- ALTA seeks to guide its membership on best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements. These practices are voluntary and designed to help members illustrate to consumers and clients the industry’s professionalism and best practices to ensure a positive and compliant real estate settlement experience. These best practices are not intended to encompass all aspects of title or settlement company activity.
- ALTA is publishing these best practices as a benchmark for the mortgage lending and real estate settlement industry. ALTA seeks comments from stakeholders as the Association seeks to continually improve these best practices. A formal committee ofALTA members will regularly review and make improvements to these best practices, seeking comment on each revision.
Background Check: A background check is the process of compiling and reviewing both confidential and public employment, address, and criminal records of an individual or an organization. Background checks may be limited in geographic scope. This provision and use of these reports are subject to the limitations of federal and state law.
Credit Report: A report prepared by a financial institution or a credit reporting agency (such as Equifax, Experian, or TransUnion, or in the case of a corporation, Dun & Bradstreet) that summarizes a person’s or organization’s credit history and present financial position, including information on any liens in force against the person or organization. This provision and use of these reports are subject to the limitations of federal and state law.