Alliant National Title Insurance Co., a unique title insurance underwriter that partners with independent agents to improve their competitive position in the marketplace, recently announced its successful completion of the Service Organization Control (SOC) 1SM SSAE 16 Type II examination, resulting in an American Institute of CPAs report stating that the company has maintained effective controls over its Agent Quality Management System. A-Lign Certified Public Accountants of Tampa, Fla., performed the engagement for Alliant National.
The successful examination of Alliant National’s processes for approving, monitoring and reviewing its agents, which results in its agents being designated as Authorized Service Providers of Alliant National, means its processes are compliant with Statement on Standards for Attestation Engagements (SSAE No. 16), Reporting on Controls at a Service Organization. Under this framework, Alliant National’s independent agents are reviewed annually against rigorous quality standards.
“Alliant National is now the only title insurance underwriter in the nation to provide an independent audit of its agent oversight systems to lenders," saidAlliant National CEO Bob Grubb. "Our goal is to provide unequivocal evidence of the quality of our agents through audited systems that lenders can rely on."
On Dec. 1, 2013, Alliant National was certified to the SSAE 16 Type I standard, and received certification to the more rigorous SSAE 16 Type II standard effective Aug. 31.
“The Type II audit validates that all processes and procedures within the Alliant National Agent QMS were followed consistently over time and provides a higher level of confidence in meeting the control objectives," said Kyle Rank, Alliant National’s chief compliance officer. "The report was issued without exceptions."
Lenders relying upon Alliant National’s oversight of its agents and its Authorized Service Provider program now receive additional assurance that the Alliant National processes are complete and function properly in accurately reviewing or certifying its agents. Having verification from an independent auditor through the SSAE 16 Type II exam provides lenders a substantive reason to accept Alliant National’s agent oversight and certification methods. The SSAE 16 Type II exam validates the systems in place to minimize risk of financial loss to customers in connection with real estate closings.
“Our SSAE 16 Type II report demonstrates we have the appropriate controls in place to mitigate risks to lenders and consumers related to agent vetting, management and compliance,” Grubb said. “The SSAE 16 standard is comprehensive and understood in the financial services sector."