FNC Title Services, LLC, a nationwide settlement provider for reverse mortgages, has received certification from the third-party risk consulting firm, Oread Partners, that the company has met and is in compliance with American Land Title Association (ALTA) Title Insurance and Settlement Company Best Practices. With this certification, FNC has definitively established that it adheres to documented operational policies and procedures which allow it to provide its clients with the best service and safety as possible.
As a result of changes to federal laws, mortgage lenders are under increased pressure to ensure that their third party settlement providers comply with applicable federal requirements, including protection of customers' nonpublic, personal information. In response to these changes, ALTA established a comprehensive Best Practices framework to be followed by title companies to assist lenders in satisfying their oversight responsibility of third party vendors. ALTA's Best Practices are closely aligned with the Consumer Financial Protection Bureau's laws and regulations applicable to the same industry. ALTA suggests title companies obtain certification of compliance with Best Practices from an independent thirty party.
"FNC understands the demanding regulations that impact our clients and this certification was necessary to create a safe financial environment and offer our clients optimal service," FNC Chairman and CEO Ali Faraphpour said. "FNC is committed to providing exemplary service for senior citizen clients and it was, therefore, critical for FNC to invest in the resources necessary to obtain independent third party certification of our best practices."