Law.com Subscribers SAVE 30%
Call 855-808-4530 or email GroupSales@alm.com to receive your discount on a new subscription.
Are You Following ALTA Best Practices?
The American Land Title Association (ALTA), the national trade group of the land title insurance industry, recently announced it has expanded the availability of its Best Practices Framework resources to non-members. Title agencies can use the framework to demonstrate compliance to lenders, who need to meet regulatory requirements regarding oversight of their third-party service providers (e.g., title agencies). Law firms that have a title agency and those that are considering adding one in the future should be aware of ALTA Best Practices.
Although the framework is voluntary for title companies and there are currently no financial penalties for non-compliance, title agencies that follow the guidelines may find it easier to retain and grow their lender relationships than those who opt to not follow the recommended framework.
Lenders have to comply with Consumer Financial Protection Bureau (CFPB; www.consumerfinance.gov) and other regulatory requirements regarding oversight of their third-party service providers, which include title companies. In Bulletin 2012-03, the CFPB emphasized its expectation that mortgage lenders manage the risk of their service provider relationships in order to protect consumers from financial harm. The ALTA Best Practices Framework outlines Assessment Procedures for title agents to help determine and demonstrate their compliance to lenders.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at customercare@alm.com or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
The Benefits of Blockchain for e-Discovery and Data Preservation
As businesses across various industries increasingly adopt blockchain, it will become a critical source of discoverable electronically stored information. The potential benefits of blockchain for e-discovery and data preservation are substantial, making it an area of growing interest and importance.