2016 Annual Recertification and Self-Assessment Survey This document is intended for research purposes ONLY, and is NOT intended to be submitted as the final survey!

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1. Please provide responses for the following entity: (These fields below will autopopulate when filling out the online survey)

N

Firm Name: Member Number/Branch: ORNTIC Agent ID: Please fill in the name of the person completing this survey:

O

Full Name ___________________________________

Attorney Legal Assistant Paralegal Secretary Receptionist Bookkeeper Office Manager Other

IE

       

W

2. Please choose the position of the person completing this survey:

PR EV

3. How many attorneys practice in your firm?    

1 attorney 2 - 4 attorneys 5 - 10 attorneys 11 or more attorneys

4. How many attorneys in your firm practice real estate law?    

1 attorney 2 - 4 attorneys 5 - 10 attorneys 11 or more attorneys

SM

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2016 Annual Recertification and Self-Assessment Survey Questions page 1 of 8

2016 Annual Recertification and Self-Assessment Survey 5. How many attorneys in your firm are authorized to sign Old Republic through Attorneys’ Title Fund Services, LLC policies? 1 attorney 2 - 4 attorneys 5 - 10 attorneys 11 or more attorneys

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   

Yes No

O

 

N

6. Do you have any other underwriters?

7. Which other Underwriter(s) do you use? (Please choose all that apply.)

IE

W

First American National Title Insurance Old Republic National Title Insurance (not through ATFS) North American Title Insurance Fidelity National family (including Chicago, Commonwealth) Stewart Title Title Resources Guaranty WestCor WFG Alliant Other I don’t use any other title insurance underwriters

PR EV

           

8. Estimate the percentage of your real estate business that comes from the types of entities listed: Please choose 0 or another percentage for each type of entity. Total does not have to equal 100%. 0

1 - 25%

26 - 50%

51 - 75%

76 - 100%

Lenders











Builders/ Developers











Real Estate Agents/ Brokers











Mortgage Brokers











SM

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2016 Annual Recertification and Self-Assessment Survey Questions page 2 of 8

2016 Annual Recertification and Self-Assessment Survey 9. Estimate the division of your real estate practice between Residential and Commercial. Please choose 0 or another percentage for each.

Commerical

1 - 25%

26 - 50%

51 - 75%

76 - 100%

 

 

 

 

 

10. How many trust/escrow accounts do you have?

N

1 2 3 4 or more

O

   

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Residential

0

 

Yes No

W

11. Are all of your trust/escrow accounts reconciled each month?

Yes No Not Applicable (This response is for a Title Agency)

PR EV

  

IE

12. If you are an attorney agent, do you maintain at least one separate real estate only trust account?

13. How often is your real estate trust/escrow account reconciled?      

Daily Weekly Monthly Quarterly Once or twice per year Never

14. Does someone review the trust/escrow account reconciliations after they are completed?  

Yes No

SM

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2016 Annual Recertification and Self-Assessment Survey Questions page 3 of 8

2016 Annual Recertification and Self-Assessment Survey 15. Does the person who prepares or reviews the trust/escrow account reconciliations also have the authority to sign checks and/or initiate wire transfers from the trust/ escrow account? Yes No

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 

September 2016 August 2016 July 2016 June 2016 or before

O

   

N

16. What is the month of the last trust/escrow account reconciliation completed for the account you use most often for real estate transactions?

17. Which of the following statements about trust/escrow accounts is NOT true? A 3-way reconciliation consists of a check register balance, an adjusted bank statement balance, and the escrow file trial balance.  An escrow file trial balance is a list of all outstanding checks and deposits.  An escrow file trial balance is a list of all files with a balance other than $0 (positive or negative).  To correctly reconcile 3 ways, the adjusted bank statement balance, the check register balance, and the escrow file trial balance must be equal.

IE

W



PR EV

18. A negative dollar amount in a file on your escrow file trial balance is an indication that :    

A. You might not have collected sufficient funds for that transaction. B. You might have a posting error in your accounting program. C. You don’t need to take any action. D. A and B are both correct.

19. Dormant files are files that still have funds assigned, but have not had any activity for more than 5 years. What should be done with dormant files and their funds?     

A. Keep the funds in the trust account and take no further action. B. The funds should be transferred to your operating account. C. Return the funds to the appropriate party if possible. D. Follow the law regarding unclaimed property. E. C and D are correct.

SM

© 2016 Attorneys' Title Fund Services, LLC. 800-336-3863 | thefund.com

2016 Annual Recertification and Self-Assessment Survey Questions page 4 of 8

2016 Annual Recertification and Self-Assessment Survey

Mortgage payoff checks Checks for ad valorem taxes Uncashed check to the surveyor Check for recording the deed and mortgage

N

   

LY

20. Outstanding checks are checks that have not been cashed or deposited. Which outstanding checks must be resolved promptly to avoid liens or other title insurance claims? (Choose all correct answers).

21. Are your unused escrow account checks kept in a secure (locked) location? Yes No I don’t know

O

  

Transfer the overage to the operating account Use the overage to fund a shortage in another file Return the overage to the person who paid it Other

IE

   

W

22. If you find, after a closing, that you have collected too much money for a charge such as a recording fee, what do you do with the excess money?

PR EV

23. How soon after closing do you send the documents for recording?   

Same day or day after closing Within 2 - 5 days after closing More than 5 days after closing

24. Do you perform a PRE-closing update of your title search the day of, or the day before your closing?   

Always Sometimes Never

SM

© 2016 Attorneys' Title Fund Services, LLC. 800-336-3863 | thefund.com

2016 Annual Recertification and Self-Assessment Survey Questions page 5 of 8

2016 Annual Recertification and Self-Assessment Survey 25. Do you keep a copy of your PRE-closing title update in the file, whether new documents are found or not? Always Sometimes Never I never perform a PRE-closing update of my title search.

LY

   

Commitments Policies Trust/Escrow Account Checks None of the above My office does not have a signature stamp of the attorney’s signature.

O

    

N

26. A signature stamp of the attorney’s signature is used for the following: Choose all that apply.

No more than 30 days after closing 30 to 60 days after closing 60 to 90 days after closing More than 90 days after closing

IE

   

W

27. How soon after closing do you issue the title insurance policy and remit it to The Fund for Old Republic?

PR EV

28. My real estate and title insurance business has:     

Slightly increased over the past year Significantly increased over the past year Slightly decreased over the past year Significantly decreased over the past year Stayed the same over the past year

29. Have you experienced any change in key personnel over the last year?  

Yes No

SM

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2016 Annual Recertification and Self-Assessment Survey Questions page 6 of 8

2016 Annual Recertification and Self-Assessment Survey 30. Has there been any change in ownership of your firm or title agency in the past year? Yes No

LY

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31. Do any of the attorneys, owners, or key personnel in your firm or agency have an ownership interest in a builder or developer business?

N

Yes No

O

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32. ALTA’s Best Practices Initiative recommends that you implement certain practices, and that you also have written documentation of your practices. Which of the following describes your actual practices?

W

We implement none of ALTA’s Best Practices. We implement some, but not all of ALTA’s Best Practices. We have implemented all of ALTA’s Best Practices. I am not familiar enough with the seven pillars of ALTA’s Best Practices to respond.

IE

   

PR EV

33. What methods have you used to demonstrate ALTA Best Practices compliance to lenders (check all that apply)?        

Provided Old Republic Authorized Agent Letter Provided Settlement Agent self-certification Provided copy of ALTA Best Practices manual Provided settlement agent self-certification with ALTA Certification package Provided lender-specific requirements (e.g. questionnaire, financial statements, business license, E&O, review AfBAs) Registered with Secure Insight/SSI Vendors Compliance Group Provided 3rd-party certification We have not provided any of the above

SM

© 2016 Attorneys' Title Fund Services, LLC. 800-336-3863 | thefund.com

2016 Annual Recertification and Self-Assessment Survey Questions page 7 of 8

2016 Annual Recertification and Self-Assessment Survey Questions 34-36 are Open-Ended Questions

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34. What has been the most difficult lender requirement to comply with? Which lender requested this?

O

N

__________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 35. Which lender has been the easiest to work with?

IE

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__________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________

PR EV

36. Have you stopped doing business with any lender or has any lender stopped doing business with you because of the lender’s compliance requirements? Which lender(s)? __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________

SM

© 2016 Attorneys' Title Fund Services, LLC. 800-336-3863 | thefund.com

2016 Annual Recertification and Self-Assessment Survey Questions page 8 of 8