New PYA White Paper: Framework Offers Companies Solution for Cybersecurity Risk for Title and Settlement Companies


PYA has released a white paper that discusses the importance of the AICPA’s cybersecurity risk management framework and System and Organization Controls for Cybersecurity in assessing the strength and effectiveness of cybersecurity risk management programs for title and settlement companies.

A new PYA white paper outlines the American Institute of Certified Public Accountants’ (AICPA) cybersecurity risk management framework and System and Organization Controls (SOC) for Cybersecurity, and the role they play in the development of an effective cybersecurity risk management program and the assessment of cybersecurity risk readiness for title and settlement companies.

A cybersecurity breach can result in tremendous financial loss—to the tune of millions of dollars—and reputational damage— sometimes fatal—for afflicted companies. To help mitigate the risk, the AICPA released a cybersecurity risk management reporting framework last year.  The framework is used as a reference point for independent certified public accountants (CPAs) to engage SOC reporting on the overall effectiveness of an organization’s cybersecurity risk management program.  The SOC for Cybersecurity, when combined with the Best Practices Framework developed by the American Land Title Association (ALTA) offers many benefits over a stand-alone Best Practices certification.

According to the white paper, “Alone, the ALTA Best Practices Certification does not include this level of detailed information…With a SOC for Cybersecurity Report, not only will lenders and customers of a title and settlement company be able to see the company’s entity-wide commitment to developing effective controls over cybersecurity, lenders and customers will also have the assurance of a CPA’s independent opinion on the description and effectiveness over the entity’s cybersecurity controls.”

PYA assists title and settlement companies by conducting SOC 2 and SOC cybersecurity risk management examinations; gap analysis to determine if an organization is ready for SOC 2 or SOC cybersecurity; and examinations to mitigate regulatory, financial, and reputational risks.

Clarification of Major Changes—Integrated Mortgage Disclosures

Integrated-Mortgage-Disclosures_mobile-slider-280x300A new white paper from PYA investigates recent and upcoming changes to the mortgage industry via the integration of mortgage disclosures, hence the creation of the Loan Estimate and the Closing Disclosures. The paper details the ins-and-outs of these disclosures, as well as provides key suggestions for creditors and title companies regarding how to accommodate these imminent changes.

In a newly released white paper, “Clarification of Major Changes—Integrated Mortgage Disclosures,” PYA explores how the Consumer Financial Protection Bureau’s (CFPB) implementation of a highly anticipated Dodd-Frank provision is changing the ebb and flow of the mortgage industry and what this change means for financial institutions and title companies. The white paper highlights major changes related to the integration of mortgage disclosures and provides definitions for the newly created Loan Estimate disclosure and Closing Disclosure, explaining how they work, when to use them, and what is included on each.

The white paper provides a concise view of these required disclosures which become effective August 1, 2015, and offers an assessment of their impact on the mortgage industry landscape.

The paper also offers guidance for creditors and title/settlement companies in anticipating these disclosures. According to the paper, “In preparation for the [CFPB] Rule becoming effective, creditors and title/settlement companies should coordinate with software vendors to ensure compliance will be achieved with the new disclosure requirements. Testing should be conducted to verify that information is accurately disclosed. In addition, financial institutions should evaluate lending processes in light of the regulatory changes.”

PYA works with creditors and title/settlement companies to assure regulatory compliance with the CFPB ruling will be achieved. PYA has assisted a number of financial institutions with developing and implementing robust risk-based compliance programs.

Download White Paper Here

Tired of Confusing Requirements for Vendor Due Diligence from Lenders? ALTA Has a Solution for Your Organization

TItle-Industry_mobile-slider-280x300A new white paper from PYA explores the growing response of the lending and title communities to the American Land Title Association’s (ALTA) Best Practices Framework, and how title company vendors can take advantage of certification to demonstrate compliance while distinguishing themselves from others in the industry.

In a new white paper, PYA details the rise of the ALTA Best Practices Framework and how it has changed the regulatory landscape for title insurance companies. The paper also designates key reasons why PYA is a leading provider for ALTA Best Practices pre-assessment, assessment, and certification.

In “Tired of Confusing Requirements for Vendor Due Diligence from Lenders? ALTA Has a Solution for Your Organization,” PYA delves into the benefits of ALTA Best Practices Certification from the title industry’s perspective. The paper provides an outline of the seven ALTA Best Practices “pillars” and offers an overview of ALTA Best Practices assessment procedures. It further breaks down how title company vendors can seek ALTA Best Practices Certification—including key steps for title companies—and demonstrates why certification is important to a title company.

As stated in the paper, “Lenders are becoming more focused on the risk they assume by conducting business with various title companies. This focus has the potential for increasing lenders’ scrutiny of title companies, especially by those lenders who allow the closing professional to prepare loan disclosures. By obtaining a Best Practices Certification, a title company may recognize multiple benefits.”

Download White Paper Here