First Title Compliance Solutions

CFPB Third Party Vetting Requirements

These requirements added a responsibility to all banks and lending institutions relating to proper oversight of third-party providers they employ. As further clarification of that regulation, the CFPB issued a list of steps institutions should be taking in regulating their third party vendors, which included: The SSAE16, SOC 2 Type 2 Audit Certification is a way to measure these controls in the title insurance and closing services industry to assess and understand the title company’s organizational “system” and the suitability of the design of controls, specifically relating to the services provided by the organization and any and all operational activities that affect the service’s customers in addition to the Security, Processing Integrity and Confidentiality principles from AICPA’s Trust Service Principles.

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