SAFEGUARDING YOUR INFORMATION AND YOUR INVESTMENT
In 2023, Southern Title completed a rigorous third-party Best Practices examination and audit conducted by Security Compliance & Associates (SCA) and earned the ALTA Cyber Information Security (Pillar 3) Certificate. This robust audit includes the Gramm-Leach-Bliley Act (GLBA) Information Security Gap Analysis, and demonstrates compliance with regulatory authorities including the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), Office of the Comptroller of the Currency (OCC), Federal Financial Institutions Examination Council (FFEIC), and other federal regulatory agencies.
The Company is currently pursuing renewals of its 2021 ALTA Best Practices Pillar 1-7 Core Title and Settlement Information Security Certification.
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
The Consumer Financial Protection Bureau (CFPB) is a government agency that was formed as a result of the Dodd-Frank Wall Street Financial Reform Act of 2010. enforcing consumer financial protection laws, and by empowering consumers to take more control over their economic lives. One of its directives was to develop the Know Before You Owe Mortgage Rule (also called the TILA-RESPA Integrated Mortgage Disclosure Rule), which combines the federal Truth in Lending Act and Real Estate Settlement Settlement Procedures Act disclosures that are used in home purchases using federally backed mortgage loans.
Regulatory Compliance
The new regulations change the processes most buyers and sellers have grown accustomed to when buying, selling, and refinancing real estate for more than 30 years. They also increased regulations geared toward lenders and settlement service providers, including title companies, who gather information from buyers and sellers, conduct title searches, prepare documents, conduct real estate closings, and issue title insurance policies. Since the passage of Dodd-Frank, Southern Title has worked diligently to understand the law, develop policies and procedures to ensure compliance with the new regulations, and educate our customers about how the changes will impact them.
Best Practices
The American Land Title Association (ALTA) created the “7 Pillars of the Best Practices” to help the title industry comply with the new regulations that comprise the Know Before You Owe Mortgage Rule. The Best Practices are industry standards that highlight the policies and procedures that will protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience. Southern Title has developed a comprehensive manual outlining its standard operations that strictly adhere to the Best Practices in order to meet CFPB's guidelines and lender's requirements.
