Many title and escrow companies undergo cybersecurity and IT compliance audits. In April 2012, the Consumer Financial Protection Bureau (CFPB) issued Bulletin 2012-03 titled “Service Providers”. The CFPB bulletin included expectations around supervised banks and non-banks (i.e. lenders) to oversee business relationships, including compliance initiatives, with their service providers. The bulletin was meant to ensure practices were in place to meet Federal consumer financial law, which is designed to protect the interests of consumers and avoid consumer harm.
The title and escrow marketplace has been baffled on the best way to demonstrate adherence to the new CFPB guidance. Amid the fog of uncertainty, the SOC 1 audit is the prevailing compliance vehicle of choice when meeting the CFPB requirements. In response to the CFPB bulletin, many title and escrow companies have been in search of specific guidance to follow to come into compliance. One of the more popular sources of guidance has come from the American Land Title Association® (ALTA®). ALTA® has created the Title Insurance and Settlement Company Best Practices. To test compliance with these best practices, many in the title and escrow industry are using the SOC 1 audit as the “go-to” compliance vehicle of choice.
Unlike most CPA and professional service firms, we do not view ourselves as a simple third-party vendor who is tasked with helping you seek a means to an end. Rather, our team establishes a very close-knit relationship with your team, becoming a trusted partner to your business. CyberGuard Compliance always keeps your goals and priorities at the forefront of our services delivery process.
As your trusted service partner, we are your one-stop shop for all your IT compliance and cybersecurity needs. Our tailored compliance solutions and efficient auditing methods allow your company to not only save on audit and compliance costs, but more importantly, reduces your internal level of effort and time your key personnel spend on annual compliance projects. Contact us today to speak to one of our team members and experience the CyberGuard Compliance difference.
CyberGuard Compliance provides the following services to title and escrow companies:
Educating our clients is very important to us. We have developed a series of educational and informational videos to help you understand the need to undergo a compliance audit, provide an introduction to CyberGuard Compliance as a firm, and illustrate our approach to partnering with you to deliver the services.