ALTA BEST PRACTICES:
Signing by Design is proud to be in adherence with ALTA Best Practices. With this certification any client can be confident of our compliance with CFPB Regulations with regard to utilizing Signing By Design as a provider of Mobile Real Estate Closing services.
Background: In 2012, a number of regulatory and market pressures brought scrutiny to the basic integrity of the title/escrow industry. There were many stories of title agents involved in misappropriating closing funds or participating in real estate or mortgage fraud schemes. While it was only a small percentage of industry members, the publicity brought attention to industry member’s qualifications and practices. One response was for the industry trade association, The American Land Title Association, to formulate Title Insurance and Settlement Company Best Practices, 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:
- Employee and Company Licensing – Met
- Escrow Trust Account Controls – NA for Signing By Design as we do not handle consumer deposits.
- Privacy and Information Security – Met
- Compliance with Federal and State Consumer Finance Laws – Met
- Written Procedures regarding title policy production, delivery, reporting and premium remittance – NA for Signing by Design as we do not provide Title Policies.
- Maintenance of appropriate professional liability insurance and fidelity coverage – Met
- Procedures for resolving consumer complaints – Met
In every instance applicable, Signing by Design meets or exceeds the standards established by ALTA, particularly in the areas of personal information security.
- Use of Encrypted Email
- Secured Data
- Destruction of private customer information-NPI (Non-public Information)
- PC Spyware and Security
- Liability Insurance
- Background Checks
- Bond Insurance
- Notary Commission
Title V of the Gramm-Leach-Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing non-public personal information about you with a non-affiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information that it collects about you and the categories of persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of Signing By Design.
We may receive/collect non-public personal information about you from the following sources:
- Information we receive from you such as on an application or other forms.
- Information about your transaction we secure from others.
- Information that we receive from others involved in your transaction, such as the real estate agent, escrow/title company or lender.
WE DO NOT DISCLOSE ANY NON-PUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW.
We restrict access to non-public personal information about you to those employees who need to know that information in order to provide services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your non-public personal information.