This merit represents our commitment to provide a positive experience for those who use our title insurance and settlement company services to assess their companies’ compliance with Federal regulations.
Knoxville, TN (PRWEB) January 26, 2015
PYA is honored to have been accepted into the American Land Title Association’s (ALTA) Elite Provider Program, and be recognized as the first Elite Provider who offers ALTA Best Practices Certification. With this honor, PYA will be featured in an upcoming special section of ALTA’s TitleNews, which will profile Elite Providers.
ALTA's Elite Provider Program provides settlement companies with a source for identifying reputable providers for performing services. According to ALTA, the Elite Provider Program “is comprised of premier service providers committed to offering comprehensive benefits to the title insurance and settlement services industry… [promoting] the highest industry standards and [providing] effective solutions for ALTA members’ critical needs.” Acceptance into the program is determined by several factors including, but not limited to, a commitment to the overall industry, national distribution capabilities, and reference checks with existing customers.
“We are very pleased to have been granted this distinction as an ALTA Elite Provider,” said Matthew Rekers, PYA’s Director of ALTA Best Practices Service Group. “This merit represents our commitment to provide a positive experience for those who use our title insurance and settlement company services to assess their companies’ compliance with Federal regulations.”
As the title industry’s national trade association, ALTA stepped in to help its members and the title industry as a whole, with the establishment of a best practices framework. The voluntary best practices were designed to assist lenders in satisfying their responsibility to manage third-party vendors, as required by Regulation X (the Real Estate Settlement Procedures Act). Beyond the establishment of these best practices, ALTA also proposed that title companies obtain certification by an independent third party. Title and settlement companies are encouraged to become certified in order to demonstrate to lenders the measures they have taken to protect the consumer’s nonpublic, personal information and to gain a competitive advantage when lenders ask for this certification.
PYA assists title companies with the development of policies and procedures consistent with ALTA’s Best Practices; implementation of ALTA’s Best Practices Framework into operational processes, written policies, and procedures; pre-assessment; and certification.
PYA recently released a white paper on the subject, American Land Title Association (ALTA): Best Practices Framework Certification, which provides further industry guidance about ALTA’s Best Practices Framework, assessment procedures, and certification package details.
PYA is a Certified Public Accounting and Consulting Firm that assists title and settlement companies with the implementation of ALTA’s Best Practices Framework and certification. For over three decades, PYA has provided exceptional professional service and delivered comprehensive services in compliance, assurance, tax, and advisory to clients. For more information, visit http://www.pyapc.com/bestpractices.