SETCO Services Earns ALTA Best Practices Certification
November 17, 2015
Florida-based SETCO Services LLC recently received its certification to ALTA’s “Title Insurance and Settlement Company Best Practices” from the independent certified public accounting firm Warren Averett.
ALTA developed its Best Practices framework to assist lenders in satisfying their responsibility to manage third party vendors. The Consumer Financial Protection Bureau (CFPB) CFPB requires that mortgage lenders have an effective process in place for managing the risks of their third-party service provider relationships, which includes title agents. A service provider that is unfamiliar with consumer financial protection laws or has weak internal controls puts consumers severely at risk. As a result of these federal regulations, more and more mortgage lenders will only allow companies who have obtained third-party certification to handle residential real estate closings.
“SETCO recognized early on that in order to maintain the high level of customer service which we consistently strive to provide we had to become exam certified as compliant with ALTA’s Best Practices Framework,” said George Brannon Jr., chief executive officer of SETCO. “Mortgage lenders need to be able to count on a third-party vendor to be compliant with this federal mandate and SETCO has taken and will continue to take the necessary steps to ensure compliance.”
Contact ALTA at 202-296-3671 or [email protected].