ALTA - PILLAR 4
ALTA- Pillar 4

PILLAR 4 - SETTLEMENT PROCESSES - GUARANTEED FLORIDA TITLE MEETS THIS BEST PRACTICE PILLAR BY USE OF SOFTPRO® SOFTWARE WHICH PROVIDES STANDARDIZED TITLE POLICY PRODUCTION AND PREMIUM CALCULATIONS. WE HAVE THE ADDED ABILITY TO PROVIDE CUSTOMIZABLE WORKFLOW AND EVENT MANAGEMENT TO HELP TRACK TITLE POLICIES AND A ROBUST RATE AND PREMIUM CALCULATOR TO STREAMLINE THE PROCESS, WHILE PRODUCING ACCURATE RESULTS

Policies and Procedures
 
Document Recordation / Title & Settlement Pricing
 
Purpose

Document recordation and rate/pricing procedures and policies to assist Guaranteed Florida Title, Inc. in compliance with applicable contractual obligations and Federal and State Consumer Financial Laws.

Scope

These policies and procedures are for all of Guaranteed Florida Title, Inc. (hereafter referred to as “The Company”) locations including all satellite offices. These procedures are to be followed by all employees and independent contractors where applicable.

Procedures

Pricing Procedures

The Company utilizes rate manuals and online calculators, as appropriate to ensure correct fees are being charged for title insurance policy premiums, state-specific fees and endorsements.

Employees are aware of contractual and statutory rate and pricing requirements. Title insurance policy premiums, state specific fees and endorsements are calculated in accordance with the title insurance underwriter or regulatory or promulgated rate manual through The

Company’s software and/or through the use of title insurance underwriter rate calculators. All applicable rate discounts, such as Simultaneous Issue, Reissue, Refinance, and Substitution rates are calculated in accordance with the requirements in the rate manual.

When rate change bulletins are received, the President will communicate these rate changes to the appropriate parties and will test the accuracy of such changes and report the results to Company Management.

Throughout the year a representative sample of closed files is subject to a post-closing review by the Accounting Manager to conclude if fees were correctly charged.

Recording Procedures

Submit or ship documents for recording to the county recorder (or equivalent) or the person or entity responsible for recording within 2 business days of settlement.

After review of county specific recording requirements documents are submitted for recordation by the Closer. When available and economically feasible, document recordation will be processed electronically via E-recording. When E-recordings cannot be utilized or are not available and when The Company does not utilize an 

employee, documents will be shipped for recording. The Company ships documents using FedEx and, tracks all packages and maintains tracking information for 6 months

Timely responses to recording rejections and verify recording is filed of record.

The Company maintains a Recording Log to monitor all recordings.

After documents are sent for recordation, The Company maintains contact with the appropriate personnel and parties to resolve any problems. The Company updates the Recording Log with information about outstanding recordings and rejected recordings, status and resolution. After documents are recorded, detailed information such as book, page, instrument number, time and date are included in the transaction file. Each week the Closing Department Assistant reviews and signs off on the Recording Log.

Contact Officer

Myron E. Siegel, President & CEO

Date Approved

June 1, 2014

Date of Commencement

June 1, 2014

Amendment Dates

June 1, 2016

Date for Next Review

August 31, 2017

Related References and Links
  • • The Recording Log is kept on the Closing Department Cloud Network “R” drive in a folder labeled “Closing Department”, in the “Recording” Sub Folder.
  • • Rate Manuals are kept on the Guaranteed Florida Title, Inc. network drive in a folder entitled “Current Rate Information”.
  • • Post-Closing Reviews are kept on the “Accounting Department” network drive in a folder entitled “Post Closing Reviews”.

 
Connect with US
Myron E. Siegel, President
Contact Us
844-438-4853