ALTA created Best Practices to help title and settlement operations highlight policies and procedures to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience. RamQuest has solutions to several Best Practices to help keep our customers compliant!
Best Practices Pillar 2
A title and settlement company can store all of their documented procedures within the RamQuest system, providing easy access company-wide to this information whenever needed. RamQuest’s solutions provide robust escrow accounting functionality to help you comply with ALTA’s Best Practice Pillar #2. Security settings allows specification of authorization levels at the role or the named user level to enable as much control as needed by the title company. Additionally, security settings enable separation of escrow accounting functions from other functionality within the system. RamQuest’s title and settlement solutions provide three way reconciliations standard and offer eBank Reconciliation and Positive Pay options as well. And all settlement account reconciliation that is completed within RamQuest is electronically archived for the life of the file.
Best Practices Pillar 3
A title and settlement company can store all of their documented procedures within the RamQuest system, providing easy access company-wide to this information whenever needed. RamQuest’s solutions can be housed within a hosted, cloud environment – op2 exclusively offers this for RamQuest’s title and settlement solutions in an environment that is securely housed on an underwriter-grade network on a private cloud and accessible via an internet connection. The op2 environment is a "high availability system" with multiple server redundancy and a comprehensive Disaster Recovery processes that employ Best Practice tools and methods to insure that data is backed up and replicated. op2’s main data center and secondary Disaster Recover site are both physically secure and have active and passive security features including routine vulnerability testing, anti-virus protection, multiple firewalls, separate power sources and encryption at all levels. op2 also protects sensitive NPI data with state-of-the-art email encryption and firewalls designed to protect and allow access only to authorized users.
RamQuest’s PaperlessCloser offers the ability to securely deliver documents via a web platform. This platform can be used to deliver documents from your company to your business partners or vice versa.
Best Practices Pillar 4
A title and settlement company can store all of their documented procedures within the RamQuest system, providing easy access company-wide to this information whenever needed. RamQuest’s solutions are developed to ease data tracking and capture. Detailed information on processes is captured, stored and easily accessible if needed. RamQuest features direct integrations with e-recording partners that quickly and easily enables recording directly from your file and also facilitates the receipt of recorded documents or rejection notices and archive of this information for the life of your file. RamQuest also contains integrations to shipping and other service providers, providing timely, accurate information and archival of this information with your file.RamQuest’s solutions enable the automation of all fees including title premiums, remittance splits and reissue or discount rates. Not only are these fees programmed into our system, they are easily and consistently applied to all files ensuring reliable and accurate pricing.
Best Practices Pillar 5
When a policy is issued using a RamQuest title production solution, all of the detailed data, including the date of issue of the policy, is captured and archived and can be searched and used for reporting as needed. RamQuest also enables the electronic delivery of the policy and transfers the policy details, including the amount due to the underwriter, to the remittance report. This detail along with specifics on the payment, check number and check amount are stored with each file and are easily accessible. Easy reporting features help track due dates for timely policy production and delivery, as well as premium reporting and remittance history. RamQuest also has integrations with numerous industry underwriters for issuance and delivery of Closing Protection Letters and Electronic Policy Jackets directly to the file.
RamQuest is honored to be an ALTA Elite Provider and is committed to helping title and settlement agents achieve compliance in these Best Practices pillars. If you would like more information on how RamQuest can help your company with Best Practices compliance, we would love to talk to you about that.