Now that your financial institution partners are under further scrutiny for vendor management responsibility, careful consideration for compliance should be taken. Having a third-party assessment of your compliance is a highly recommended step in that process. Once you have decided to move forward with a formal assessment of your ALTA Best Practices Framework compliance, Honkamp Krueger & Co., P.C. can help.
HK can help you with any uncertainty you have for how to comply and demonstrate your compliance to your financial institution, underwriters and consumers. Our process is a cost-effective, three-step solution including an online self assessment, on-site readiness assessment, and compliance assessment.
ALTA Best Practices Compliance Gauge
If you are wondering where your company currently is at on the compliance spectrum, the ALTA Best Practices Compliance Gauge is the place to start. This online self-assessment will generate a report to show you the areas where you need the most help. This tool makes it easy for you to identify the areas within each pillar of the ALTA Best Practices Framework where you need to focus your attention for improvement, as well as the areas where you may be ready for your company to move on to the readiness or compliance assessment.
Benefits of compliance
- A competitive edge with your banking partner over other title agents or settlement firms who don’t show proof of compliance
- Credibility in the marketplace
- Peace of mind knowing that you have controls and processes in place
- Efficient operations supported by trained employees
Risks of non-compliance
- Lost revenue from business partners (lenders, real estate agents, underwriters) who are not doing business with non-certified companies
- Risk of breaches from failing to implement the recommended practices for protecting personal information and carrying out title and settlement activities
- Higher risk for fraud caused by misappropriation of escrow funds, personal information and underwriter revenues
- Possible penalties from violations for failure to comply with federal consumer financial laws such as GLBA Privacy Requirements and Dodd-Frank prohibition on unfair or deceptive acts and practices