Orange Coast Title Co. and its Family of Companies, announced it has completed its SSAE 16 audit with no exceptions for the third consecutive time.
The American Land Title Association (ALTA) developed a list of Best Practices for the settlement industry. The SSAE (Statement on Standards for Attestation Engagements) No. 16 audit is performed by an independent, outside CPA firm examining the company’s control policies, protocols and procedures as they pertain to ALTA Best Practices.
In addition, Orange Coast Title Co. and its Family of Companies has a full-time Best Practices employee/auditor as well as an in house committee that meets monthly to ensure that these protocols are being followed throughout the company’s many subsidiaries.
“The main intent for implementing the Best Practices seven pillars is to mitigate the risks to protect consumers and protect institutions from liability,” Orange Coast Title President and Chief Operating Officer Rich Macaluso said in a press release. “We do not take this lightly. We have devoted many man hours and hundreds of thousands of dollars to insure our policies to protect NPI are in place and monitored regularly. We perform quarterly internal audits and provide operations managers and the committee with written reports.”
The guidelines for this audit were set by ALTA to insure consumers are protected according to the guidelines of The Consumer Financial Protection Bureau (CFPB), which governs lending institutions and their vendors including settlement providers.