Core Title Services Receives ALTA Best Practices Certification from CPA Firm
June 14, 2016
New York-based Core Title Services LLC has been certified as compliant with ALTA’s Title Insurance and Settlement Company Best Practices. ALTA’s Best Practices framework includes licensing, escrow accounting procedures, privacy and information security, settlement procedures, title policy production and delivery, professional liability insurance coverage, as well as the handling and resolution of consumer complaints.
Core’s announcement comes as mortgage lenders continue to comply with the Dodd-Frank Act of 2010, which was designed to protect consumers from unscrupulous business practices by the banking industry. Under Dodd-Frank, banks are responsible for compliance with all consumer protection laws by third-party vendors, including title companies. Best Practices certification by a third-party firm is designed to assure attorneys, lenders and property owners of a title agent’s compliance with these laws.
Core took part in the ComplianceSuccess program administered by Habif, Arogeti & Wynne LLP (HA&W), a certified public accounting (CPA) firm based in Atlanta. As part of the program, HA&W assessed Core’s compliance readiness, identified areas that needed remediation and initiated compliance testing. Once Core became compliant in every area of the Best Practices, HA&W issued a certificate of compliance and CPA attestation report. On April 29, 2016, Core received this certification and report from HA&W. Getting to this point is a rare achievement among the 3,000-plus title agents in New York State.
“We were honored to have been chosen by Core Title Services to perform their ALTA Best Practices certification based on CPA attestation standards,” said Lee Fields, managing director of business consulting services at HA&W. “Core Title Services understands the importance of becoming compliant with ALTA Best Practices and, as a leader in the title industry, the agency takes compliance seriously. Their certification provides their lenders, consumers and clients with a high level of assurance that Core Title Services’ business is in compliance with ALTA Best Practices.”
Compliance with ALTA Best Practices gives attorneys, lenders and property owners great confidence in Core’s ability to operate and conduct business to the highest industry standards, the company said in a release.
“We are thrilled to receive this certification, which is a rare feat for a title agent in New York State,” said Andrew J. Zankel, vice president and manager for Core Title Services. “It took a lot of time and substantial investment in our infrastructure, but it was worth it. This certification lets attorneys, lenders and property owners know that we are compliant in every way and that they can rely on us for excellence and the proper fulfillment of our professional responsibilities. This is a proud moment for the company.”
Contact ALTA at 202-296-3671 or [email protected].