The lender said the Best Practice guidelines for sound business practices should ideally already be in place for businesses providing title and closing services for its customers.
The bank said in a statement, "In January, 2013 the American Land Title Association published its 'Title Insurance and Settlement Company Best Practices.' As stated in ALTA's Best Practices Mission Statement, they are designed to help 'illustrate to consumers and clients the industry's professionalism and best practices to help ensure a positive and compliant real estate settlement experience."
Wells Fargo expects companies who are not following ALTA's Best Practices may take some time to implement them, but encourages those without guidelines to adopt the group's policies and procedures.
Michelle Korsmo, ALTA's CEO, said, "We appreciate the Wells Fargo leadership and recognition of the valuable partnership between settlement agents and mortgage lenders throughout the real estate closing process. Their endorsement of the America Land Title Association's Title Insurance and Settlement Company Best Practices gives clear guidance to help ensure the protection of consumers during their real estate transaction."