Q: Does the level of compliance with ‘Best Practices’ take into account the size of the agency?
A: The Best Practices document and framework was established to address market needs. ALTA felt urgency to get ahead of what the market might require from service providers and bring about a solution that may become an industry standard rather than have many different standards imposed upon members of the industry from its myriad of customers. Ultimately, however, the relationship between lender and service provider will determine how Best Practices will be viewed, required, and implemented. Nonetheless, the framework for compliance has been built with the average agency in mind. ALTA statistics reveal that the average member employs 3 people and earns less that $170,000 in gross revenue per year. There are resources available through state and national associations to help small agents with compliance. In addition, networking opportunities through membership can help in reaching the right solution.