Atlantis National Services Completes SOC1 TYPE 2 Exam

October 23, 2014

Atlantis National Services Inc., a 32-state licensed title insurance agent, announced it has completed a Service Organization Control (SOC1 Type 2) examination by its auditors at Mayer, Hoffman, & McCann P.C. Atlantis' examined controls have been established, maintained and operated under the supervision of the founding partners Radni Davoodi and Raymond Y. Davoodi.

A SOC 1 SM report is designed to meet the needs of user entities’ management and auditors as they evaluate the effect of a service organization’s controls on a user entity’s financial statement assertions. These reports are important components of user entities’ evaluation of their internal controls over financial reporting for purposes of compliance with laws and regulations and for when user entity auditors plan and perform financial statement audits.

"We are pleased that our SSAE 16 report has shown that we have suitably designed and operating effective controls,” said Radni Davoodi. “As part of our mission to our industry and commitment to our clients; we strive to deliver the best product possible and plan on doing so with complete transparency. By going through such an extensive 6 month auditing process, we are now able to provide lenders and other financial institutions a report that addresses their concerns in a format which is most familiar to them at their level of assessment.”

The SSAE 16 requirements became a hot topic in the financial industry after the Office of the Comptroller of the Currency (OCC), the regulatory body that supervises all national banks, federal savings associations and foreign banks, issued a bulletin on Oct. 30, 2013, detailing Third-Party Relationships and Risk Management Guidelines.

“Lending institutions, warehouse providers, secondary investors, and FDIC Banks are looking for security from their critical third-party vendors and the SSAE 16 has become the standard that many in the industry are requiring from their title insurance providers," said Marx Sterbcow, Atlantis' RESPA, compliance and regulatory attorney. "When my clients ask me what they should do to stay in business, I tell them to achieve SSAE 16 certification as their highest priority."

 


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

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