August 18, 2008
TLTA and TMBA Jointly Endorse New Best Practices
We are very pleased to announce that the Texas Land Title Association (TLTA) and the Texas Mortgage Bankers Association (TMBA) have worked together to develop and jointly endorse a set of Best Practices for the Real Estate Settlement Process and we are pleased to introduce them to you today for the first time.
These voluntary guidelines are designed for use by professionals involved in the real estate settlement process as a way to establish appropriate timelines and create efficiencies, while preserving the integrity of the transaction and providing transparency, predictability and superior service to the consumer.
How did this project come about? Over the past several years, TLTA leaders have worked with representatives from the mortgage lending industry on issues of common concern. During our meetings with TMBA, frank discussions took place about the real day-to-day problems that occur in the settlement transaction process and how that process might be improved upon, not just for one group, but for everyone involved in the process. A working group was developed with on the ground folks from both industries to identify the problems and seek solutions. These Best Practices are the result of those meetings and the hard work of those dedicated volunteers.
We are proud that our association could participate and provide a forum for this groundbreaking, proactive collaboration and we believe the benefits will be far-reaching. In today's tough economic climate in particular, wide-spread voluntary adoption of these Best Practices by both industries will allow us to work smarter and more productively and to better serve our customer. Additionally, we believe that following these practices will help reduce the incidence of mortgage fraud.
While these guidelines are clearly voluntary, we ask all of you to review and consider adopting them in your business. The more participation there is, the more success we can all realize for this cooperative effort designed to provide real and lasting benefits to everyone involved in Texas real estate transactions.