Mississippi-based BancorpSouth Requires Third-Party Certification to ALTA Best Practices
March 10, 2015
In a March 2 letter to its approved closing attorneys, Mississippi-based BancorpSouth said it will require its approved closing agents to implement ALTA’s Best Practices.
“Lenders are now responsible for ensuring that their third party vendors are performing their duties so as to comply with all applicable regulations, including RESPA, the Privacy Act, the Patriot Act and we believe that adherence to ALTA’s Best Practices will comply with CFPB compliance,” wrote Jason Pike, BancorpSouth’s mortgage servicing manager.
The letter said closing agents must obtain certification to ALTA’s Best Practices from a third party accepted by the bank.Bancorp South said Memphis Consumer Credit Association and other large accounting firms have agreed to assist with certification completion. Bancorp’s letter said it won’t accept self-certification.
Closers must obtain certification by July 31, 2015, according to BancorpSouth.
BancorpSouth Bank, a $13 billion-asset bank based in Tupelo, Miss., expanded into the Chattanooga, Tenn., market in September 2014.
Contact ALTA at 202-296-3671 or [email protected].