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First Title & Escrow, a National Title Company, Providing Title Insurance and Closing Solutions, Announces the Successful Completion of Their SSAE16 SOC 1, Type 1 Audit(November 28, 2012)
Rockville, Maryland (PRWEB) November 28, 2012
First Title & Escrow, a national title company providing real estate title insurance and closing solutions, has received their 2012 SSAE 16 SOC 1, Type I, Audit Certification and is excited about the opportunities it presents to their national, regional and local banks, mortgage companies, credit unions and real estate professionals in the origination and servicing industry. First Title values the importance of the SSAE 16 to lending organizations in the provision of real estate title insurance, escrow and related closing and settlement services nationwide.
The CFPB issued an alert to all Banks and Lending Institutions that effective January 1, 2013, they will be responsible for proper oversight of third party providers they employ. As further clarification of that regulation, the CFPB issued a list of steps institutions should be taking in regulating their third party vendors, one of which was the review of providers "Polices, Procedures, Internal Controls and Training Materials to ensure that the service provider conducts appropriate training and oversight of employees" that have "consumer contact" and "compliance responsibilities".
The SSAE16, SOC 1 Audit Certification is the benchmark in which these controls are measured in the title insurance and closing services industry. It's statement to our customers that First Title "has the financial and operational controls in place that's important to the national lending community today", states Stephen Papermaster, President of First Title. This certification "provides our clients the confidence that First Title adheres to industry accounting standards, making us a logical national title and closing services company partner in servicing the lending industry, We take this trust very seriously in every transaction processed," states Pamela Gibbons, SVP Operations.
The SSAE 16 is an enhancement on the current standard for Reporting on Controls at a Service Organization, the SAS70. It evaluates the company's design as well as the implementation and field testing of the following controls: General and application controls, information and communication system overview, monitoring procedures, the control environment, and the risk assessment process. You can read more about the SSAE 16 at their resource center located at http://www.ssae-16.com
First Title is pleased to offer its clients the peace of mind that they are working with a company that meets the highest echelon of global reporting standards.
About First Title & Escrow, Inc.
First Title & Escrow, Inc.is a a national title and real estate settlement services company serving lenders, banks, brokers, servicers, asset managers and as well as government sponsored enterprises, Fannie Mae and Freddie Mac, through FT's subsidiary company, Streamline Title & Escrow Services, LLC.
Read the full story at http://www.prweb.com/releases/nationaltitlecompany/firsttitle/prweb10170729.htm.
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