Single Source Real Estate Services and Charter Title Recognized as Among First Firms in N.C. to Receive a Review Report Demonstrating Compliance with ALTA Best Practices
Review report issued through HA&W’s ComplianceSuccess Program which provides comprehensive testing and reporting services on compliance across all seven ALTA Best Practices Pillars
April 09, 2015- Single Source Real Estate Services, Inc. (Single Source), a real estate settlement company that provides non-legal support services to real estate closing attorneys, and Charter Title, LLC, a title company that has been providing title services to southeastern North Carolina’s real estate market since 2007, announced today that they are among the first firms in North Carolina to pass compliance testing with the American Land Title Association’s (ALTA) Best Practices Framework and receive a review attestation report demonstrating compliance from HA&W.
In 2012, the Consumer Financial Protection Bureau (CFPB) created requirements that mortgage lenders have an effective process in place for managing the risk of their third-party service provider relationships, including settlement attorneys and title agents. ALTA developed its Best Practices Framework as a solution to enable mortgage lenders across the country to meet the regulatory requirements of the CFPB. HA&W’s ComplianceSuccess Program provides attorneys, settlement companies and title agents with comprehensive testing and reporting services from an assessment of the current level of compliance to CPA attestation reporting through a review or examination engagement. This provides mortgage bank lenders the assurance they need to continue to do business with these title and settlement professionals.
Single Source and Charter Title have been tracking the development of ALTA Best Practices for over a year and have consistently modified their policies and procedures to meet the requirements of the ALTA Best Practices Framework. When it was time for benchmarking, testing and reporting on their compliance, they recognized that working with an independent and objective third party with professional standards to perform their review was a critical part of the process.
“Having a CPA perform a review of a company’s policies and procedures provides more credibility to the compliance report based on ALTA Best Practices Framework,” said Tony Chavonne CPA, President of Single Source Real Estate Services. “I believe that in the future all lenders will require that their service providers provide them with a CPA review or examination report.”
In addition, Single Source is requiring that all the attorneys that the firm works with receive testing and reporting on their compliance with ALTA Best Practices from HA&W. ALTA Best Practices require settlement companies to also vet the attorneys they work with to ensure they are ALTA Best Practices compliant as well.
“Some settlement companies use outside attorneys to perform legal services in connection with real estate closings on residential properties,” said Lee Fields, managing director of HA&W’s ComplianceSuccess Program. “To mitigate risk for the consumer and the lender, Single Source and Charter Title are taking a firm stand by being among the first to obtain compliance with ALTA’s Best Practices and to require the attorneys they work with to do the same.”
For more information about HA&W’s ComplianceSuccess Program, visit http://www.compliancesuccess.com or call 1-844-848-6529.
Habif, Arogeti & Wynne, LLP (HA&W) is the first CPA firm in the nation to perform ALTA Best Practices compliance benchmarking and assurance reporting services through its ComplianceSuccess® Program. HA&W’s ComplianceSuccess Program provides independent third-party assurance using CPA professional standards on attestation reporting, trusted by banking and financial institutions. Our fast track approach will assess your current level of compliance and provide you with a remediation plan in three to five business days. In addition, HA&W performs compliance attestation services to verify compliance, and will provide you with a CPA attestation report so that you can demonstrate compliance to lenders. Our process delivers the best price point to achieve compliance, offering complete compliance benchmarking and reporting across all seven ALTA Best Practices pillars. To ensure our ComplianceSuccess Program is in lock step with industry standards and requirements, HA&W is actively involved at the highest level with ALTA, AICPA and the Mortgage Bankers Association.
About Single Source Real Estate Services, Inc.:
Established in 2002, Single Source Real Estate is a real estate settlement company that provides non-legal support services to real estate closing attorneys.
About Charter Title, LLC:
Charter Title LLC was established in 2007 and offers title services in both North Carolina and South Carolina. It is affiliated with First American Title Company and WFG National Title Insurance Company.