TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/551198
Th e M Rep o RT | 7 on the web To further their efforts of TRID preparation, DocMagic has been holding regular webinars and training sessions to educate and prepare clients for the upcoming changes. American Land Title Association Selects RedVision as an Elite Provider As An ElitE ProvidEr, AltA EndorsEs rEdvision's titlE And ProPErty rEsEArch sErvicEs for its mEmbErs. T he American Land Title Association (ALTA) named RedVision an Elite Provider for the company, accord- ing to a press release. The Elite Provider program is made up of service providers that offer comprehensive benefits to the title insurance and settlement services industry. "I am pleased to announce that RedVision has joined our growing ALTA Elite Provider program," said Michelle Korsmo, ALTA's CEO. "We are constantly working to provide our members with the resources to find businesses with a proven track record of trusted products and services. The Elite Provider program connects ALTA members with technology and service providers across the land title insurance industry." According to ALTA, Elite Providers promote the highest industry standards and provide effective solutions for their members' critical needs. To become an Elite Provider, applicants are reviewed based on their financial strength, commitment to the overall industry, national distribution capabilities, and reference checks with existing customers. RedVision is an independent national pro- vider of title and real property research, the press release said. The company uses straight through processing (STP) and single-source solutions to transform the procurement and processing of title information. The company introduced its proprietary NOVA technology in 2015 and some of their standardized Redi products, such as SearchRedi, ExamRedi, CurativeRedi, and ClearingRedi. These are intended to assist customers with transaction cost savings, SLA attainment, compliance, and risk management. Since 2006, RedVision has delivered more than 7.5 million title reports to over 1,600 client organizations, including financial institutions, title under- writers, and settlement service providers. As an ALTA Elite Provider, RedVision will offer ALTA members a complimentary title procurement and production consultation. "As an ALTA Elite Provider, we strive to define the industry standard for title produc- tion nationwide," said Brian Twibell, CEO of RedVision. "This recognition further demonstrates our commitment to provide customers—who experience new market challenges and regulatory pressures every day—with standardized best-practices and highest industry standards for the procure- ment and processing of title information." Stewart to Offer Title Agencies Additional Compliance Safeguard dEloittE & touchE llP will ExAminE stEwArt's nEtwork of indEPEndEnt titlE AgEnciEs for comPliAncE with thE AmEricAn lAnd titlE AssociAtion's bEst PrActicEs guidElinEs. S tewart Title Guaranty's operations group, which supports the company's growing network of independent title agencies, announced in a press release that Deloitte & Touche LLP will now offer its compliance attestation to Stewart's indepen- dent title and settlement agents. Deloitte & Touche will be able to per- form an examination on the independent title agency's management assertion on its compliance with the American Land Title Association's (ALTA) best practices guide- lines, according to the release. Deloitte & Touche's examination procedures are based on the American Institute of Certified Public Accountants' (AICPA) attestation standards, leveraging ALTA's best practices guidelines. The ALTA best practices guidelines were developed to assist lenders in satisfying their responsibility to manage third-party vendors pursuant to new standards established by the Consumer Financial Protection Bureau (CFPB), and to serve as a benchmark for the real estate settlement and mortgage lending industries to help highlight policies and procedures within the industry. The goal of these guidelines is to protect lenders and consumers, while maintain- ing a positive and compliant real estate settle- ment experience, according to ALTA. "We hold our network to the highest standards and put each title agency and attorney agent through a rigorous vetting process before they're welcomed into our network," said Pat Beall, Stewart Agency operations group president. "By having the optional ALTA Best Practices Compliance Attestation as part of our process, Stewart further validates the high-quality standards of our network, which lenders and consum- ers will find of value." As a part of Stewart's Trusted Provider pro- gram, an agency or attorney agent must pass an intensive initial due-diligence screening, con- duct business according to Stewart's stringent Trusted Provider Standards, and undergo strict ongoing monitoring, the company said. Knowledge WHY LIA? The Largest Provider of E&O Insurance to AMCs in the U.S. SINCE 1977 POLICIES SPECIFICALLY DESIGNED FOR AMCS COMPETITIVELY PRICED COVERAGE NATIONWIDE COVERAGE WITH "A" RATED COMPANIES STATE AMC BONDS WITH NO ADDED FEES Contact Susan Lomeli Susan@liability.com Ph: (800) 334-0652 X 139 Fax: (805) 962-0652 www.liability.com CA License #0764257 Administrators & Insurance Services LIA_AMC_Print_Ad_Knowledge_2.2917x9.125.indd 1 2/11/15 7:18 PM