Federal Title is now a trusted and verified title agent, having completed a standardized risk management process through risk management firm Secure Settlements Inc.
We successfully demonstrated to SSI that we meet federal regulatory requirements. Our implementation of the American Land Title Association's industry best practices was also helpful in attaining this new distinction.
Mortgage industry risk management is a relatively new market niche, and SSI is the first company to offer title agents a standardized risk management process. Increased risk management in the mortgage industry is also a byproduct of the Dodd-Frank Act, passed in 2010, which mandated new consumer financial laws and created an agency known as the Consumer Financial Protection Bureau.
Banks are under the CFPB microscope, and they in turn are taking a hard look at third-party service providers to ensure business practices and services are on the up-and-up in terms of the new requirements mandated by Dodd-Frank. Because of the potential for regulatory penalties and legal damages
We choose to view the increased scrutiny of the CFPB, as well as regulations mandated by Dodd-Frank, as an opportunity to improve our business and further distinguish ourselves from other title companies in the region.
SSI's "Trusted and Verified" seal of approval is a visual queue to our clients that we're looking out for the best interest of all parties involved in the real estate transaction.