computer and technology best practices...title: presentation title goes here author: jcooper created...
TRANSCRIPT
![Page 1: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/1.jpg)
Tuesday, November 11, 2014
Computer and Technology Best Practices
Dona Sutton, PropertyInfo
2014 Ohio TIPS Columbus, Ohio
![Page 2: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/2.jpg)
The Closing Disclosure Form will be
used for loan applications taken after?
a) January 1, 2015
b) June 30, 2015
c) August 1, 2015
d) None of the above
![Page 3: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/3.jpg)
The BIG Question?
![Page 4: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/4.jpg)
Questions to ask your software vendor:
1. Current subscription?
2. Current version?
3. System requirements?
4. Loan Origination Software integration?
5. Training plans?
6. Update forms/documents and reports pulling
from HUD-1 lines?
![Page 5: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/5.jpg)
ALTA Best Practice No. 1
Establish and maintain current License(s) as
required to conduct the business of title insurance
and settlement services.
Utilize features in your existing software:
1. Documents - digital copies of license(s)
2. Tasks - this is done, do this
3. Auto Notifications / Reminders - remember to do this
4. Party - access
![Page 6: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/6.jpg)
What is the Ohio regulatory agency
responsible for administrating title
agent licensing?
a) Department of Financial Services
b) Division of Sanitation
c) Ohio Bar Association
d) Ohio Department of Insurance
![Page 7: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/7.jpg)
ALTA Best Practice No. 2
Adopt and maintain appropriate written procedures
and controls for Escrow Trust Accounts allowing
for electronic verification of reconciliation.
1. Receipts and disbursements - daily
2. Three-way reconciliation – monthly
3. Third party reconciliation
4. User permissions
5. Positive Pay
6. Documents, tasks, notifications
7. Reports accessible to Underwriter
8. Weekly reports reviewed by Manager/Attorney
![Page 8: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/8.jpg)
Which of the below is NOT a
component of Best Practice # 2?
a) ACH blocks
b) Background checks on all employees with
access to customer funds
c) Monthly reconciliation of operating accounts
d) Proper designation of escrow trust accounts
![Page 9: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/9.jpg)
ALTA Best Practice No. 3
Adopt and maintain a written privacy and information
security program to protect Non-public Personal
Information as required by local, state and federal
law.
• ACH block
• Clean desk policy
• Password
• Cloud solution
• Disaster recovery
• Documents, Tasks, Notifications
• Encrypted email
• International wire block
• MICR check stock
![Page 10: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/10.jpg)
What does NPI stand for?
a) National Provider Identifier
b) New Product Information
c) New Product Introduction
d) Non-public Personal Information
![Page 11: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/11.jpg)
ALTA Best Practice No. 4 Adopt standard real estate settlement procedures
and policies that help ensure compliance with
Federal and State Consumer Financial Laws as
applicable to the Settlement process.
• Track and audit per file
– eRecording
– overnight
– policy remittance
– rate charged
– consumer refunds
• Calculations
– Underwriting premium
– recordings
– taxes
![Page 12: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/12.jpg)
On a purchase, how long after
settlement do you have to submit or
ship documents that require recording?
a) 2 days
b) 1 week
c) 5 days
d) 7 days
![Page 13: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/13.jpg)
ALTA Best Practice No. 5
Adopt and maintain written procedures related to
title policy production, delivery, reporting and
premium remittance.
• Documents, Tasks, Notifications, Access
• Electronic set up, calculations and remittance in
title production
![Page 14: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/14.jpg)
Issue and deliver policies within how
many days of settlement?
a) 30 days
b) 60 days
c) 90 days
d) 120 days
![Page 15: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/15.jpg)
ALTA Best Practice No. 6
Maintain appropriate professional liability
insurance and fidelity coverage.
Utilize features in your existing software:
1. Documents
2. Tasks
3. Auto Notifications / Reminders
4. Access
![Page 16: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/16.jpg)
Who may require a company to maintain
professional liability insurance or errors
and omissions insurance, fidelity
coverage or surety bonds?
a) State
b) Underwriter
c) All of the above
d) None of the above
![Page 17: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/17.jpg)
ALTA Best Practice No. 7
Adopt and maintain written procedures for
resolving consumer complaints.
• File notes / conversation log
• Google Spreadsheet
• Microsoft Sharepoint
• FreshDesk.com
![Page 18: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/18.jpg)
Who should handle customer complaints?
a) Urban Meyer
b) George Naumoff
c) Barack Obama
d) Single point of contact
![Page 19: Computer and Technology Best Practices...Title: Presentation Title Goes Here Author: JCooper Created Date: 11/17/2014 11:12:35 PM](https://reader034.vdocument.in/reader034/viewer/2022050104/5f4321796f232a417709d77e/html5/thumbnails/19.jpg)
Utilize your resources:
• Ohio State Bar Association
• ALTA
• cfpb
• OLTA
• Software vendors
• Stewart
• Stewart/cfpb