Secure Settlements, Inc. (SSI) announced that it has completed the vetting of the respected national title company Closeline Settlements (Closeline) of Rockville, Maryland. The company approached SSI to submit their ownership and key staff to the SSI vetting process voluntarily, without a lender requirement, because they viewed the vetting standard as a supplement to best practices and a credential to help grow their businesses. Closeline passed the rigorous 110 point background evaluation process with a “low risk” rating and is now subject to ongoing monitoring in the SSI nationwide vendor database.
SSI President Andrew Liput stated, “We are pleased to have had the opportunity to perform comprehensive background evaluation services for Closeline Settlements because it represents a shift in industry perspective regarding the value of independent risk analysis for consumer protection and lender regulatory and compliance obligations. When I founded SSI I envisioned the company as offering a service to enhance the safety and credibility of the settlement industry through objective risk evaluation and reporting. Lenders and consumers want that and we are seeing more and more title, escrow and settlement firms embracing the process. In the long run this is good for the mortgage industry and the settlement industry.”
Elliot Liss, principal owner of Closeline said, “We view independent vetting and risk monitoring as a logical and reasonable process to increase lender and consumer confidence in the mortgage process generally and the closing of residential loans specifically. We understand that our bank clients are under heightened scrutiny today and must shoulder a big regulatory burden to continue doing business. Working with SSI allows us to achieve independent confirmation of our low risk operation, assists our lender clients by managing this issue for them, and gives the consumer greater confidence in us. Everyone wins.”
