HA&W to Refund Fee if Lender Rejects Best Practices Compliance Report

August 11, 2015

Title agencies that partner with HA&W’s ComplianceSuccess Program are facing a unique challenge as the title and settlement industry evolves its policies and procedures. That is why HA&W has announced that it will provide its title agents with a financial safety net for their compliance reports.

ComplianceSuccess provides the title and settlement industry reporting options to demonstrate compliance with ALTA’s “Title Insurance and Settlement Company Best Practices,” either by a review, an examination or a Service Organization Control (SOC) report. The accounting firm pledges to charge for only the incremental work necessary to reissue a report if ALTA updates its Best Practices Assessment Procedures within six months of the issuance of a HA&W report. The firm will also refund a report fee if a lender rejects a client’s report within 90 days of issuance and requires that the client obtain a new report from another CPA firm.

Lee Fields, managing director of HA&W’s Business Consulting Services, said he is confident that lenders will accept his company’s examination or review report.

“As national and regional lenders continue to provide guidelines to their third-party providers on how to comply with CFPB regulations, we are seeing the urgency of title and settlement professionals to become compliant with ALTA’s Best Practices Framework increase,” Fields said. “By offering review, examination and SOC reporting options, we are providing title and settlement professionals of all sizes with a report that fits their needs and risk profile.”  

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