firm issued this certification to our firm as a result of a very exhaustive audit of our adherence to the ALTA Best Practices.
This seven-part certifications tells lenders, realtors, and borrowers that personal information will be kept private and that your real estate transactions will be handled professionally and in accordance with the sweeping reforms to the real estate transaction process. For those unaware, the Consumer Financial Protection Bureau (CFPB) recently implemented a new set of rules to govern real estate transactions (TRID). These new rules include earlier and more detailed disclosures to better inform consumers of their loan terms. This is the biggest change to residential real estate transactions in 30 years.
ALTA’s Best Practices is a response to the changes made by the CFPB and are a set of minimum standards for industry members to comply with to improve the quality and integrity of our business. These Best Practices cover areas such as:
1. Employee and Company Licensing
2. Escrow Trust Account Controls
3. Privacy and Information Security
4. Compliance with Federal and State Consumer Finance Laws
5. Written Procedures regarding title policy production, delivery, reporting and premium remittance
6. Maintenance of appropriate professional liability insurance and fidelity coverage
7. Procedures for resolving consumer complaints
In every instance, Ellis, Dees & Sadler, PC, meets or exceeds the standards established by ALTA. We are ready to be your settlement agent in your next real estate transaction.