With the changing compliance landscape for those in the title insurance industry, there may be some extra steps that need to be taken in the coming months.

The American Land Title Association recently released a statement noting that its Title Insurance and Settlement Company Best Practices will be applied, along with a self-assessment, by September of this year. This aims to help members of ALTA set up a compliance guide that can aid both customers and lenders better understand what now needs to be done during the process.

"ALTA is dedicated to providing services to aid our members with the implementation of the ALTA Best Practices," said Michelle Korsmo, CEO of ALTA. "It is beneficial for businesses to promote self regulation through the publication of best practices that meet high professional standards of operation to protect consumers and businesses."

This initiative began due to the changes made by the Consumer Financial Protection Bureau regarding integrated mortgage disclosures, the report explained. These begin on Aug. 1, 2015, and will require industry members to heighten their protections of personal information.

Title insurance premiums fall in 1Q
As changes may be on the horizon in the title insurance market, there are some issues that industry members may need to adjust to now, especially regarding insurance premium levels. According to a separate report from ALTA, the overall title insurance premium volume slipped 16 percent during the first quarter compared to the same three-month period in 2013.

"The first quarter, traditionally slow for real estate, and was even more so during the first three months of 2014 due to the harsh winter," said Korsmo. "Through disciplined expense management, the land title insurance industry posted almost $100 million in net income despite the expected seasonal dip in premium written. The industry remains in a strong financial position and has admitted assets of $8.5 billion, including more than $7.6 billion in cash and invested assets."

Overall title insurance premiums reached $2.4 billion during the first three months of the year, notably lower than the same period last year, when it was $2.9 billion.

Texas had the most significant title insurance premium level during the first quarter, as it reached $361 million, the report added. This was 3.7 percent higher than the same period in 2013. California, Florida, New York and Pennsylvania rounded out the top five.