Over the weekend, cloud-hosting and data security provider Cloudstar fell victim to a sophisticated ransomware attack. Alliant National was not impacted, however the attack has affected many agents across the country.
As a valued partner of Alliant National please know that we will make every effort to assist you and your agency if you have been impacted by this ransomware attack. During this challenging time, we are being as pro-active as possible by contacting customers and offering assistance.
Major title software vendors including Qualia, RamQuest, and SoftPro are offering hosting services to those affected by the Cloudstar attack, and there are other third-party vendors that may be able to help as well.
We have provided Alliant National forms packages to the major escrow software providers so they can be loaded quickly and easily into your environment if needed. The National Operations Center of Alliant National is on standby should you need assistance issuing individual Closing Protection Letters outside of your operating environment. We have our agency teams standing by to help you find a closing solution should you need a closing done to mitigate your reputational risk. In short, if you have a need, please reach out today to your Alliant National contact.
Please know that Alliant National will do anything possible to assist you and your agency if you are affected by this attack.
Additional information about this industry wide outage can be found here.
With many states choosing to lift their stay-at-home orders, many people are left wondering how to move forward in this new and uncertain landscape. First and foremost, it’s important to remember that there is no real “going back to normal.” A new normal will be achieved, but the idea that things will return to the way they were across the board is wishful thinking.
The notion of forming a new normal can be overwhelming on both a personal and professional level, but it’s something we find ourselves obligated to do in order to keep our businesses moving forward. Adding in the fact that everything feels topsy-turvy at the moment doesn’t help, either.
As an example, March and April were two of the heaviest order months in the history of title insurance. That influx is in direct conflict to the majority of other industries, many of which are struggling to stay afloat until whatever “new normal” can be achieved. Opening large numbers of orders is always exciting, but it’s critical that we realize this isn’t an evergreen influx of business.
It’s also important that we find a way to handle the large volume of orders in a way that keeps customers satisfied. Normally, the industry response to such a deluge of business is to hire more personnel. However, several large companies have, in fact, reduced staffing levels despite record orders and near record revenue. In the current COVID-19 world, it means learning to adapt on a company-wide scale.
As we all adapt, keep in mind that there will be very real pressure to reduce or even eliminate some risk management procedures in an effort to save costs. This is a dangerous time to consider such a reaction for either independent agents or underwriters. Many of the normal processes for risk management are difficult to maintain as a large percentage of employees are now working remotely. However, staff being remote does not remove the fiduciary responsibility we have to safeguard the public trust.
Another area of concern for the future is that governors and elected officials across the country are suspending laws and regulations, which continually move the regulatory goal posts. RON, RIN, Mobile Notary statutes, and recording regulations have all been changed using “executive orders.”
What will happen when creative plaintiffs’ attorneys challenge foreclosures, loan defaults, etc.? Underwriters will be called upon to defend lenders under their loan policies. Are courts and juries more likely to side with borrowers? Will foreclosures spike with dramatically increased unemployment? These added complications make it more important than ever for title agents to remain focused on the details, no matter how small they may seem. Be sure you have an underwriter who will stand behind you as an agent, and who can keep you up-to-date on regulatory issues.
While we will gradually return to whatever is the new normal, bear in mind that the surge in orders is a temporary reaction to low interest rates and the need to access equity that is currently locked into homes. These high numbers now don’t guarantee high numbers in the future. Be mindful of the regulatory adjustments that affect your role in the title and closing process, and adjust to the new work-from-home landscape as best as you can.
We have a lot of tools in our respective tool-belts. We just have to use them wisely and correctly.
During these uncertain times, Alliant National seeks to support our independent agents, helping to chart a path forward for continued business growth. Agents can access a wide range of tools and up-to-date Covid-related information at https://alliantnational.com/coronavirus/.
Feel free to reach out directly to me at randerson@alliantnational.com or 214-293-8067.
This blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on this blog.
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