When Title Midwest Chairman of the Board and CEO John Stauffer determined his lenders and the mortgage lending industry were going to be vetting their title companies with a fine-tooth comb, he wanted to be prepared.
“We wanted to tell them and show them that we were audited by an outside organization, so we had the best opportunity to do business when they were looking at their vendors in the title industry,” he said.
He started with a self-assessment based on the American Land Title Association Best Practices. No one had yet asked for a third-party assessment, but he wanted to be proactive.
“We thought it would be a competitive advantage for us to be the safest and best company around when lenders were making their decisions,” Stauffer said. “We also believed if we were not doing it now, lenders will eventually look for companies that are SSAE reviewed. … We wanted to be one step beyond simply the ALTA Best Practices.”
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