Compliance & Best Practices
Lenders are held to account for the companies they close with. Here is what stands behind every file we handle.
ALTA Best Practices
Title Services Corporation has adopted the Best Practices of the American Land Title Association (ALTA) and has written policies that put them into daily operation for every member of our team. The Best Practices give settlement companies a framework for complying with the law, protecting personal information and running a responsible business. We are an active member of ALTA and the Best Practices are part of our culture.
The seven pillars
- Licensing. Maintain the licenses required to conduct the business of title and settlement.
- Escrow trust accounting. Controls and reconciliations that protect funds held for others.
- Privacy and information security. A written program to protect non-public personal information.
- Settlement procedures. Policies for recording, pricing and disbursement that follow the law and the contract.
- Title production and delivery. Procedures for producing and delivering title documents on time.
- Professional liability coverage. Appropriate errors and omissions and fidelity coverage.
- Consumer complaints. A process for receiving and resolving complaints.
Independent SOC-1 audit
We wanted to take our commitment a step further than adopting a standard, so we asked to be examined. An independent national auditing firm conducted an extensive audit of our business, operational, accounting, financial, security and technology controls for title and settlement operations, and issued a SOC-1 attestation.
The settlement industry faces more regulatory scrutiny than it ever has, and our lending clients need partners who are dedicated to compliance and consumer protection. The attestation is evidence of that dedication. If your vendor management process requires our report, contact us.
The 12th Floor Group
Title Services joined other leading settlement and title providers across the country to form the 12th Floor Group. It gives lenders, servicers and asset managers a single point of contact for nationwide title and settlement work, delivered by local brick-and-mortar members who know local customs, rules and practices. Each member is vetted and must maintain an AICPA service organization report.
Protecting your money and your information
- Our online forms never ask for a Social Security number or a bank account number.
- We will never email you new wiring instructions. Read our wire fraud warning.
- Our website runs over an encrypted connection on every page.
Questions for Our Compliance Team?
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