Premier Title & Settlement Co. has been meeting the needs of clients in an efficient manner from contract to closing since 2006. Working with both local and national realtors and lenders, we have grown into a full-service closing agency examining title issues and providing title insurance to residential and commercial properties, refinances, home equity loans, new construction, and 1031 exchanges.
Maryann K. Lee is a certified Title Agent with more than 15 years of experience in the examination of title insurance policies and overseeing settlements. Stephen H. Lee and Sung C. Chun are practicing attorneys with more than 50 combined years of experience in real estate law and serve as general counsels to Premier.
Knowing that the title work and closing have been entrusted to individuals with hands-on experience, and also having direct access to counsel from an experienced real estate attorney are some of the benefits our clients receive when selecting us as their title company. Whether it is a property with title issues, closing on a residential short sale, or a complicated buy/sell business or commercial deal, our clients have the reassurance of closing in a law office so that our attorney can clarify matters related to real estate, title, and the different types of tenancy on deeds, as needed.
Serving Washington, DC, Maryland, and Virginia, Premier has been delivering top-notch customer service and we will continue to meet your expectations. For more information or a quote of our fees, please email or call us at 703-658-7007.
ALTA Best Practices
To All Employees, Realtors, Lenders, and Customers,
Attached, please find our adopted ALTA Best Practices Policy created by the American Land Title Association (“ALTA”). We have closely followed ALTA Best Practices since its inception in 2013, and we have implemented practices to comply with all the pillars of the Best Practices. The ALTA Best Practices was developed as the banking industry responded to the CFPB’s April 2012 Bulletin. Dodd-Frank created the Consumer Financial Protection Bureau (CFPB) and provided authority for the CFPB to supervise certain types of financial institutions for compliance with federal consumer financial laws. Under Dodd-Frank, providers of financial products or services must comply with applicable consumer financial laws listed in the Act.
Providing real estate settlement services (other than appraisals) to one of the regulated financial institutions is deemed to be providing financial products or services under the Act. As a result, the CFPB can bring enforcement actions directly against a real estate settlement services provider (such as a closing attorney or a title insurance agent) for a violation of a consumer financial protection law.
We, as a real estate settlement service company, certify that we have placed the following practices to meet the ALTA Best Practices as we go through a self-assessment process by our in-house CPA in every 24 months period.
Premier Title & Settlement Company
Maryann K. Lee, President
ALTA BEST PRACTICE POLICIES
At Premier Title & Settlement Company, we are proud to announce we have established the “Title Insurance and Settlement Company Best Practices” according to the recent suggestions and guidance provided for by the American Land Title Association (ALTA). ALTA created these Best Practices to help its members highlight policies and procedures the title insurance industry exercises to protect lenders and consumers while ensuring a positive and compliant real estate settlement experience. While our title agency has historically maintained the vast majority of these business practices in conducting our day-to-day business and also understanding that these ALTA guidelines are strictly voluntary, Premier Title & Settlement Company (PTSC) has chosen to ratify and embrace the sum total of these Best Practices on behalf of our customer’s and business partner’s real estate transactions.
We hereby Pledge to continually – • innovate new business practices and tools to enhance the settlement experience, • provide ongoing employee training for quality service and regulatory compliance, and • implement written procedures in conformance to these Best Practices on your behalf
“The 7 Pillars” of Best Practices”
Pillar #1: Establish and maintain current License(s) as required to conduct the business of title insurance and settlement services.
• PTSC maintains required licenses in each state of operation – Virginia, Maryland and District of Columbia. Such licenses are reviewed by our underwriters on an annual basis.
• PTSC maintains all required corporate governance filings and reports to the licensed states as a matter of course. We also secure all local business licenses and permits required to do business for all branch locations we maintain.
• PTSC is part of an agreement with ALTA in utilizing all ALTA Forms and affiliated information.
Pillar #2: Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.
• All bank accounts are maintained at federally insured financial institutions.
• All employees must pass a background and credit check at hire. Employees with access to escrow funds undergo a yearly credit check.
• PTSC deploys all appropriate and essential procedures and controls related to its Escrow Trust Accounts as required by the licensing states, the Consumer Financial Protection Bureau, and our underwriters to safeguard your funds. All Escrow Trust Accounts are reconciled monthly.
Pillar #3: Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state, and federal law.
• PTSC maintains an Information Security Policy that comports to federal and state law as well as requirements set forth by our underwriters for holding and securing non-public personal information. PTSC has developed a Disaster Management Plan for the company’s network, systems, and applications. This Plan is exclusive of the company’s routine upgrade and maintenance policies.
• PTSC utilizes encrypted email for transmitting non-public personal information.
• PTSC maintains a “Clean Desk” policy for all non-public information stored in its offices.
Pillar #4: Adopt standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Protection Laws as applicable to the Settlement process.
• PTSC has written procedures that delineate our procedures and checklists (pre-closing and post-closing) for real estate settlements in the licensed states that adhere to federal, state, and underwriter mandated requirements. All employees are trained and subject to future training on those requirements.
• PTSC utilizes underwriter rate manuals, online calculators, and third-party software (TSS by First American Title Insurance Company).
• PTSC e-records whenever possible. All recordings are tracked by the timeliness by management.
Pillar #5: Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.
• PTSC maintains all required procedures for timely issuance of title insurance policies to Owners and Lenders as dictated by federal law, the licensing states’ regulations, and underwriter mandates.
• PTSC uses and maintains the systems provided by the underwriters to timely report issued title insurance policies to our underwriters, remit payment to our underwriters, and overall meet our legal and contractual obligations thereto.
Pillar #6: Maintain appropriate professional liability insurance and fidelity coverage.
• PTSC secures Professional Liability Insurance (Errors and Omission Insurance as an example) that stands by our financial capacity and commitment to provide professional real estate services to our customers. Such insurance also includes any mandated coverages called for by our underwriters.
• PTSC requires third-party vendors to maintain professional liability insurance.
Pillar #7: Adopt and maintain written procedures for resolving consumer complaints.
• PTSC welcomes receiving any complaint you might have. The company has developed written procedures to capture, review, and timely address any issues or concerns you may have regarding our services. You can submit a complaint at Contact Us via our website, call and request a complaint form be sent to you, or simply send company management an email explaining your situation. We want to know about any poor service experience or compliance concern you might have. Your confidence and satisfaction is important to us.
Why Premier Title?
How We Work For You
We work for realtors, lenders, banks, and retail customer like you for loans, residential, commercial, and business transactions, who are in need of our services. We provide settlement services along with other specialty services, of which require high level of training, education, and experiences. We provide our services at very competitive rates and fees.
Who We Are
We are a real estate settlement agency with First American Title Insurance Company and WFG National Title Insurance Company as our underwriters. We serve Virginia, Maryland and Washington DC area without an exception. We close refinances, construction loans, residential and commercial properties, business sale and purchase transactions and other odd types of real estate transactions. We are one of very few title companies in the Washington DC Metropolitan area which provide full services for any real estate settlements.
How to Work
Please contact us by email (email@example.com) or phone (703-658-7007). We can guide you through how you can order titles and any other title related services from us. We always have our in-house attorney and our underwriters standby so that you can be sure that we serve with confidence by keeping the cost low.