ALTA Best Practices Audit Services
We Can Help Your Settlement Agency Minimize Risk and Stay Competitive
Beginning in January 2014, residential mortgage lenders had to be in compliance with the Consumer Financial Protection Bureau’s (CFPB) Real Estate Settlement Procedures Act (Regulation X). The CFPB subsequently issued Bulletin 2012-03 that stated mortgage lenders are responsible for ensuring their service providers (e.g., real estate settlement attorneys and title companies) are in compliance with Regulation X.
As a result of this Bulletin, settlement attorneys and title companies are continually receiving requests from each of the mortgage lenders they work with to come onsite and perform audits to ensure compliance.
To help real estate settlement attorneys and title companies, the American Land and Title Association (ALTA) developed a best practices framework and assessment procedures that these companies could use to ensure compliance with Regulation X.
To reduce the burden of continuous audits on real estate settlement attorneys and title companies, Keiter is performing annual audits following the ALTA best practices framework that can be provided to each of the mortgage lenders. The benefits of having the audit include:
- Eliminating the need to have multiple mortgage lenders come on site to perform the audits.
- Differentiating yourself from the competition.
- Ensuring you have adequate controls in place to retain current clients.
In addition to performing the annual audits, Keiter performs readiness assessments for settlement agencies to ensure the company has adequate controls in place prior to performing the audit.