Title insurance is different from most types of insurance.
Unlike property and casualty insurance that assume risk of future incidents, the bulk of premiums written for title insurance go toward paid losses (claims) for past incidents, as well as loss prevention: searching, identifying and eliminating risks that could yield a title claim.
Title agents discover an issue with title in roughly a third of closings and resolve most title issues pre-closing. The customer may never hear about it because of title insurance. About 5% of issues result in a title claim.
Water title insurance requires unique expertise, including an in-depth understanding of water interests, land titles, and underwriting practices.
We can support you on your commercial deals as well as residential ones.
As long as we’re is in your corner, you’ll never go through a title claim alone. Our team of experienced professionals will help you along every step of the way.
Recent Blog Posts
- Celebrating a New Chapter, Congratulations Gordon Hampton
- PropLogix’s Title Industry Insights for 2019 Features Alliant National’s Jeff Stein
- Staff Photo Contest: A Celebration of Irish Proportions
- Tips for Avoiding or Reducing Title Insurance Claims
- Obtaining Payoff Statements Directly from the Lender
Alliant National Title Insurance Controller Gordon Hampton Retires.
Thank you for being an amazing example through the years. Your dedication and hard work are really inspiring. You will be missed, but enjoy your retirement!
Alliant National’s Regional Counsel Jeff Stein was a featured contributor in PropLogix’s Title Industry Insights for 2019.
For the article, title insurance leaders share perspectives on topics that should be top of mind for settlement agents in 2019.
The story explores strategies and practices for title agents, including wire fraud prevention, marketing, e-closings and blockchain.Download Report
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Submit a photo of yourself enjoying a St. Patrick’s Day celebration to firstname.lastname@example.org for a chance to win a prize.
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By Martin R. Ufford Member
Hinkle Law Firm,LLC
I’ve had the privilege of representing title insurance companies and their insureds for the past ten years.
Each claim represents a unique challenge. With the benefit of hindsight, I have reached some conclusions that may assist agents and local counsel in avoiding claims.
Looking to avoid title claims related to unpaid mortgages and deeds of trust? We offer 4 tips
Our Claims Team has received various claims related to unpaid mortgages and deeds of trust. Here are two scenarios we have seen arise in the context of a claim:
The agent receives a payoff statement from the seller. The seller sends an email requesting the payoff from the lender and copies the agent on the email.
The agent relies on the email and the payoff statement to wire funds to the lender.
Later, it is discovered that the email address for the lender is fake, and the bank account receiving the payment was held by the seller, not the lender.
The agent reaches out to the lender for a payoff statement. However, the closing date is approaching, and the lender has not responded.
The seller provides the agent with a printout showing a zero-balance owed on the account. The agent contacts the lender once again for a payoff statement.
The lender confirms over the phone that a zero balance is owed. The agent closes the transaction based on these representations.
Later, it is determined the original lender confirmed a zero-balance due because the loan had been sold to another lender.
An assignment of the mortgage had been recorded, and the current holder of the notes filed to foreclose.
Here are 4 tips to help you avoid these types of claims:
- Always obtain a payoff statement directly from the lender. Do not rely on payoff statements provided by other parties. Your request for a payoff should include a letter of authorization from the borrower, the loan number, the property address, the borrower’s name and your fax number or email address.
- Only rely on a payoff statement sent by the current holder of the note. Check the MERS system, (if the mortgage is a MERS loan), and the public records for the last assignee.
- Be mindful of working with hard money lenders – hard money lenders may assign their interests off the record. (See Bulletin 2017-02 and Claims Title Tip dated September 18, 2017 discussing hard money lenders .)
- Obtain separate payoff statements directly from each lender with an interest in the property being sold or refinanced. Do not rely on representations from the borrower or other institutions regarding the balance of a loan.
CONSUMER GUIDE Title insurance is different from most types of insurance. Unlike property and casualty insurance that assume risk of future incidents, the bulk of premiums written for title insurance go toward paid losses (claims) for past incidents, as well as loss prevention: searching, identifying and eliminating risks that could yield a title claim. Title […]
Successful SSAE 18 Type II examination validates Alliant National’s processes for approving, monitoring and reviewing its agents
LONGMONT, Colo. – Alliant National Title Insurance Company, a unique title insurance underwriter that partners with Independent Agents to improve their competitive position in the marketplace, announces the successful completion of the Service Organization Control (SOC 1) SSAE 18 Type II examination for the fifth consecutive year.
The examination results in an AICPA endorsed report stating that Alliant National Title Insurance Company has maintained effective controls over its Agent Quality Management System. A-Lign Certified Public Accountants of Tampa, Fla., performed the engagement and certification.
The successful SSAE 18 Type II examination validates Alliant National’s processes for approving, monitoring, and reviewing its agents, which results in its agents being designated as Authorized Service Providers or Certified Service Providers of Alliant National. Under this framework, Alliant National’s Independent Agents are reviewed annually against rigorous quality standards.
Lenders relying upon Alliant National’s oversight of its agents and Authorized and Certified Service Provider programs receive additional assurance that processes and controls are designed and function properly and accurately.
Alliant National was certified to the SSAE 16 Type I standard on Dec. 1, 2013 and received compliant status to the more rigorous SSAE 16 Type II standard effective Aug. 31, 2014 and each year through December 31, 2018. That makes 2018 the fifth consecutive year of continued compliance to SSAE Type II standards. The unqualified report was issued without exceptions.
“Alliant National was the first title insurance underwriter in the nation to obtain an SSAE16 Type II compliant status and is the only title insurance underwriter to achieve compliant status for five consecutive years. This certification provides strong independent assurance of our agent oversight systems to lenders and all stakeholders,” Alliant National President and CEO, Bob Grubb said. “Our goal is to provide unequivocal evidence of the quality of our agents through an independently audited system.”
Tracey Webb, a Senior Vice President and Southeastern Region Agency Manager for Alliant National, has 30 years of title industry experience and is based in Atlanta
LONGMONT, Colo. – Alliant National Title Insurance Company (Alliant National) recently announced that Senior Vice President and Southeastern Region Agency Manager Tracey Webb, a title industry leader for over three decades, received the National Title Professional (NTP) designation from the American Land Title Association.
The American Land Title Association advises the NTP designation is designed to recognize land title professionals who demonstrate the knowledge, experience and dedication essential to the safe and efficient transfer of real property.
“Tracey is a very accomplished, professional and highly regarded title insurance industry executive,” said Kyle Rank, executive vice president, agency, Alliant National. “Meeting the NTP designation’s stringent standards and criteria is further proof of her dedication to our independent agents’ success.”
Webb, who graduated from Texas A&M University with a Bachelor of Business Administration, is also a Certified Public Accountant and is responsible for Alliant National’s agency group in the southeast.
“Advancing our industry through education and professional standards helps us all,” Webb said. “I look forward to continuing using my skills to serve our independent agents.”
Visit alliantnational.com/newsroom for additional information.
Cathie Beck Capital City Public Relations e : email@example.com p : 303-241-0805
About Alliant National Title Insurance Company
The Independent Underwriter for The Independent Agent®, Alliant National believes in putting other people first. The company protects the dreams of property owners with secure title insurance and partners with 450+ trusted independent title agents as a licensed underwriter in 24 states and the District of Columbia, with annual revenues exceeding $120 million. Visit alliantnational.com/newsroom for additional information.
Protect the dreams of property owners with secure title insurance provided through the finest independent agents in a trusted partnership.