ALTA Develops Outgoing Wire Preparation Checklist

ALTA's Information Security Committee developed a checklist to assist in the verification of outgoing wire transfers. 
For more information, please visit the ALTA Website
CBS Reconciliation Services

In addition to a plethora of other products that help your business be successful, CATIC has added CATIC Business Solutions (CBS). CBS provides professional, confidential bookkeeping services to help keep you compliant. 

In accordance with CATIC's established reconciliation guidelines, CBS services include:
  • Performing timely bank account reconciliations;
  • Increasing control through segregation of duties;
  • Providing detailed summary reports listing items that need immediate attention;
  • Training attys/staff how to reconcile escrow account(s) using most software; and
  • Reviewing the firm's completed reconciliation to check for possible errors
If the Vermont Supreme Court audits your firm, will you be ready? Will you be compliant? Call Pam Anzuoni at 800.842.2216 or email to discuss how this great service can reduce your risk and allow you time to promote growth in your firm. 
Post-Closing Title Updates - Why are they Important?

A timely, in-person, post-closing update is important because it is a second set of eyes looking over recorded documents to ensure that documents were recorded in their entirety and that they were executed with requisite formalities. Additionally, the update confirms that no encumbrances we were recorded during the GAP period that could affect title.  Finally, once the update is complete, the final policy can be issued to the Insured.

For several reasons, reviewing recorded documents after they are returned from the land records is insufficient and does not constitute a post-closing update. First, the GAP period has not been examined to check for intervening encumbrances. Second, just because documents were returned from the land records does not ensure that they were properly recorded. Anecdotally, more than 50% of claims could be avoided by conducting a timely, in-person, post-closing update and spotting execution or recording errors (e.g. missing pages; missing Powers of Attorney; wrong schedules attached). 

Discovering problems shortly after closing, while document signers are available and willing to correct documents, gives the title agent the opportunity to take corrective action before a claim arises.

For efficiency, many offices take advantage of the VATC Title Update Service. Click here to read more about the title update and discharge tracking services. 
Final Policy Issuance & Remittance 

We have received many calls from lenders looking for final policies (some more than a year old).  This is a gentle reminder that all final owner and long form policies must be issued and remitted within 60 days of closing. (NB: ALTA Best Practices suggest 30 days!).  

If your closing involved only a Short Form Loan Policy (no Owner Policy) please send a copy of the Short Form Loan Policy with VATC's portion of the title insurance premium to the VATC office immediately. 

If you are questioning whether or not a final policy can be issued, call VATC with your question(s). Remember, no question is a dumb question!  

Back Title:   If you are using the back title service available on the CATIC website and are receiving an error message while loading back title, please try using Internet Explorer® rather than  Google  Chrome™.

Career Network:  We often hear of firms who are hiring. While we welcome phone calls or emails, we have added a career network posted under News and Announcements (bottom right hand corner) of the VATC website. We will only post information if we have permission and we will not act as an intermediary. If you would like to add a post, please email Katie the information as you would like it to appear on our website.