SOC 2 Type II Certification Gives Greater Assurance To First Title Customers
First Title Recently Received Its SOC 2 Type II Certification Proving Effectiveness of Its
Technology Policies & Procedures Put In Place By The CompanyThe compliance landscape of the mortgage banking and title insurance industries have dramatically increased lender awareness and consideration of the policies, procedures, and security of their third party vendors. A key concern has been the integrity of non-public information (NPI) stored by vendors. First Title & Escrow initially responded to the requirements set by the Consumer Financial Protection Bureau (CFPB) by completing its SOC 1 Type I, SOC 1 Type II certification in 2012. Today, First Title is pleased to announce that it has successfully completed its SOC 2 Type II certification as well certifying the proper management of our security of our IT systems, their ongoing availability, and the privacy measures taken to protect our clients NPI stored digitally. This certification adds an even greater level assurance to those who currently are and have considered doing business with First Title & Escrow that their technology infrastructure and software is secure and compliant. The SOC 2 Type II certification is based on a comprehensive set of criteria known as the Trust Services Principles (TSP) that are composed of the following five (5) sections: Security, Availability, Processing Integrity, Confidentiality, and/or Privacy. These criteria are reviewed and tested by Independent Service Auditor’s to insure compliance with the AICPA guidelines. Furthermore, First Title’s compliance with ALTA’s Best Practices were certified during the audit process. The new certification gives lenders confidence that their data will be available, protected, and will remain confidential. “We have always been confident in the technology that we implemented at our company. Receiving the SOC 2 Type II certification is now a tangible credential that affirms the security and liability management that has been adopted by our entire company, ” said Steve Papermaster, President of First Title. The SOC 2 Type II certification for First Title comes just a few months before the first anniversary of TRID. While the first year of the rule, commonly known as the “Know Before You Owe” rule, has been met with successful implementation industry wide, the CFPB is actively seeking to clarify and formalize guidance it is informally issues about the rule. The proposed amendments are open for comment until October 18, 2016. “First Title’s company culture is to inspire innovation. While the CFPB is seeking to clarify the TRID rule, we’ve worked hard to give our clients the highest level of assurance by developing our policies and procedures to give our customers maximum protection as verified by our previous SOC audits. We are proud to further solidify that fact with our SOC 2 Type II certification in advance of the first anniversary of TRID, ” said Pamela Gibbons, First Title’s Chief Operating Officer. First Title & Escrow first opened its doors in 1997 servicing Maryland, Virginia and the District of Columbia. Since that time, First Title has become an industry leader in providing superior title and closing solutions in all 50 states.