Land Title Associations and Standardized Policies
In the United States, the American Land Title Association (ALTA) is a national trade association of title insurance underwriters and title insurance agents. ALTA has created standard forms of title insurance policy "jackets" (standard terms and conditions) for Owners, Lenders and Construction Loan policies. ALTA forms are used in most, but not all, U.S. states. ALTA also offers special endorsement forms for the various policies; endorsements amend and typically broaden the coverage given under a basic title insurance policy. ALTA does not issue title insurance; it provides standardized policy and endorsement forms that most title insurers issue.
Some states, including Texas and New York, may mandate the use of forms of title insurance policy jackets and endorsements approved by the state insurance commissioner for properties located in those jurisdictions, but these forms are usually similar or identical to ALTA forms.
In addition to ALTA, which primarily represents the interests of national title insurance underwriters in the title insurance industry, the National Association of Independent Land Title Agents (NAILTA) is a national non-profit trade association that represents the interests of independent title insurance agents and independent real estate settlement professionals from across the United States. It was created by independent real estate settlement professionals to further the agenda of small business owners from within the title insurance, abstracting, surveying, and real estate community who lack representation at local, state and national levels. NAILTA is a national trade association that serves thousands of independent title and real estate professionals across the United States who collectively comprise over 60% of the national title insurance market and identify themselves as independent settlement service providers. NAILTA represents the interests of those independent settlement service providers who serve over 31 million real estate purchase consumers per year, who close an estimated $514.8 billion dollars’ worth of refinance mortgages per year and who collectively insure approximately $1.67 trillion dollars in total national title insurance liability per year.
Read more about this topic: Title Insurance
Famous quotes containing the words land, title, associations, standardized and/or policies:
“Not like the brazen giant of Greek fame,
With conquering limbs astride from land to land,
Here at our sea-washed, sunset gates shall stand
A mighty woman with a torch, whose flame
Is the imprisoned lightning, and her name
Mother of Exiles. From her beacon-hand
Glows world-wide welcome; her mild eyes command
The air-bridged harbor that twin cities frame.”
—Emma Lazarus (1849–1887)
“And Reason kens he herits in
A haunted house. Tenants unknown
Assert their squalid lease of sin
With earlier title than his own.”
—Robert Bridges (1844–1930)
“There are many ways of discarding [books]. You can give them to friends,—or enemies,—or to associations or to poor Southern libraries. But the surest way is to lend them. Then they never come back to bother you.”
—Carolyn Wells (1862?–1942)
“I tell you, sir, the only safeguard of order and discipline in the modern world is a standardized worker with interchangeable parts. That would solve the entire problem of management.”
—Jean Giraudoux (1882–1944)
“... [Washington] is always an entertaining spectacle. Look at it now. The present President has the name of Roosevelt, marked facial resemblance to Wilson, and no perceptible aversion, to say the least, to many of the policies of Bryan. The New Deal, which at times seems more like a pack of cards thrown helter skelter, some face up, some face down, and then snatched in a free-for-all by the players, than it does like a regular deal, is going on before our interested, if puzzled eyes.”
—Alice Roosevelt Longworth (1884–1980)