Des Plaines, Illinois – December 03, 2015 – Prism Title Services, LLC, announced it has been certified in regard to compliance of ALTA’s “Title Insurance and Settlement Company Best Practices.” Prism Title reported it completed an Examination that involved a complete assessment of processes and attained a “Pass” rating for all Seven Pillars included in the compliance benchmarks of ALTA’s Best Practice certification.
After completing an internal assessment in mid-2015, Security Compliance Associates assessed the title agency on the Seven Pillars. SCA provides what many consider to be the finest information security services available in the market today. They conducted a four month audit of Prism Title’s operational and financial processes, which included a review of Prism’s existing information security policies, standards, practices and procedures, and provided an assessment based on compliance with FRS, FDIC, OTS, OCC, or NCUA regulations, FTC, PCI-DSS, HIPAA and FFIEC guidance, industry standards and SCA best practices.
“We chose Security Compliance Associates because for over 10-years their core team has established a sterling reputation among more than 500 financial institutions, 200 healthcare organizations and other businesses who handle sensitive information. SCA has a long history of success based on its core values which include building lifetime partnerships based on mutual trust and respect, a culture of service and employing dedicated, knowledgeable staff with advanced experience in these types of assessments,” says Robert Bingham, President, Prism Title Services, LLC.
Bingham added: “While the process was time consuming and required a sizable financial investment, it’s important to demonstrate to the lender community and to real estate agents that Prism is committed to being ‘Best-in-Class’ in the title industry. It is no secret that TRID and Dodd-Frank legislation has changed the market.” He goes on to say: “Under the new TILA-RESPA Integrated Disclosure Rule Lenders have found themselves held to closer scrutiny as well as having to answer for any improprieties of their vendors, including firms in the title and settlement niche. Title Agencies are discovering that Lenders want a higher degree of assurance that they are adhering to the industries Best Practice protocols. In the near future, in order for Title Agencies to provide evidence of compliance, it will be necessary to possess Assessments and Certifications from third-party auditing firms to establish their compliance and ‘Best-in-Class’ status.”
In a March Newsletter to its network of settlement agents, Wells Fargo said that it encourages settlement agents to implement ALTA’s Best Practices. According to the newsletter: “Wells Fargo supports ALTA’s Best Practices and considers them to be guidelines for sound business practices that should ideally already be in place for businesses providing titles and closing services for our customers.”
Prism Title is a full-service title, settlement and vendor management services company serving real estate companies, attorneys, and financial institutions in support of residential and commercial real estate transactions. Prism operates in 43 states to provide a range of title and closing services both direct and through national title partners.
Prism is known for its industry-leading customer care and the depth of its title expertise. For the last ten years, Prism has been a recognized leader providing national title solutions. Prism Title writes title insurance through four of the largest and most respected underwriters in the country. These are Chicago Title Insurance Company, Fidelity National Title Insurance Company, First American Title Insurance Company and Stewart Title Guaranty.
More information about Prism Title Services, LLC, is available at: www.prismtitle.com
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Company Name: Prism Tite / I.C.O. Robert Bingham
Contact Person: Media Relations
Phone: (847) 677-9900
Address:1011 E. Touhy Avenue, Suite 350
City: Des Plaines
Country: United States