The American Land Title Association (ALTA), the national trade association of the land title insurance industry, has added a new feature to the ALTA Registry, the national database of title and settlement agents. Now, title companies can quickly provide errors and omissions (E&O) policy information to underwriters.
This new tool includes document level automatic scrubbing using Deep Secure by Forcepoint’s malware removal technology and data extraction via AREAL’s artificial intelligence powered document processing technology.
“The ALTA Registry has evolved into a data clearinghouse for title underwriters, lenders and settlement agents,” said Jack Rattikin III, CEO of Rattikin Title and co-chair of the ALTA Registry Committee. “The Registry provides an optimal way for underwriters to manage oversight of their agents’ E&O data.”
Nearly 8,800 title agents, settlement companies and real estate attorneys appear in the ALTA Registry. The ALTA Registry also closes an access point for potential malware and drives down oversight costs by improving accuracy and automated data downloads.
Last year, the Registry added an indicator to designate title and settlement companies that can perform remote online notarization (RON) closings. This helps mortgage companies identify closing companies that allow homebuyers to review, sign and notarize documents online.