Statewide Title, Inc. has adopted ALTA's Best Practices in compliance with the requirements promulgated by the CFPB. ALTA's Best Practices program is designed around a working model where title and closing services are typically offered by the same settlement services provider. Because closing a real estate transaction in North Carolina is construed as the practice of law, the title industry works in coordination with North Carolina attorneys who handle the settlement aspect of real property transactions and these Best Practices will apply differently depending on the respective responsibilities of the participants.
On March 5th 2015, Statewide Title completed a self-assessment using ALTA's Best Practices Assessment Procedures which resulted in a grade of pass.
North Carolina Attorneys developing their own Best Practices Policies can now log in to their Statewide Title account and download sample forms drafted specifically for your use in developing compliant polices for North Carolina law firms.
The Best Practices are very general in their terms in many respects and currently, there are numerous unanswered questions both as to the detail that must be contained in the promulgated policies; how they are to be specifically implemented, and the extent to which these best practice policies must be documented.