Posted On: January 26, 2016
SETCO Services, LLC announces successful completion of its ALTA Best Practices Exam Certification
|For Immediate Release
November 13, 2015
Miramar Beach, Florida – SETCO Services, LLC, (“SETCO”) an industry leader in title, escrow and settlement services in the Florida panhandle is now one of the FIRST title companies in Northwest Florida to obtain an ALTA Best Practices Exam Certification from a reliable, independent, third party. Independent Certified Public Accounting firm, Warren Averett certified SETCO as fully compliant with the American Land Title Association’s (“ALTA”) Title Insurance and Settlement Company Best Practices.The comprehensive requirements of the ALTA Best Practices Framework were developed to be the solution for mortgage lenders nationwide in meeting the regulatory requirements imposed by the Consumer Financial Protection Bureau (CFPB) in 2012. The CFPB requires that mortgage lenders have an effective process in place for managing the risks of their third-party service provider relationships, to include title agents. A service provider that is unfamiliar with consumer financial protection laws or has weak internal controls puts consumers severely at risk. As a result of these federal regulations, more and more mortgage lenders will only allow companies who have obtained third-party certification to handle residential real estate closings.“SETCO recognized early on that in order to maintain the high level of customer service which we consistently strive to provide we had to become exam certified as compliant with ALTA’s Best Practices Framework,” said George Brannon, Jr. CEO of SETCO “mortgage lenders need to be able to count on a third party vendor to be compliant with this federal mandate and SETCO has taken and will continue to take the necessary steps to ensure compliance.” Brannon added, “We are proud to provide our customers and mortgage lending institutions the assurance that SETCO is adhering to the consumer protection standards set by the Consumer Financial Protection Bureau.”SETCO is a real estate title and closing company serving the Florida panhandle. For more information, visit www.setcoservices.com.