The news about FAN's expansion in Plant City, Fla. is buzzing around the bay area. With a plan to invest $5.1 million, the Florida Agency Network is sticking to the company's roots and hopes to share a role in the economic development of Plant City.
To read more about this exciting news, click here.
One of the regulations associated with the new TRID forms is a 3-day rule. The 3-Day rule mandates borrowers MUST receive the Closing Disclosure 3-days before the closing date. This new rule gives consumers the opportunity to review the closing disclosure and ensure all information is correct and correlates with the Loan Estimate.
However, what happens if any changes need to be made?
The infograph below explains three situations that would require a new closing disclosure and thus, delay your closing.
Compliance is the new normal and the Florida Agency Network is leading the way.
With a SOC 1 Type 1 Examination under our belts, FAN is being recognized for its commitment to creating the highest quality security of services for our customers.
Check out our feature in The Title Report, by clicking here.
Tampa, Florida – October 1, 2015 – The Florida Agency Network (FAN), Florida’s largest network of independent title agencies, is proud to announce it has completed a SOC 1 (Statement on Standards for Attestation Engagements No. 16 [“SSAE 16”]) Type 1 examination. The examination was performed by 360 Advanced, P.A., a full-service audit and consulting firm that specializes in integrated compliance solutions, including conducting SOC 1 examinations.
SSAE 16, developed by the American Institute of Certified Public Accountants (“AICPA”), is the most widely recognized authoritative guidance that provides service organizations a uniform method for disclosing independently assessed information about the design and operation of internal controls related to their services. Companies who complete an annual SOC 1 examination are able to demonstrate a substantially higher level of assurance and operationally visibility than those companies who do not.
Securing SOC 1 Type 1 examination reinforces FAN’s, and its embodying agencies, commitment to security, confidentiality, availability, privacy and processing integrity by ensuring the highest quality and security of services provided to their customers. As the implementation of the TILA/RESPA reform is set to happen on October 3, 2015, many title companies have yet to complete the SOC 1 examination, leaving their stakeholders in a position to risk the exposure of non-public personal information (NPPI).
“We are proud to announce the completion of this major accomplishment. Very few in our industry can boast having a SOC 1 (SSAE 16). I think this portrays our level of commitment to the protection of data and NPPI (Non Public Private Information) to our real estate partners, and more importantly, to the consumer. Having gone through this rigorous assessment, we can provide certification and proof to our lenders and banks that the Florida Agency Network and its affiliates have taken its systems, procedures and control levels above and beyond what the industry has supplied in its Best Practices. Best Practices is simply the start, to get the industry moving in the right direction. SSAE 16 compliance is the next step, putting us on the same level as our banking and lending partners when it comes to compliance and protection.” says Aaron M. Davis, CEO of the Florida Agency Network and its multiple brands, which include Hillsborough Title, Trident Title, Paramount Title, Tampa Bay Title, Cornerstone Title, HomePlus Title, Uptown Title, Bella Title, Performance Title & Escrow, StrongHold Title and Progressive Title Solutions.
The FLORIDA AGENCY NETWORK (FAN) is the largest network of independent title agencies in the State of Florida. We have formed a strategic alliance to better serve our clients, allowing us to provide more services throughout the state. FAN offers convenient locations and many services that most title agencies do not provide, such as in-house legal counsel, in-house title plant, HOA estoppel ordering, dedicated REO department and much more.
Ron Donalson, Director of Marketing
Florida Agency Network proudly welcomes Ron Donalson to its expanding team. In 1982, Ron and his business partner Tommy Alday established Alday-Donalson Title Insurance. For over 29 years, they worked and grew Alday-Donalson to become one of the largest and most respected independent title insurance agencies in the State of Florida with 20 offices throughout the Tampa Bay area.
After the tragic passing of his partner, Ron joined Universal Land Title as Director of Marketing, which was later purchased by First American Title in 2014.
Ron served in the US Army and was awarded the Bronze Star for his tour in Vietnam. In his spare time, he enjoys traveling, scuba diving, and spending time with his 9 grandchildren and 1 great-grandchild. He is a 32 Degree Mason and has served as Honorary Deputy for the Hillsborough County Sheriff ’s Department for over 20 years.
The Florida Agency Network is excited to have Ron on board to help grow its statewide footprint of title agencies, provide mentorship and guidance to the Marketing Team, and carry forward the tradition of providing excellent customer service to our clients, while serving our industry and community.
Contact Ron today! Ron@FLagency.net
The new TILA-RESPA Integrated Closing Disclosure forms go live on Oct. 3 and will be a game changer for your business. However, do you know how the CFPB came up with TRID? We've got an early timeline of the process testing used to develop the new forms.
Recently, the real estate industry has seen a surge in email scams, cyber crime and hackers targeting real estate transactions in an attempt to defraud real estate brokers, lenders, title agencies and more. With each transaction containing sensitive, or nonpublic private information (NPPI), hackers are using technology and techniques to hack into emails and redirect the communication and funds elsewhere.
According to Chris Gianni of Premier Data Services, a network partner with The Florida Agency Network, there are some simple steps you can take to ensure you and your clients don't become victims.
One of the easiest ways to avoid a hacker from taking funds is to simply pay attention. Checking and verifying email sources can take a few minutes, but it could save you and your client from getting into a messy situation.
Gianni says hackers will inject a new reply email address with a domain so similar to the original email, you might not even notice. For example, one of our embodying title agencies encountered a hacker who attempted to duplicate the original email domain, "____@XYZTITLE.com", by using "____@XYZZTITLE.com", with the signature line copied from the actual settlement agent's information. That hacker then attempted to send alternate wiring instructions to the buyer in order to redirect the funds to a fraudulent bank account. However, thanks to some quick thinking and a few minutes verifying the email source and information, the hacker was unsuccessful.
Also, Gianni advises keeping your work email separate from your personal email.
"If you're working in a personal email, let's say, one that you use to sign up for newsletters, online accounts or to download content, a hacker could easily get in and find out you're a real estate agent. From there, he or she will most likely begin monitoring your emails, plan out a way to get a hold of sensitive information and get whatever they want. "
Securing your passwords in another security option Gianni suggest. Using at least 8 letters, including symbols, alternating between upper-case and lower-case letters, and changing passwords regularly is an effective way to secure you and your client's privacy.
The most effective way to avoid being a victim of a cyber crime is to use a secure network or do business with companies that do the same. Embodying agencies within the Florida Agency Network stay up-to-date on compliance codes and policies. Through FAN’s network partner, Premier Data Services, each agency is SOC 1 & SOC 2 compliant and verified by third-party organization, 360Advanced. FAN and its agencies gladly take on the responsibility of not only insuring the title of your home but also safeguarding your NPPI.
Florida Agency Network is giving you one more reason to attend the 2015 Florida Realtors® Convention and Trade Expo! There are 36 reasons to attend.
Get SOCIAL with FAN at booth 625. Enter to win an Apple Watch
The number one reason is to get up to date on everything TRID before the new disclosures go into effect October 3. Stop by booth 625 - Get social with all of the agencies in the FAN network and enter to win an Apple Watch!
Bon Voyage HUD-1!!!
Come get social with us at booth 625 as we bid the HUD-1 farewell and cruise to the new disclosures.
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