For the real estate settlement process
The American Land Title Association (ALTA) created a list of “Best Practices” to highlight exemplary policies and procedures designed to protect lenders and consumers throughout the real estate settlement process. Settlement Ink has embraced the “Best Practices” in the industry. Here is what we are doing:
Licensing
Settlement Ink maintains current licenses for both our employees and company to issue title insurance policies and provide settlement services in Maryland, the District of Columbia and Virginia. See the licensing chart for our team for our license numbers…
readmoreLicensing
Settlement Ink maintains written procedures and controls for our Escrow Trust Accounts. We maintain separate escrow accounts for each state. Our advanced software system integrates with our bank statements, which allows us to do electronic verification of checks issued from our accounts and rapid reconciliation. Our escrow accounts are reconciled and then reviewed by our team leaders on a monthly basis. These controls meet and exceed client and legal requirements for safeguarding client funds.
Information and Data Privacy
Settlement Ink maintains a written privacy and information security plan to protect non-public personal information as required by state and federal law. Our office practices include transmitting private information using a secure email service, maintaining secure work environment and using locked bins for all paper prior to having it shredded by a federally compliant service. Our privacy policy…
readmoreSettlement Policies and Procedures
Settlement Ink has real estate settlement policies and procedures in place to provide settlements that meet and exceed state, federal and contractual obligations from our title insurer governing the settlement process. We were very early adopters of Electronic recording of legal documents in each jurisdiction we practice. This allows for the documents transferring title to be recorded in hours instead of days; this provides immeasurable risk reduction to the transaction. In Montgomery County, Maryland we were “beta testers” of the system and have also spoken at county meetings to encourage other title companies to join the program. Every week at our team meeting, we review and discuss any title insurance bulletins, law changes and case scenarios to keep our team current and knowledgeable.
Title Production
Settlement Ink issues owner’s title policies at the settlement and provides the lenders policy with the return of the loan package. We remit copies of policies and premium remittances to our title insurer on a monthly basis.
Errors & Omissions and Fidelity Coverage
Settlement Ink maintains professional liability insurance and fidelity coverage in compliance with all jurisdictions in which we are licensed to ensure the consumer that we have the financial capacity to stand behind our work.
Consumer Complaints
Settlement Ink has procedures in place to handle and resolve any consumer complaints. We maintain a logbook and assign a point person to the consumer to ensure that all complaints are handled in a timely manner and are fully resolved.
