ECTS Is Now ALTA Certified

Posted by on Sep 30, 2016 in Latest News | Comments Off on ECTS Is Now ALTA Certified

Emerald Coast Title Services receives American Land Title Association, ALTA, Best Practices Certification. 

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Destin, Florida (September 30, 2016) — Emerald Coast Title Services, ECTS, has been certified as compliant with ALTA’s Title Insurance and Settlement Company Best Practices by an independent third-party firm.

“We clearly understand the importance of becoming compliant with ALTA Best Practices and, as a title company, our agency takes compliance seriously. We could have elected to have a review only or an agreed upon procedure engagement but those are lower levels of assurance.  Since our commitment is to go above and beyond, we elected to take the higher step of putting ourselves through a full examination,” according to President Dion Moniz. “It was a time consuming process and a substantial investment in our infrastructure. This certification lets attorneys, lenders and property owners know that we are compliant in every way and that they can rely on us for excellence and fulfillment of our title responsibilities. We are proud of our team in Destin and on 30A.”

The Best Practices certification is designed to assure attorneys, lenders and property owners of a title agent’s compliance with laws as mortgage lenders continue to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 which was designed to protect consumers. Under Dodd-Frank banks are responsible for compliance with all consumer protection laws by third-party vendors, including title companies.

ECTS took part in the compliance program administered by Carr Riggs & Ingram, LLC., CRI, a certified public accounting firm.  CRI Audit Partner Tim Fulmer outlines, “Less than 20% of companies who are ALTA certified have gone through the more robust examination which includes compliance readiness and initiated compliance testing.  The certification is impactful in the Northwest Florida market as approximately 90% of title companies lack this certification in the markets served by ECTS. ”

ALTA’s Best Practices certification checklist includes licensing, escrow accounting procedures, privacy and information security, settlement procedures, title policy production and delivery, professional liability insurance coverage, as well as the handling and resolution of consumer complaints.

The certificate of compliance and CPA attestation report was issued to ECTS on September 29, 2016 and is available for review here:  ECTS Certification Report .

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