PRISM Title & Closing Services is compliant with the industry’s “Best Practices” that have been established by the American Land Title Association (ALTA).  ALTA created “Best Practices” to help members highlight policies and procedures the industry exercises to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience.  It is our intention to provide each and every consumer, bank, non-bank, mortgage lender and/or servicer with our Agency’s “Best Practices” that proves our processes protect consumers, guarantee quality service, provide for ongoing employee training, and meet legal and market requirements. PRISM is licensed with the most recognized National Underwriters listed below. PRISM proves to hold the highest standards of performance and gives each consumer a quality experience as evidenced each year when all Underwriters perform rigorous audits and vetting processes on our agency.


Below you will find PRISM’s Compliance Statement. Please contact karen.mcdonald@PRISMclosings.com at any time to receive our “ALTA Best Practices Compliance Certification Package”. 

 

 

AGENCY BEST PRACTICES COMPLIANCE STATEMENT

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  1. Best Practice:  Licensing – PRISM Title & Closing Services, Ltd. (PRISM) maintains current Licenses as required to conduct the business of title insurance and settlement services for the states of Ohio, Kentucky, Indiana, Michigan and Minnesota.

Purpose:  Maintaining state mandated insurance licenses and corporate registrations (as applicable) helps ensure the Company remains in good standing with the state.

  • Our Agency maintains documentation of our licensing compliance (including proper underwriter appointments; current addresses; continuing education compliance, etc.) in our Best Practices Portfolio (State Agency Title License; State Individual Title Licenses; ALTA Forms Use Licensing).  
  • Our licensing maintains an “active” status at all times and is monitored and verified by our underwriters on a continual basis.                                                  

 

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  1. Best Practice: Escrow Account Controls – PRISM has adopted and is maintaining appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.

Purpose: Appropriate and effective escrow controls and staff training help title and settlement companies meet client and legal requirements for the safeguarding of client funds. These procedures help ensure accuracy and minimize the exposure to loss of client funds. Settlement companies may engage outside contractors to conduct segregation of trust accounting duties.

  • Our Agency adheres to the requirements set forth in detail in ALTA’s Best Practices for this section.
  • Our Agency adheres to strict controls regarding the safeguarding of client funds in our escrow account(s). 
  • Our Agency has written procedures and policies regarding the handling of client funds in our escrow account(s).
  • Our Agency has a procedure to provide ongoing training for our employees on our escrow controls to safeguard client funds in our escrow account(s).  We document and maintain employee attendance/type of training.  Training subjects/procedures in this Best Practices section include, but are not limited to:  handling receipts; disbursement; wires; check stock; procedures for making deposits; procedures for authorization of wires and approval of bank transactions; 3-way bank reconciliations (training for applicable employees), including the resolution of reconciliation items and approval of monthly reconciliation results.
  • Our Agency requires the review and approval of all escrow reconciliations by the owner or manager of the agency within 3 business days of reconciliation completion.  This is documented by date/initials or signature of reviewing party on the 1st page of the reconciliation.
  • Our Agency provides procedures and instructions to new hire employees, as applicable to this Best Practices section; any updated procedures are provided to all employees.
  • Our Agency has a procedure and checklist in place for any employee leaving the agency to address the following issues (but not limited to):  removal of any previous escrow signatory from the escrow account(s); immediate user name/passwords locked out upon employment termination on all our systems; notification to our underwriters to terminate user from their systems and to terminate underwriter appointments for licensees. 

 

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  1. Best Practice: Information and Data Privacy – PRISM has adopted and is maintaining a written privacy and information security program to protect Non-public Personal Information as required by local, state and federal law.

Purpose: Federal and state laws (including the Gramm-Leach-Bliley Act) require title companies to develop a written information security program that describes the procedures they employ to protect Non-public Personal Information. The program must be appropriate to the Company’s size and complexity, the nature and scope of the Company’s activities, and the sensitivity of the customer information the Company handles. A Company evaluates and adjusts its program in light of relevant circumstances, including changes in the Company’s business or operations, or the results of security testing and monitoring.

  • Our Agency has established a disaster management plan.
  • Our Agency has written policies and procedures relative to privacy and information security to protect Non-public Personal Information that comes into our agency.  We have appropriate management and ongoing training of employees to help ensure compliance with Agency’s information security program. 
  • Our policies and procedures address the security of Non-public Personal Information; oversight of our 3rd party providers; network security procedures; proper disposal of Non-public Personal Information; internal audit and oversight procedures to help ensure ongoing and continued adherence to our policies; policy regarding notification to proper parties should any security breach be discovered.

 

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  1. Best Practice: Settlement Policies and Procedures – PRISM has adopted standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement process.

Purpose: Adopting appropriate policies and conducting ongoing employee training helps ensure the Company can meet state, federal, and contractual obligations governing the Settlement.

  • Our Agency has established written policies and procedures to help ensure that documents are recorded timely; documents for recording are tracked; there are timely responses to recording rejections; verification of actual recordation.
  • Our Agency has established written policies and procedures and provides training to our employees to help ensure that our customers are charged correct title insurance premiums and other rates for services provided by our agency; a process is in place for internal audits for quality file checks after Settlement; and a procedure to provide a timely refund to our customers should any overpayment be detected.

 

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  1. Best Practice:  Title Insurance Agency Contracts with National Underwriters – PRISM has entered into Title Insurance Agency Contracts with National Underwriters and contracts remain in full effect without cancellation.

Purpose: Maintaining current and fully enforced Title Insurance Agency Contracts with National Underwriters helps ensure title companies can meet their legal and contractual obligations.
Procedures in place to meet this best practice.

  • Our Agency has current Title Insurance Agency Contracts in place with 6 National Underwriters.

 

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  1. Best Practice:  Title Production – PRISM has adopted and is maintaining written procedures related to title policy production, delivery, reporting and premium remittance.

Purpose: Adopting appropriate procedures for the production, delivery, and remittance of title insurance policies helps ensure title companies can meet their legal and contractual obligations.

  • Our Agency has established written policies and procedures to help ensure that our customers are provided title policies in a timely manner consistent with statutory, regulatory or contractual obligations, including the goal of issuance and delivery policies within thirty days of the later of:  (a) the date of Settlement, or (b) the date that the terms and conditions of title insurance commitment are satisfied.
  • Our Agency has established written policies and procedures to help ensure that our title insurance policies are reported and premiums are remitted to the underwriter in a timely manner to meet statutory, regulatory or contractual obligations, including reporting policies and remitting premium to our underwriter by the last day of the month following the month in which the insured transaction was settled or remitting premium within 30 days of receiving a billing from our underwriter after processing our policy report.

 

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  1. Best Practice: Errors & Omissions and Fidelity Coverage – PRISM maintains appropriate professional liability insurance and fidelity coverage.

Purpose: Appropriate levels of professional liability insurance or errors and omissions insurance help ensure title agencies and settlement companies maintain the financial capacity to stand behind their professional services. In addition, state law and title insurance underwriting agreements may require a company to maintain professional liability insurance or errors and omissions insurance, fidelity coverage or surety bonds. 

  • Our Agency complies with requirements for professional liability insurance, errors and omissions insurance, fidelity coverage or surety bonds, as provided by state law or title insurance underwriting agreements. We maintain professional liability insurance or errors and omissions insurance.

 

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  1. Best Practice: Consumer Complaints – PRISM has adopted and is maintaining written procedures for resolving consumer complaints.

Purpose: A process for receiving and addressing consumer complaints helps ensure reported instances of poor service or non-compliance do not go undiscovered.

  • Our Agency has established policies and procedures for addressing consumer complaints, which includes complaint intake, documentation and tracking. We have developed standard procedures for logging and resolving consumer complaints, which helps ensure that the consumer provides the agency with sufficient information to understand the nature and scope of the complaint; get the complaint to the proper personnel; come to an acceptable resolution on the issue in a timely manner.

 

 
The above AGENCY BEST PRACTICES COMPLIANCE STATEMENT is based on the American Land Title Association’s (ALTA) Best Practices Framework (Version 2.0 07/19/2013). We hereby confirm and attest that all of the above statements regarding PRISM Title & Closing Services, Ltd. procedures and practices meet or exceed ALTA’s Best Practice Framework.