Navy Federal Title Services
“Navy Federal Title Services (NFTS) proudly complies with ALTA’s best practices and is officially certified by PYA, a certified public accounting and consulting firm, for ALTA Best Practices Assessments. Navy Federal Title Services has implemented ALTA’s Best Practices to ensure lenders and consumers are protected and have a positive real estate settlement experience. Below are the standards that we adhere to as a company as recommended by ALTA :”
Pillar 1: “Establish and maintain current licenses(s) as required to conduct the business of title insurance and settlement services.”
* NFTS maintains required licenses in each state of operation.
* NFTS maintains all local business licenses.
* NFTS is an active member of ALTA and utilizes all ATLA forms.
Pillar 2: “Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.”
* All bank accounts are maintained at federally insured financial institutions.
* All employees must pass a background and credit check at hire. Employees with access to escrow funds undergo a yearly credit check.
* NFTS utilizes positive pay, automatic clearing house block, and international wire blocks.
Pillar 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.”
* NFTS enforces the “Clean Desk” policy.
* NFTS uses encrypted email when transmitting Non-Public Information.
* In the event of an emergency, NFTS has developed a disaster recovery plan to protect the consumer.
Pillar 4: “Adopt standard real estate settlement procedures and policies to help ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement Process.”
* NFTS utilizes underwriter rate manuals, online calculators, and internal software.
* NFTS E-Records when possible. All recordings are tracked for timeliness by management.
Pillar 5: “Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.”
* NFTS goal is to provide the consumer the title insurance policy within 30 days of closing.
* NFTS remits premiums to underwriter by the last day of the following month after the settlement date.
Pillar 6: “Maintain appropriate professional liability insurance and fidelity coverage.”
* NFTS maintains required liability insurance for errors and omissions, fidelity and surety bond coverage as required by state law and underwriters.
* NFTS requires third party vendors maintain professional liability insurance.
Pillar 7: “Adopt and maintain written procedures for resolving consumer complaints.”
Our staff of dedicated professionals is committed to a standard of service excellence. NFTS has implemented a policy and procedure to ensure any issue is documented, reviewed and resolved in a timely manner.