ROCKVILLE, Md., Aug. 9, 2016 /PRNewswire/ -- 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 3rd 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 3rd 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 that title companies obtain certification of compliance with Best Practices from an independent thirty party.
FNC is pleased to announce that on July 29, 2016, it received its Certification of its adherence to ALTA Best Practices by a 3rd party risk consulting firm. The independent firm issued this certification to FNC after a thorough and exhaustive audit of FNC's policies and procedures. 3rd party certification to ALTA's Best Practices demonstrates that FNC has internal policies and procedures in place to protect lenders and consumers and ensure a positive and compliant real estate settlement experience.
"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," said Ali Farahpour, Chairman and CEO of FNC. Mr. Farahpour explained that "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 3rd party certification of our best practices."
FNC is a national title agency that specializes in serving reverse mortgage lenders and senior citizen borrowers. FNC's corporate office is located in Rockville, Maryland just outside of Washington, DC and has an additional location in Houston, Texas. Allegiant Reverse Services, a division of FNC Title Services, is based in, and operates out of, Roseville, California.
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SOURCE FNC Title Services, LLC