The ""American Legal & Financial Network"":http://www.alfn.org/ (ALFN) has released a best practices guide for title policy work as it relates to distressed properties.[IMAGE]
ALFN says the housing crisis has impacted the industry in a number of ways, and one area in particular that calls for attention is default title policy standards.
""In the past few years we have observed a troubling trend towards placing a higher value on driving down the costs of title searches, with little or no thought being given to how this practice would impact the quality and accuracy of title searches,"" AFLN said.
The organization says as a result of today's marketplace pressures, many of the critical ""hands on"" steps associated with responsible title searches have been swept away in favor of automation and cost-saving approaches.
One of the dangerously systemic consequences of this streamlined methodology is that the experience offered by individuals with local and regional subject matter[COLUMN_BREAK]
expertise has eroded and in many cases has been eliminated entirely, according to ALFN.
""The result is what we see today: Large pools of loans affected by the inability to properly close escrow after foreclosure, costing investor's time and exposing them to legal risks,"" AFLN stressed.
To counter such adverse results, the organization has developed a set of ""Default Title Standards"" and ""Title Search Guidelines.""
""We believe that if our industry's leaders will embrace the new standards as set forth in [these] documents, they will be enabled to circumvent the present difficulties and return the title policy process to its proper and critical place in the mortgage banking industry,"" said William M. LeRoy, president and CEO of ALFN.
LeRoy credited ALFNÃ¢â‚¬â„¢s Title Standards Committee and, in particular, principal authors Brian Sayer Esq. and Charles Augustine Esq. of Dunakey & Klatt, P.C. for their work and research in developing the new best practice documents.
For access to ALFN's title standards, search guidelines, and committee members, follow the links below:
""ALFN's New Default Title Standards"":http://r20.rs6.net/tn.jsp?llr=tvrpfmcab&et=1107770787734&s=18119&e=0012dUTrKFNI7Y5bj4YqLYk9t0rcRwszcwwSEoQ-ofvzVbCQo4LtFmWFnGmb12cqfmbni_b4WcnsDNZFeRncGS_Qp8CFjwx2vXS0QQgzzTbSGuSyQCeNz6-r5RRLzfDiYjiVS2egxl2UJzivZCT7aR7ge_Yh447gs6U9vpCqEMHmv5_bCUkUWhR0C7PTV8iBUDS
""ALFN's Title Search Guidelines"":http://r20.rs6.net/tn.jsp?llr=tvrpfmcab&et=1107770787734&s=18119&e=0012dUTrKFNI7bwtCxvSENk8OsDqgQs5Aqg7pL2qSL16J3orhJP2QIQF_R9PG5xfum0GURnFU_ZwSODk_C9JVQ29sjNaFMtT1Uyedl8VU_7SH4XYGSCo4O3RUSCXLSeW65pLs8xkNidNlvIAgQswbyJ5f6IXxKsvXg7N4DxeY2aQQP8E3fr8uBLdIoKdCeDNbqU
""ALFN's Title Standards Committee Members"":http://r20.rs6.net/tn.jsp?llr=tvrpfmcab&et=1107770787734&s=18119&e=0012dUTrKFNI7ZJYpB6V-12cop2kFesi0WQrNZMTQjrjzMZ1T2GzBc_hhtiJGoyPgkjWvlIEh75QxwGuq3IFLY9HcEfLrknFLc3V0LqTUvSH8LpTU-OWKslq9Pmf8m7ArTtwuAbFHTV-klFsD-e1WHKRTRRQWwuuOfa5Pj8oQnLuDA
The American Legal & Financial Network (ALFN) is a national network whose membership roster includes professional from the following segments of the industry: legal, residential mortgage bankers and investors, risk evaluation, investment research, consulting, land and title, technology, and asset protection.