We’ve had a few reminders in the press lately that, although the intense regulatory scrutiny our industry has experienced for several years may have abated slightly in 2017, it’s never a good time to lower your guard when it comes to compliance. We are certainly not here to offer direct compliance advice—that’s for your attorney. But there are several general principles we’ve heard compliance officers mention when it comes to staying on the good side of your friendly neighborhood regulator. One of them is documentation.
Without doubt, ours is an industry of action and reaction—especially around funding and closing time. The intricately choreographed ballet of the settlement process suddenly becomes a bit of a mob scene at times as the unforeseeable (and uncontrollable) takes us out of the comfort zone. We’re an industry of “get ‘er done” types, so we always pull through. But that’s also part of the reason that any number of experienced title agents, in the past, would freely admit that when it came to documentation throughout the settlement process, they might be a “little behind.”
Needless to say, we’re a bit biased in this regard. (our release tracking and doc prep solutions, for example, can go a long way toward helping you with your documentation) But you’ve probably heard many of the national attorneys speaking on webinars or at conferences about the importance of having the proverbial paper trail—especially for audits or, worse, regulator visits. Even your policies and procedures—we’ve been told that the more you document, the better chance you have of getting at least some points for good faith effort (again, though, that’s NOT legal advice).
So, if you or your agency are still “winging it” more often than not when it comes to getting it done, give us a call. Your compliance just might depend upon how well you (or a trusted partner, like Require) document your actions!
Contact us to see how we can help.
About the Author
Linda has more than 25 years of experience in the title insurance and real estate industry working both with underwriters and agencies in different states. She worked as a closer before becoming a leading sales person in the title industry working for several national underwriters. Linda was the Founder and CEO of Final Trac, a national release tracking company before its acquisition by reQuire. She participates on the Real Property Committee for ALTA and has an outstanding record of success in identifying business opportunities, developing strategies, and implementing actions to boost business performance. When Linda is not traveling for business she loves to explore new places with her husband. Together they have four children and two grandchildren. On the very few sunny warm days in New England, you can find her most often in the garden she created with her husband or sitting on a beach in Rhode Island.