Elko Title Corporation
ALTA Best Practices
Best Practice 1 - Licensing: Establish and maintain current licenses as required to conduct the business of title insurance and settlement services. The purpose is to ensure that the company is fully compliant with all applicable laws and regulations.
Company Compliance: Elko Title Corp. and its agents hold all required title insurance licenses. Reviews are conducted no less frequently than annually to ensure compliance.
Best Practice 2 - Escrow Account Controls: Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation. These controls help meet client and legal requirements for safeguarding client funds.
Company Compliance: Elko Title Corp. maintains Escrow Trust Account procedures and controls in accordance with legal requirements and those established by our underwriter. Reconcilation of the Escrow Trust Account and segregation of duties help to provide accountability and security.
Best Practice 3 - Information and Data Privacy: Adopt and maintain a written privacy and information security plan to protect Non-public Personal Information as required by local, state and federal law. Federal and state law requires a written information security plan describing how non-public customer information is protected.
Company Compliance: Elko Title Corp. has a written privacy and information security plan to protect Non-public Personal Information (NPI). Controls are in place for both physical and electronic security of NPI including employee background checks, data encryption, proper storage and disposal of confidential information, and office and computer security.
Best Practice 4 - Settlement Policies and Procedures: Adopt standard real estate settlement policies and procedures. This can ensure a settlement company can provide a safe and compliant settlement and meet state, federal, and contractual obligations governing the settlement process and provide for ongoing employee training.
Company Compliance: Elko Title Corp. has adopted standard real estate settlement policies and procedures to implement a safe and compliant settlement process consistent with federal, state, and contractual obligations. Employees receive regular training provided in-house, from our underwriter, from ALTA and ILTA programs, and other continuing education sources.
Best Practice 5 - Title Production: Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance. Appropriate procedures for the production, delivery and remittance of title insurance policies ensures title companies meet their legal and contractual obligations.
Company Compliance: Elko Title Corp has written procedures for title production and policy delivery to ensure that title insurance policies are issued and delivered to customers in a timely manner consistent with legal and contractual obligations. We also have written procedures for premium reporting and remittance to ensure that title insurance policies are reported and premiums are remitted to our underwriter in a timely manner consistent with our underwriter requirements.
Best Practice 6 - Errors and Omissions and Fidelity Coverage: Maintain appropriate professional liability insurance and fidelity coverage. Appropriate levels of professional liability ensure that title companies and settlement companies have the financial capacity to stand behind their professional services.
Company Compliance: Elko Title Corp. maintains professional liability, fiduciary, crime, and cyber insurance protection to provide assurance of financial capacity behind its services. Elko Title Corp. also utilizes Chicago Title Insurance Company as its underwriter which belongs to the Fidelity family of title insurance underwriters, one of the leading title insurance companies in the country.
Best Practice 7- Consumer Complaints: Adopt and maintain written procedures for resolving consumer complaints. A process for receiving and addressing consumer complaints is important to ensure that any instances of poor service or non-compliance do not go undiscovered.
Company Compliance: Elko Title Corp has written procedures in place in order to receive, document, review and resolve customer complaints in a timely manner. Customers can submit a complaint by mail, email, telefax or telephone.