Is your Escrow Company ‘Certified’? If not, it could jeopardize your closing!
Lenders may stop a transaction from closing if the escrow company is not following the Best Practices established for the New TRID and CFPB Regulations. The Lenders need to know with certainty that the settlement provider complies. Having an Independent Third Party Audit done to prove that you comply is now becoming a necessity.
Oakwood Escrow has acquired Certification, better known by compliance officers and regulators in Lending and the Financial Market as an SSAE-16 SOC 1 Audit. We did this to demonstrate to our lender partners, agent clients and the CONSUMERS we serve that we are in compliance and are following every one of the Best Practices established this year for TRID and CFPB Regulations. Our process offers complete compliance benchmarking and reporting across all seven ALTA Best Practice Pillars.
This report provides the assurance the banks need. The last thing you want is to find out at funding that your escrow company is not approved by the lender; the process will stop and you will need to start over with a new escrow company.
Don’t wait until it’s too late, take a moment and ask your Settlement Providers if they have received their certification and PASSED!
For More Information go to: aicpa.org/soc
For more on Oakwood Escrow go to: oakwoodescrow.com