AMERICAN LAND TITLE ASSOCIATION
Avalanche Title & Escrow, LLC
ALTA PRINCIPLES OF FAIR CONDUCT
1. To engage only in business practices that are lawful and consistent with a high standard of ethical behavior. Regularly review its practices and business arrangements to ensure that they are lawful and consistent with · a high standard of ethical behavior. Not enter into any business arrangement with a person in a position to refer business (i.e., a real estate broker or salesperson, mortgage lender, or builder) unless the arrangement is in accordance with RESPA and applicable state law. Monitor any such arrangement to ensure that it is implemented in a manner that is consistent with such advice or guidelines.
2. To encourage a culture of compliance within their organizations for federal and state laws that govern the title insurance business and for these Principles.
Communicate to its employees and, if the Member is an insurer, to its title insurance agents the importance the Member attaches to compliance with the letter and spirit of such laws, and to these Principles. Provide periodic training to employees and, if the Member is an insurer, to its title insurance agents,
on the requirements of federal and state law regarding consumer charges and disclosures, and prohibited payments and arrangements. Assign to an officer with senior status responsibility for serving as a point of contact for employees, agents (if the Member is an insurer), and other Members who may believe that the Member is engaging in practices or arrangements that violate RESPA or comparable state laws. Develop appropriate internal procedures to ensure that senior management is aware of questionable practices or arrangements that may be engaged in by divisions or offices within the company.
3. To treat consumers in a fair and ethical manner. Adopt and make available to the public a statement explaining how the Member intends to treat
consumers who will be paying for its products and services (a Member’s “Consumer Statement”). The following are examples of provisions that could be included in the “Consumer Statement”: A Member’s communications with customers, including marketing materials, brochures and other advertising materials, will be honest, fair and free from misleading statements or suggestions. A Member will handle customer claims in an ethical and legal manner and in accordance with the terms of the Member’s applicable title insurance policy and applicable law. A Member will make a good faith effort to resolve customer grievances in a fair and prompt manner. Fairly apply the principles in its Consumer Statement and correct any failure to apply those
principles as soon as possible.
4. To provide consumers with timely and comprehensive information regarding their policies, services, products, and prices so as to enable consumers to shop effectively among providers of title-related services.
Make information readily available on its rates and charges. In response to an inquiry by a consumer or on a consumer’s behalf, make available within a
reasonable period of time an estimate of the total fees and charges that the Member would typically charge in a transaction of the kind and value specified. Take appropriate steps to communicate to the public any conditions that must be met in order for a consumer to obtain a discounted title insurance premium (such as a reissue rate) that may be applicable in the transaction.
Provide information about what services are or are not covered by particular charges. To the extent practicable, inform the consumer of any charge to be made by the Member as far in advance of closing as possible. Provide consumers as accurate information as possible about the total title-related charges that they may end up paying in the transaction. Seek to explain to consumers the reasons or purposes for particular charges made by the Member. Educate consumers about the need for title insurance.
5. To encourage and assist consumers to be educated purchasers of title insurance and title related services. Provide consumers as accurate information as possible about the total title-related charges that they may end up paying in the transaction. Seek to explain to consumers the reasons or purposes for particular charges made by the Member.