Rockville, Maryland (PRWEB) November 28, 2012
First Title & Escrow, a nationwide title business providing property title insurance plus closing solutions, has received their 2012 SSAE 16 SOC 1, Type I, Audit Certification plus is excited regarding the solutions it presents to their nationwide, territorial plus localized banks, mortgage firms, credit unions plus property experts inside the origination plus servicing industry. First Title values the value of the SSAE 16 to lending companies inside the provision of property title insurance, escrow plus connected closing plus settlement services nationwide.
The CFPB issued an alert to all Banks plus Lending Institutions which efficient January 1, 2013, they is responsible for right oversight of 3rd party services they employ. As further clarification of which regulation, the CFPB issued a list of methods organizations ought to be taking in regulating their 3rd party providers, 1 of that was the review of services “Polices, Procedures, Internal Controls plus Training Materials to confirm which the service provider conducts appropriate training plus oversight of employees” which have “customer contact” plus “conformity responsibilities”.
The SSAE16, SOC 1 Audit Certification is the benchmark inside that these controls are calculated inside the title insurance plus closing services industry. It’s statement to the clients which First Title “has the financial plus operational controls inside destination that’s significant to the nationwide lending community today”, states Stephen Papermaster, President of First Title. This certification “offers the customers the self-confidence which First Title adheres to industry accounting practices, generating you a logical nationwide title plus closing services organization partner inside servicing the lending industry, We take this trust truly really inside each transaction processed,” states Pamela Gibbons, SVP Operations.
The SSAE 16 is an enlargement found on the active standard for Reporting about Controls at a Service Organization, the SAS70. It evaluates the company’s shape and also the implementation plus field testing of the following controls: General plus application controls, info plus correspondence program review, monitoring procedures, the control environment, as well as the risk assessment task. You are able to read much more about the SSAE 16 at their resource center found at http://www.ssae-16.com
First Title is satisfied to provide its customers the peace of notice which they are using a business which meets the greatest echelon of worldwide reporting guidelines.
About First Title & Escrow, Inc.
First Title & Escrow, Inc.is a a nationwide title plus property settlement services business serving creditors, banks, brokers, servicers, asset managers plus and government sponsored companies, Fannie Mae plus Freddie Mac, from FT’s subsidiary firm, Streamline Title & Escrow Services, LLC.