A NEW CONSULTING GROUP AT REYNOLDS & ROWELLA, LLP ADVISES REAL ESTATE ATTORNEYS AND TITLE AGENTS ON COMPLIANCE AND ALTA BEST PRACTICES SOLUTIONS. RIDGEFIELD, CT
– April 6th, 2016 Reynolds and Rowella, LLP, a regional accounting and consulting group with offices in Ridgefield and New Canaan held an educational seminar on March 31st to alert real estate attorneys and title agents to the growing importance of best practices compliance for third-party settlement service providers following the 2010 Dodd-Frank Act and establishment of the Consumer Finance Protection Bureau (CFPB). As lenders are now being held liable in real estate transactions or risk substantial fines for non-compliance, banks are looking to form relationships where service providers can demonstrate compliance through comprehensive risk management and process oversight.
The American Land Title Association (ALTA) has developed a Best Practices assessment procedure to meet these needs, leading to certification in seven major compliance areas: licensing, escrow accounting procedures, settlement procedures, title policy production and delivery, professional liability insurance coverage, consumer complaints, and privacy and information security. Reynolds & Rowella’s ALTA Compliance Solutions Group has developed a simple process to determine current practices and to fill in the compliance gaps so that clients can reach and retain certification. Periodic testing and remediation by an accounting firm are also steps recommended by ALTA.
Certification allows third-party settlement providers to leverage their relationships with lenders and position their practices as a lender’s resource of choice. Reynolds & Rowella’s ALTA Compliance Solutions Group is composed of seasoned accounting professionals, well versed in protecting their clients’ best interests. The ALTA Compliance team includes Steve Gagnon, CPA, also the firm’s Assurance Director, Stephanie Sheldon, CPA and Jarrett Meiers, Director of IT.