TitleSave Demonstrates Compliance with ALTA’s Best Practices Through HA&W Program

June 18, 2015

New York-based TitleSave Agency Inc. has demonstrated compliance with ALTA’s Best Practices through HA&W’s ComplianceSuccess Program.

TitleSave, a growing, Long Island-based title insurance agent, chose to be an ALTA Best Practices leader to demonstrate its commitment to lender customers as the company implements third-party risk management procedures required by the Consumer Financial Protection Bureau.

According to Stephen Woods, president of TitleSave Agency, the company understands the importance and impact of the regulatory changes that are occurring within the title industry and is dedicated to staying at the forefront of compliance.

“Partnering with a CPA firm to get compliant with ALTA Best Practices provides lenders, attorneys and my other clients with a greater level of assurance than working with other companies providing ALTA Best Practices certifications today,” Woods said. “Financial institutions already trust, and are familiar with, the professional standards and reports provided by CPAs. For us, the decision to work with HA&W’s ComplianceSuccess Program was an easy one.”

A recent survey conducted by HA&W’s ComplianceSuccess Program of title and settlement professionals found that large companies are six times more likely than other companies to have started the process of becoming compliant with ALTA Best Practices pillars.

“TitleSave is leading the way among agents by stepping up and getting compliant with ALTA Best Practices, and we expect to see a wave of companies of similar size follow suit as financial institutions like Wells Fargo, Suntrust and BancorpSouth have begun to announce their compliance guidelines for third-party partners,” said Lee Fields, managing director of Business Consulting Services at HA&W.

HA&W, through its ComplianceSuccess Program, is the leading CPA firm in the nation to perform ALTA Best Practices compliance benchmarking and assurance reporting services. The program provides title and settlement professionals with comprehensive testing and reporting options, from an assessment of the current level of compliance to CPA attestation reporting through a review or examination engagement, across all seven ALTA Best Practices pillars.

Contact ALTA at 202-296-3671 or communications@alta.org.