Alliant National Title Insurance Co., a title insurance underwriter partnering with independent agents, completed the Service Organization Control (SOC) 1SM SSAE 16 Statement on Standards for Attestation Engagements (SSAE 16) examination. The American Institute of CPAs issued a report stating that Alliant National maintains effective controls over its Agent Quality Management System. A-Lign Certified Public Accountants of Tampa, Fla., performed the engagement for the company.
“Alliant National is the only title insurance underwriter in the nation to provide an independent audit of its agent oversight systems to lenders,” said Robert Grubb, chief executive officer of Alliant National. “Our goal is to provide evidence of the quality of our agents through audited systems lenders can rely on.”
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 SSAE 16. The company’s agents are reviewed annually against rigorous quality standards.
Lenders that rely on Alliant National’s oversight of its agents and its Authorized Service Provider program can now receive assurance that the processes Alliant National has in place are complete and function properly in accurately reviewing or certifying its agents. Having verification from an independent auditor, through the SSAE 16, provides lenders a substantive reason to accept Alliant National’s agent oversight and certification methods. The SSAE 16 validates the systems in place to minimize risk of financial loss to customers in connection with a real estate closing by using an Alliant National Independent Agent.
“We are pleased that our SSAE 16 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. “We chose the SSAE 16 standard because it is comprehensive and it is understood in the financial services sector. Lenders’ risk management teams and financial auditors see these reports routinely and are familiar with their structure and content. Through the scope of our assessment we help lenders in their task of managing settlement service providers appointed by Alliant National.”
Kyle Rank, chief compliance officer at Alliant National Title Insurance Co., said, “Our agents’ customers now have the best assurance available in the industry that their transactions are being handled by a verifiable system of internal controls designed to protect them. In addition, Anne-Queline Keller, our continuous improvement manager, was certified as an ISO lead auditor. This helps her in conducting internal audits of our systems and in participating on teams involved in our continuous improvement efforts.”