Escrow Compliance – Best Practices

SUPERINTENDENT OF INSURANCE John G. Franchini 505-827-4299 NEW MEXICO OFFICE OF SUPERINTENDENT OF INSURANCE DEPUTY SUPERINTENDENT Robert Doucette 505-827-5832 Bulletin 2017-008 August 01, 2017 TO: ALL TITLE INSURANCE LICENSEES RE: ESCROW COMPLIANCE – BEST PRACTICES FILED 2017 AUG - 1 AM 10:06 NM OFFICE OF SUPERINTENDENT OF INSURANCE THE FOLLOWING Bulletin is issued pursuant to NMSA 1978, Section 59A-30-4 and pursuant to 13.13.4 NMAC, including, in particular, 13.14.4.8 through 13.4.4.10; 13.14.4.12(D), and 13.14.4.13 NMAC. The purpose of this Bulletin is to remind all New Mexico Title Insurance licensees that best practices should be adopted with respect to escrow services, and that strict adherence to all statutes and regulations must be followed. All title insurers and title insurance producers who provide escrow services are required to adopt, implement, and adhere to the policies and procedures relating to their escrow activities that are set forth in 13.14.4 NMAC. In addition, all title insurers and title insurance producers who provide escrow services should adopt best practices as described in the most current version of the American Land Title Association (ALTA) Title Insurance and Settlement Company Best Practices. The New Mexico Office of Superintendent of Insurance (“OSI”) examinations will include, but not be limited to, the following: - Control and supervision by management should be strict and restricted. - Biennial review of documentation containing written policies and procedures covering best practices. Main Phone: 505-827-4601 Main Fax: 505-827-4734 Toll Free: 1-855-4-ASK-OSI Mailing Address: P.O. Box 1689 Santa Fe, NM 87504-1689 Physical Address: 1120 Paseo de Peralta Santa Fe, NM 87501 Website: WWW.OSI.STATE.NM.US Bulletin 2017-008 Page 2