PLANT CITY, Fla. – Florida Agency Network, (FAN), the largest network of title agencies in Florida, has completed a meticulous third-party examination of its data security and privacy policies and procedures under the Service Organization Controls (SOC) 1 Type 2 standards.
The demanding third-party examinations were administered by the professional IT assurance and compliance staff at 360 Advanced, a respected national Qualified Security Assessor, HITRUST CSF Assessor and Certified Public Accountant firm based in St. Petersburg, Fla.
Companies that complete annual SOC 1 assessments can demonstrate a substantially higher level of security assurance and operational visibility as compared to those companies without an assessment. The assessment focuses on the internal controls impacting customers and the protection of their non-public personal information (NPPI).
“Proving up to date compliance with SOC 1 Type 2 is a rigorous process for all involved. I am proud that FAN completed our annual assessment successfully and believe that it affords us a competitive advantage,” said Andrea Somers, Compliance Officer for FAN. She added that the staff at 360 Advanced is “knowledgeable, detailed, and a pleasure to work with.”
Tampa, Fla. – Hillsborough Title Family of Companies (HTFC) is pleased to announce the promotion of Amy Gregory to President of the organization. HTFC consists of Hillsborough Title, Paramount Title, Tampa Bay Title, Cornerstone Title and Stronghold Title. HTFC is the founding title conglomerate of the Florida Agency Network (FAN). Amy brings a wealth of experience and knowledge to the position and has been with Hillsborough Title for 10 years.
“This is a natural fit and progression for Amy. There has never been a more committed or deserving person for this opportunity. She has been my right hand since the day she started, and has been the anchor for this organization for many years. There is no other person I would trust taking over the reins of our family business than Amy,” says Aaron M. Davis, former President of HTFC and current CEO of the Florida Agency Network.
In her new role as President, Amy will work in evaluating and improving overall operation effectiveness as well as implementing the organization's culture, vision, mission and values. Her knowledge and leadership will help HTFC’s organic growth in an effective and successful manner.
As a licensed title agent in the State of Florida, with established proficiency in leadership and company policies and procedures, Amy has the experience, and expertise necessary to ensure all operations and compliance regulations are met within the companies. Entering the title world in 1995, she worked her way through the ranks to become the General Manager for Hillsborough Title, later transitioning to Operations Manager for HTFC and FAN’s Title Support Services.
“I am honored for this opportunity to lead such a talented group of people in this new role. Since starting almost a decade ago, I knew Aaron had an excellent vision for the company’s future and I felt it would be a great fit for my career goals. Amy remarked, “This company is truly a family to me. We have the most amazing team members and I am excited for what the future holds for all of us.”
November 3, 2016 -- TAMPA, FL -- Florida Agency Network (FAN), the largest network of title agencies in Florida, has completed a rigorous third-party examination of its policies and procedures under the Service Organization Controls (SOC) 1 Type 2 standards, demonstrating its commitment to data security and privacy at all levels of its operations.
The demanding third-party examinations were administered by the professional IT assurance and compliance staff at 360 Advanced, a respected national Qualified Security Assessor, HITRUST CSF Assessor and Certified Public Accountant firm based in Tampa, FL.
Developed by the American Institute of Certified Public Accountants (“AICPA”), the Trusted Service Principles (TSP) Framework is based on criteria geared towards technology and cloud-based computing systems, and the TSP Framework is comprised of five standards by which a practitioner is required to examine and report on when analyzing the security of a candidate’s system.
Companies who complete annual SOC 1 assessments are able to demonstrate a substantially higher level of security assurance and operational visibility as compared to those companies who have not yet received their assessment. The assessment focuses on the internal controls impacting customers and the protection of their non-public personal information (NPPI).
Through its partnership with Premier Data Services, FAN is able to avail itself of a SOC 2, Type 2-assessed hosted environment with co-location backup and the most rigorous security controls in the industry. Premier Data Services is able to provide security measures as they relate to non-financial controls of an organization such as its IT network and processes, as well as protection of confidential data. As an IT/MSP, Premier Data Services specializes in compliance and security, overseeing its clients’ infrastructure and network solutions, and ensuring their software systems are not only healthy, but also optimized for performance.
“We are proud of this accomplishment and we feel our company has made a statement to our lender and real estate partners about how serious we take protecting and safeguarding our clients’ information. We value and protect NPPI as though it were money. Our goal is to become a vault for our clients,” said Aaron M. Davis, CEO of FAN.
“Having the SOC 1 Type 2 assessment completed puts us in the top one percent of agencies to reach this standard in our industry,” said Andrea Somers, Compliance Officer for FAN. She added that, “successfully completing the rigorous assessments provides FAN with a competitive advantage. Lenders are asking more frequently for standards of protection for consumers’ NPPI.”
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ABOUT FLORIDA AGENCY NETWORK
The FLORIDA AGENCY NETWORK (FAN) is made up of a network of title agencies that have formed a strategic alliance to provide shared back office services, pooled resources, and greater geographic coverage throughout the State of Florida. Resources of FAN include multiple on-staff attorneys, access to private title plant and ancillary services, IT company, centralized processes & post-closing, agency administration, compliance management and financial oversight. Powered by multiple national underwriters, FAN offers residential, commercial, builder, lender and investor services, experienced escrow staff, personalized customer service, offices throughout the State of Florida, and much more. For more information, please visit http://www.FLagency.net.
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ABOUT 360 ADVANCED
Known for its responsiveness, experience and professionalism, 360 Advanced has clients in more than 35 states that are major service providers in various industries, including cloud and SaaS based organizations. 360 Advanced is one of only a few specialized firms in the U.S. that assist service providers as their independent IT assurance and compliance assessor in maintaining and communicating security and compliance to their clients.
360 Advanced’s services are provided, but not limited to, the following industries: Title Services, Hosted and Managed IT, Data Center and Colocation, Software as a Service (SaaS), Healthcare, Financial Services, Insurance, HR | Payroll | PEO, Legal and Collections, Bulk Mail Printing and Distribution, Background Screening, Business Process Outsourcing and Marketing.
Services provided by 360 Advanced include SOC 1 (SSAE 16), SOC 2, SOC 3, PCI DSS, HIPAA Security/HITECH, Microsoft Vendor Policy and other security and compliance services.
Contact: Eric Ratcliffe
866.418.1708 ext.710
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You may not know it, but your email and web browsing habits may be inadvertently helping the “bad guys” take your personal information, or nonpublic private information (NPPI). Hackers are targeting the real estate industry by utilizing sophisticated techniques and technology to hack into existing email threads and redirect the communication, and far worse, the funds, elsewhere. For real estate agents and their clients, this could mean a big payday for hackers, as well as an enormous headache, and possibly legal action, for agents and their clients.
To protect you and your clients, Aaron M. Davis, CEO of Florida Agency Network (FAN), has compiled a list of actions agents should take to help prevent exposing themselves and their clients to a potential hacking situation.
Hackers have infiltrated our industry and figured out how to create chaos. The most effective way to fight back is to educate yourself and partner with companies that monitor and secure their networks.
Through FAN’s partner, Premier Data Services, agencies within the Network stay up-to-date on compliance initiatives and policies. Each agency hosted by Premier Data Services is SOC 2 compliant, and is audited and verified by a third-party specialist organization, 360Advanced. FAN and its agencies gladly take on the responsibility of not only insuring the title to your home, but also in safeguarding your NPPI.
Today's Title Report update features FAN's latest announcement on the partnership with SETCO Services LLC.
"Florida Agency Network (FAN) is joining forces with SETCO Services, LLC headquartered in Destin, Fla. FAN CEO Aaron Davis told The Title Report this latest venture marks a new initiative by the title insurance agencies..."
To read the full feature, click HERE.
To read the press release, click HERE.
Florida’s premier network of independent title agencies joins forces with the largest independent agency in North Florida to bring settlement services to real estate professionals throughout the state.
Tampa, Fla. – August 12, 2016 – Florida Agency Network (FAN), Florida’s largest network of independent title insurance agencies, announces that it is joining forces with SETCO Services, LLC,
headquartered in Destin, FL. This latest venture marks a new initiative by FAN to grow the Network through the creation of strategic relationships in certain key Florida markets where FAN is currently under-represented. As opposed to other FAN locations established through organic growth or formalized partnerships, the SETCO announcement represents FAN’s first non-equity relationship where the entities will support one another and avail themselves of each other’s locations, client relationships,
marketing, and other ancillary services.
Through these new relationships the network benefits by adding additional locations to its statewide footprint, and better service for its clients through additional brick and mortar offices with local
knowledge and expertise, while the new FAN agent partners gain access to vast resources and a robust menu of products and services.
“We are incredibly excited to announce the formation of this strategic partnership with SETCO Services, LLC, which is a first of this kind for us. It represents a new approach to true partnership amongst independent agents in Florida,” says Aaron M. Davis, CEO of the Florida Agency Network. “We are able to significantly expand our territory through additional brick and mortar locations while keeping that ‘boots on the ground’ local knowledge to better serve our client base. At the same time, both of our companies share the same vision and commitment to industry compliance through the completion of our SOC 1 and SOC 2 certifications. We plan to focus our combined energies and expertise on serving a broader range of customers and delivering more efficient solutions across the state.”
SETCO Services, LLC will utilize the back-office solutions provided by FAN. Centralizing the non-core title services will allow SETCO Services, LLC to better focus on providing exceptional service for every real estate professional while maintaining top-notch security and protection of NPPI via FAN’s compliance controls.
“The relationship with Florida Agency Network will allow SETCO to offer more diverse yet streamlined services which will only further improve the customer service to our clientele,” says George T. Brannon, Jr., Chief Operating Officer of SETCO Services, LLC. “The Leadership and goals of our companies are like-minded and this opportunity will provide all organizations partnered with Florida Agency Network to grow more efficiently and effectively in the markets they choose to lead.”
FAN’s tight security controls consist of SSAE 16 SOC 1 and SOC 2, ALTA Best Practices Certification (pillars 1-7 via 3rd Party), and support through its I.T. affiliate, Premier Data Services (PDS). PDS is a Managed Service Provider that offers solutions for unmet needs within the real estate and settlement services industry.
Just imagine, after years of struggling to complete college, your son, little Johnny has finally has his head on straight. He graduated, he’s worked for the family business for two years and is doing well. He met a nice girl and they have married.
He wants to buy a home. Unfortunately, Johnny has not always made the best decisions. His credit is not where it needs to be. Based on the fact that he is now making better decisions, you decide to loan Johnny the money to buy the home. The title company you’re working with will prepare a note and mortgage to secure your loan, what could be easier, right?
That Darn Dodd-Frank! Your loan is probably in violation of this Act. Based on this violation, your note and mortgage may not be enforceable.
Dodd-Frank is federal legislation that came about as a result of the real estate crisis of the last decade. The Act created the Consumer Financial Protection Bureau (“CFPB”) and other laws that regulate all consumer loan transactions.
One of the other laws is the Loan Originator Rule. In general terms, if the borrower will use the home for residential purposes (whether a primary residence, a second home or a vacation home) then the person arranging the loan is defined as a “loan originator.” A loan originator must have a mortgage originator’s or broker’s license. Pursuant to the Act, any person who offers and negotiates terms of a residential mortgage is deed to be a mortgage loan originator. Unfortunately, for mom and dad above, there are no exceptions for a person, who is not a Seller, to secure a mortgage with a residential property.
The Act does provide for certain exceptions. Namely, Seller financing, these exceptions are as follows:
One property exception: A Seller may extend credit, secured by a mortgage encumbering residential property and is not considered a loan originator if:
(a) they are a natural person, estate or trust;
(b) they provide financing for only one property in a 12 month period;
(c) they own the property securing the mortgage;
(d) they did not construct or act as the contractor for the construction of a residence on the property;
(e) repayment of the loan must not result in negative amortization;
(f) balloon payments are allowed, however the term of the balloon is not clear. Most practitioners believe that no shorter time period than 5 years should be used.
(g) while the Act does not prohibit adjustable rates, a fixed rate is suggested. The Act has restrictions, limitations and caps on rate charges.
(h) the seller is not required to investigate the buyer’s ability to repay the loan.
Three Property Exception: A Seller may extend credit, secured by a mortgage encumbering up to three residential properties and is not considered a loan originator if:
(a) they are a natural person, estate, trust or an entity;
(b) they provide financing for three properties or less in any twelve month period;
(c) they own the property securing the mortgage;
(d) they did not construct or act as the contractor for the construction of a residence on the property;
(e) the loan must be fully amortizing and there are no balloon payments or structures allowed;
(f) while the Act does not prohibit adjustable rates, a fixed rate is suggested. In this context, limits and caps are required’
(g) the Seller is required to make a reasonable investigation regarding the Buyer’s ability to repay the loan. Although formal documentation is not required, the investigation should be done in good faith and the results should be maintained.
While other exceptions exist, they are very complicated and are not practical for ordinary Seller financers.
Good news is Dodd-Frank does not apply to every loan. First, it only applies to residential loans. So, if you’re dealing with vacant land, commercial properties, rental properties or properties used solely for investment purposes, Dodd-Frank simply does not apply. Moreover, Dodd-Frank does not apply to non-residential buyers. So, if the buyer is a corporation, limited liability company or partnership etc., Dodd-Frank will not apply and the loan can be made without consideration to its restrictions.
So, now that we know that mom and dad have a problem trying to help little Johnny buy his home, what are we to do?
One solution would be for the mom and dad (the lender) to purchase the property from the underlying Seller first. Then mom and dad as the Seller could sell little Johnny the home and take back the note and mortgage under the one property exception. Yes, the transaction costs would increase, but the creative closers at the Florida Agency Network will work with you to keep these costs down.
Another solution would be for mom and dad to work through a mortgage broker. The mortgage broker will be required to comply with all of the various lending laws and regulations. While the broker will likely charge a fee for this service, it is another option that will allow the transaction to go forward.
This week's Title Report update included a special preview and details on the 2016 National Settlement Services Summit, specifically the Breakout Room Session "Business NOT as Usual" which features Florida Agency Network CEO, Aaron M. Davis and Orange Leaf Consulting CEO, Cynthia McGovern.
To read the full feature, click HERE.
To register for this year's National Settlement Services Summit, click HERE.
The National Settlement Services Summit offers a destination for industry leaders to come together for "unrivaled networking and learning." This year's theme is Knowledge In Action and will offer educational breakout sessions with keynote speakers who are highly regarded within the Settlement Services Industry. One of which will be our very own Aaron M. Davis, CEO/President of Florida Agency Network.
Davis will be speaking in the Breakout Session "Business NOT As Usual" on Tuesday, June 7 from 9:40 am - 10:40 am. Davis, along side Cynthia McGovern, Founder of Orange Leaf Consulting, will discuss life in a post-TRID world and how to embrace the changes to elevate business results.
To register for NS3, visit www.tinyurl.com/NS3Registration. You can save $30 when you use the Coupon Code: SPEAKER.
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