How We Protect You
We handle your transactions with the utmost care.
We uphold the highest standards.
As our customers, you entrust in us your confidence to handle your transaction with the utmost of care. We take this job seriously. Here are the safeguards we have in place to help protect you, which are in accordance with the American Land Title Association Best Practices.
Fidelity Bonds and E & O Insurance
OSN carries E & O coverage, as well as fidelity bond coverage. In states where required by state authorities, OSN carries surety bonds to meet specific state standards. In addition, OSN is protected with Cyber and Privacy Liability insurance coverage.
OSN is in adherence with the American Land Title Association (ALTA) Best Practices Pillar #2 (Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation). OSN has developed escrow and accounting procedures to ensure accuracy and minimize the exposure to loss of client funds.
Title Policy Production
OSN has a centralized policy production department which prepares all title policies.
- Title insurance policies are issued and delivered to customers within thirty days of the later of (i) the date of Settlement, or (ii) the date that the terms and conditions of the title insurance commitment are satisfied.
- By the last day of the month following the month in which an insured transaction was settled, the Company reports to the title insurance underwriter all of the policies issued during the current month and remits to the title insurance underwriter all of the premiums and fees collected and due to the title underwriter.
OS National routinely performs audits to ensure compliance.
OSN receives Alerts and Bulletins issued from Title Underwriters for whom they issue policies as well as various state and regional land title associations. Underwriting Bulletins and Alerts are sent by email to all employees and stored on OSN’s internal website (intranet) for future access.
OSN hiring is centralized through the Human Resources Department. Each prospective employee, including escrow and closing personnel, at a minimum must pass the following in order to be eligible for hire:
- Background Check
- Credit Check
- Review of their Business Track Record
- Licensing Verification
Additional reviews and monitoring of existing employees is done from time to time due to:
- Change of job responsibilities
- Additional financial responsibilities
- Adhere to client contractual agreements
Education and Training
OSN provides education and training for all employees using various formats, including live training sessions, webinars and computer based training tailored to specific title and regulatory subjects.
Privacy and Information Security
OSN restricts access to Non-public Personal Information to authorized employees who have undergone Background Checks at hiring, prohibits or controls the use of removable media, and uses only secure delivery methods when transmitting Non-public Personal Information, including encryption of emails containing Non-public Personal Information.
The Company adheres to Federal law, which requires companies that possess Non-public Personal Information for a business purpose to dispose of such information in a manner that protects against unauthorized access to or use of the information. OSN’s policies are to shred any discarded documents containing sensitive information.
Real Estate Settlement
OSN obtains proper documents for execution, including any necessary transmittal forms, utilizes a state recording information database to calculate correct recording fees, reviews executed documents for files in which settlement has occurred, to confirm proper execution and recordable form, and submits or ships documents for recording to the county recorder (or equivalent) or the person or entity responsible for recording within two (2) business days of the later of (i) the date of Settlement, or (ii) receipt by the Company of the recordable documents if the Settlement is not performed by the Company. Whenever possible, e-recording procedures are used.
To ensure that customers are charged the correct title insurance premium and other rates for services provided by the Company, OSN utilizes rate manuals and online underwriter calculators, as appropriate, to help ensure correct fees are being charged for title insurance policy premiums, state-specific fees and endorsements. Discounted rates are calculated and charged when appropriate and allowable, including refinance and reissue rates.
Consumer Complaint Process
OSN has established a centralized consumer complaint procedure for monitoring and resolving complaints. The procedure for addressing consumer complaints is set out in OSN’s ALTA Best Practices Policies and Procedures and includes a complaint intake form which is to be delivered to the Complaint Officer with periodic status responses to the consumer beginning 24 hours from receipt of the complaint. OSN’s policy is to pursue a resolution for a consumer complaint in a manner that is acceptable to the consumer and the company.