The American Land Title Association (ALTA) Best Practices Framework has been developed to assist lenders in satisfying their responsibility to manage third party vendors. ALTA members advocate a safe and efficient transfer of real estate and have high standards when searching land title records and preparing insurance documents. To provide the best possible chance of avoiding land title problems, risk should be eliminated prior to insuring. As such, effective safeguards should be in place.
By: Neil Gonsalves, Director of Assurance and Compliance Services at A-LIGN
We performed one of the very first SSAE 16 examinations for a Top 10 Land Title Underwriter in the U.S. and continue to work with Title Agencies to help them with their assurance and compliance needs. With the numerous CFPB regulations and mandates on lenders, lenders in turn are scrutinizing all their third party service providers including title agents and underwriters. There are on-going conversations amongst lenders regarding title agents having to comply with the American Land Title Association (ALTA) Best Practices and possibly having an examination performed by an independent CPA firm.
A-LIGN was recently a sponsor at the 2014 Alliant National Agents’ Conference that was held at the Gaylord Texan Resort in Grapevine, TX on April 15 – 17, 2014. At this conference, A-LIGN was the only CPA firm represented and had the opportunity to interact with some of the most influential decision makers within the industry such as the incoming President of the ALTA, other current ALTA committee members, executives from major lending institutions, and numerous Title Agent Companies. We shared our experiences and perspectives on steps that this industry could take to meet the requirements and alleviate the concerns of the stakeholders and regulators. Amongst them being compliance with the ALTA Best Practices and how A-LIGN can assist Title Agencies navigate through the process effectively and efficiently.
If you are part of a Title Agency and want to get a competitive advantage by performing an SSAE 16 or SSAE 10 examination using the ALTA Best Practices as a base for the examination, please call 888-702-5446 or email us at [email protected].