MIAMI – Sept. 19, 2016 – North American Title Group Inc. (NATG) has received a Certificate of Compliance from HA&W through its ComplianceSuccess program. The certificate attests that HA&W has examined NATG’s title insurance and settlement practices and they comply in all material respects with the American Land Title Association (ALTA) Best Practices framework.
With 135+ branches and 1,200 associates, NATG is the largest title company to receive this certification from HA&W.
“The Consumer Financial Protection Bureau (CFPB) has notified lenders that they are expected to have an effective process in place for managing the risks of third-party service providers, which include title companies and residential settlement agents such as North American Title,” said Tom Fischer, NATG president. “This Certificate of Compliance confirms our commitment to following the ALTA Best Practices, which benefits our lender customers as well as the real estate agents, brokers, home buyers and sellers who use our services.
“Our choice of HA&W, a provider that adheres to the professional guidelines of the American Institute of Certified Public Accountants (AICPA), was an investment of both time and money,” added Fischer. “Receiving this certificate is a testament to our associates and managers nationwide, who have worked very diligently to follow the policies and procedures leading to compliance with Best Practices.”
The ALTA Best Practices framework includes guidance in seven areas: licensing, escrow accounting procedures, privacy and information security, settlement procedures, title policy production and delivery, professional liability insurance coverage, and consumer complaints. HA&W performed its examination during the three-month assessment period, March 1 through May 31, 2016, and issued its certificate on Sept. 14.
“When lenders look to reduce their business and regulatory risks, they can look to North American Title for settlement services and title insurance that meet regulatory standards,” said Fischer. “We know staying compliant with ALTA Best Practices is not a one-time event. We will continue for the sake of all our customers to stay abreast of regulatory changes and follow Best Practices on an everyday basis.”