Oread Risk & Advisory is pleased to offer an easy to implement Certification package specific to the Real Estate Title and Settlement Industry, in partnership with Fidelity. This certification process is cost-effective yet comprehensive, with minimal disruption to your business operations. We provide you with all the tools and resources to become compliant and certified with ALTA Best Practices and all other regulatory requirements regarding security of non-public personal information (NPPI) .
Our partnership offers a blend of SOC reporting and ALTA Best Practices to Fidelity agents at a special rate. This includes evaluation, preparation and implementation of the 7 best practice pillars. Lenders may get fined and incur penalties if their settlement agents (including closing attorneys) are not compliant with state or federal consumer financial laws. This program provides assurances that will help you grow your banking & mortgage relationships through demonstrated compliance.
7 ALTA BEST PRACTICE PILLARS:
- Establish and maintain a current license
- Create documented procedures/controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.
- Create an information security program to protect Non-public Personal Information as required by applicable laws.
- Develop processes to ensure compliance with all Consumer Financial Laws as applicable to the Settlement process.
- Develop process related to title policy production, delivery, reporting & premium remittance.
- Maintain appropriate professional liability insurance and fidelity coverage.
- Create and maintain procedures for resolving consumer complaints.
SOC REPORTING:
SOC reporting focuses on internal control of financial reporting (ICOFR). This is another layer of reporting to assure financial information security for you and your partners.
These examinations report on your business’ system security, confidentiality, availability, privacy, and processing integrity across your various systems. This is a full review of your controls over information being processed by systems. These can be distributed as reports internally and to external clients as well.
If you’re interested in growing your business by displaying an above-and-beyond approach to compliance, please contact us today.