8 Things Every Title Professional Should Know in 2015: #1 Know Your Options

As of today, TRID enforcement is just under 35 days away. That means that in about 3 weeks, if you are not up to date with compliance requirements, you will not enjoy the rest of 2015, as you will be playing catch up, paying fines and possibly in the market for a new job. For the last month, Atlantis has taken you through the murky waters of TRID. Now, as we wind down the series, we want to share one our personal gems with you – that is our Agency Lifeline Program.

From the outside, all title companies might appear to be the same. We close, underwrite, sign and notarize. It’s pretty standard. But within the foundation that makes a good title agency, there are several factors that distinguish a good title agency from a great title agency. In the wake of TRID, stability is the difference between your office remaining in business or going under in a boatload of compliance woes. For our final blog in the series “8 Things Every Title Professional Should Know in 2015”, we’re exploring Atlantis’ very own Agency Lifeline Program, an initiative started to combat the effects of TRID by inviting agents to partner with Atlantis for access to resources, networks and of course, capital.

The Agency Lifeline is not just a product or service offered by The Atlantis Organization – rather it’s a network, a safety net and a support system all in one. By joining our esteemed staff of agents, producers, closers and underwriters, you can grow your own professional landscape while benefiting from our office –fully equipped and TRID compliant.

How does it work?

It’s simple. Give us a call, pack up your office, grab your clients and come on over! You tell us what you need and how you work. We give you resources and flexibility. It’s a win-win for everyone.

Whether you’ve been in the industry for 5 years or 20, we can help you build a great foundation for a future in real estate or help you solidify that foundation if you’ve already established.

Benefits of Joining the Lifeline Network

  • SSAE 16 SOC1 Type II Audited

  • Cyber Security Liability Insured

  • E&O Insured & Fidelity Bonded

  • Late Night/Remote Closings Across USA

  • National Title Insurance / Escrow Provider

  • Fully Compliant With RESPA, HUD & ALTA Guidelines

  • Investor Friendly Providing Speculation Search Accounts

  • Full Medical Coverage & Benefits Under ADP Total Solutions

  • Defective Title Report Consulting & Repair Services Available

  • Proprietary Real Time Web-Enabled Title & Escrow Technology

  • All Transactions Underwritten By Top Rated Title Insurance Companies

  • Title Licensing Support Provided for NYS Attorneys & Qualified Account Executives

  • Fully Centralized Production, Underwriting, Closing, Escrow and Recording Provider

  • Transparent To All Parties With Full Access To Web Pipeline 24 Hours/7 Days A Week

  • Accessible Database Of Real Estate Professionals To Help Facilitate Any Specialty Services

And what about the rest of the team? The people that work in title but aren’t agents? How can lifeline benefit you?

In London, the FCA (Financial Conduct Authority) serves a role similar to the CFPB in the states – they actively regulate the responsibilities and obligations of the legal, real estate and overall financial sector.

Earlier this summer, Winston & Strawn's London Litigation and Regulatory Practices journal published The Increasing Accountability of Compliance Officers, an article that explored the key contributors to successful compliance implementation for financial institutions throughout London. For your convenience, below we've included their summary, but replaced CFPB with FCA. With our system and these principles, any one within the title industry can enjoy the benefits of Agency Lifeline.

Appropriate Expertise
  • Fully understand the statutory and regulatory obligations of your firm.

  • Ensure that, if there are gaps in your experience or expertise, appropriate training is obtained at the outset of the role.

  • Continuously re-evaluate the risks to the business of your firm, record those risks and report on them to senior management and/or the board of directors (as appropriate).

  • Ensure that systems enhance and do not replace vigilance and judgement.

Resources
  • Be clear as to competing demands on your time when accepting regulatory responsibilities (and your ability to balance them).

  • Be

rigorous regarding experience and expertise when recruiting members for the compliance team.
  • Maintain oversight of the compliance team at all times.

Delegation of compliance functions within firms
  • Be clear as to the tasks delegated and the suitability of the person to whom they are delegated.

  • Where training is lacking in subordinates, provide it.

  • Provide appropriate monitoring and supervision for those to whom tasks are delegated.

Outsourcing compliance responsibilities
  • Apply a structured approach to engaging external consultants.

  • Be clear (in the terms of engagement) as to what they are (and are not) doing.

  • Test the adequacy of advice provided by external consultants.

  • If they make recommendations, either adopt them or record why not.

  • Provide sufficient oversight of an external consultant’s activities by carrying out an assessment of the conduct of the consultant.

Robust interaction with management
  • Have clear authority to interact at the highest level of the firm.

  • Ensure that Management Information is available regarding regulatory risks.

  • Where risks are identified, raise them in clear terms (using established procedures) with the highest levels of the firm.

  • Be clear in discussions with senior management as to what is expected and the regulatory consequences of not adopting a recommended course of action.

  • Be clear as to regulatory ‘red lines’.

Cooperation with regulators
  • Ensure remedial actions requested by the [CFPB] are carried out and document the progress in doing so.

  • Be open and transparent in interactions with the [CFPB].

  • Interested in learning more about Atlantis National Services or The Atlantis Organization and how we can help serve you and your clients?

  • We'd love to meet you!

  • Contact Us:Radni Davoodi, Co Principal: radni@atlantisorganization.com

  • Horace Atkins, Human Resources Manager:horace@atlantisorganization.com

  • Nicholas DiDio, National Business Development: ndidio@atlantisorganization.comor give us a call at 516-829-7100!

  • On behalf of the entire Atlantis Organization we thank you for following our series on LinkedIn and we look forward to networking with you.

#TILA #RESPA #Mortgage #TITLEINSURANCE #CFPB

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11 Middle Neck Road, Suite 400, 4th Floor Great Neck, NY 11021, Tel: (516) 829-7100, Fax: (516) 487 3635, Email: Info@atlantisorganization.com

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