Not long ago, I was just like you — taking time out of my already-busy schedule to sit through my title insurance underwriter’s seminar about the ALTA Pillars of Best Practices. Even after the seminar, I still wasn’t really sure exactly what I was supposed to do to make the banks and the Consumer Financial Protection Bureau happy. And what’s all this talk about “pillars”?
After spending days reading statutes, regulations, and websites, I managed to put together my first Best Practices Manual. After looking at the finished product, I had four thoughts:
- I am really thankful to the American Land Title Association (ALTA) for coming up with the concept of the “Pillars of Best Practices” to avoid the “vetting companies” concept which would have decimated the title industry.
- Does any federal agency ever consider the unintended, real-world consequences of its “feel good” regulations?
- I would have gladly paid someone to prepare this manual so I could have spent my time working on closings and making money.
- Most title insurance professionals won’t have the time to figure out this stuff and will miss-out on closings because of it.
Over the coming days, I spoke with several colleagues about Best Practices Manuals. The more people I spoke with, the more I realized how correct thought #4 was. Several colleagues didn’t have any idea what I was even talking about, even though their title insurance underwriter had sent out numerous emails, bulletins, and seminar notices about the “best practices” issues. That’s when I decided to form Best Practices Solutions LLC (BPS) to help fellow title insurance professionals document their “best practices” in a manual, as the banks are now requiring.
I know from experience that most lawyers and title agency owners are already working too many hours and don’t have 10+ extra hours to spend in seminars, researching forms and regulations, and preparing a policies and procedures manual. Your time is better spent on production work, marketing, or even better, relaxing with your family and loved ones.
I already spent hours (days really) figuring out the “ALTA Pillars of Best Practices” and preparing the manual. By coupling that experience with technology, BPS is able to efficiently prepare a customized manual for your firm or title company for fraction of what it would cost you and your staff in lost production time. Let BPS do the grunt work while you and your staff focus on more important things.
There is no cookie-cutter approach to the Best Practices Manual. Your law firm’s or title company’s manual must be customized for your policies and procedures. Once you hire BPS, we will conduct a 10-30 minute telephone call with the principal or knowledgeable staff member so we get to know your people and procedures and to clarify any questions. That’s it. A few days later, we will deliver your completed manual in a format which you can easily provide to any lender on future closings.
Our goal is to prepare a customized manual which reflects the way you conduct your business. Do you have a logo want to include? Send it to us, we’re happy to include it. Do you already have an IT or Disaster Recovery Policy? Send them too, and will incorporate them into your manual.
Please don’t hesitate to contact me if you have any questions about the services BPS provides. Otherwise, don’t wait for a lender to threaten to pull a closing from you – order your Best Practices Manual today.
John Primeau, President & Founder
Best Practices Solutions LLC
Toll Free: 1-844-MANUAL-1 [844-626-8251]
