Orlando, FL, February 4, 2015 – F. Larry Joseph, CEO, announced today that Equitable National Title Group, LLC, managing partner of the Equitable Title entities, is now the first title company in Central Florida to be awarded certification in ALTA’s “Best Practices,” a series of guidelines designed to protect consumers, promote quality service, and meet legal and market requirements.
Best Practices sets the standard of expectations for title companies in the wake of the CFPB’s April 2012 bulletin that mandated mortgage bank lenders monitor their third-party vendors’ compliance with federal consumer financial laws.
Equitable Title retained Security Compliance Associates, the industry leader in ALTA’s Best Practices assessments, to conduct their assessment, guide them through remediating shortfalls, and re-evaluate their overall security posture to ensure they were meeting industry and regulatory standards, dictated by GLBA & the FTC. “SCA is pleased to award Equitable Title a certification of completion on ALTA’s Best Practices Framework. The focus and extension on compliance from the Equitable Title team demonstrated their industry leading approach to protect consumers and be ahead of the industry to meet and exceed lender requirements” state Jim Brahm, CEO of Security Compliance Associates.
“We have been working diligently over the past few years to remain at the forefront of consumer protection and keep up with the changes in the financial industry,” Larry Joseph said. “I could not be more proud of my team and what we have accomplished with this certification.”
“I’m also pleased to be able to assure our friends in the Real Estate industry that they should not anticipate any disruptions as the August 1, 2015 date arrives and the transition from the HUD-1 to the new disclosure goes into effect.”
COO, Jon McGraw, ESQ. reminded us that “Mortgage lenders, who are now liable for their third-party vendors, will not have to go through rigorous approval processes to utilize the services of Equitable Title. Best Practices is a series of 7 Pillars that set the standard of expectations for Title Companies nationwide.” Per his testimony, the pillars are a guideline for all closing professionals, which will assist lenders with the approval process of the best title companies and closing professionals in the country.” McGraw continues with what he says consumers need to know, “Effective immediately, you can rest assured that your identity, as well as the funds you place in escrow, are fully protected during, and after completion of, closing services conducted by Equitable Title.”
“Out of an abundance of caution, Equitable Title carries cyber insurance, in addition to the required errors and omissions insurance, to ensure that we have the financial capacity to stand behind our professional services. Lenders, real estate agents, and consumers alike can continue to expect outstanding and professional service from Equitable National Title Group” F. Larry Joseph concludes.