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As part of it ongoing commitment to compliance and consumer protections, RGS Title LLC has initiated an independent evaluation of its operational risks with Secure Settlements Inc. (SSI). RGS voluntarily approached SSI, a New Jersey-based firm that created the first independent risk analytic process to screen title and settlement professionals, for the risk analysis without a lender requirement.
Over the coming weeks, SSI will vet RGS’ ownership and key escrow and closing staff, ensuring that they meet all federal, state and local regulatory requirements. It is expected that all RGS agents will be fully vetted by March 1 and will achieve the highest reliability rating possible. Going forward, SSI will continue to monitor RGS’ performance, ensuring the title company’s continued compliance and consumer protections.
“In today’s market, it is essential consumers have confidence that their settlement partner will work to ensure their mortgage closing process is not only seamless, but also secure,” said Gina Parello Esq., regional manager for RGS.
Bethesda, Md.-based Sage Title Group LLC has also contracted SSI for an independent evaluation of its operational risks. SSI will vet Sage’s ownership, and escrow and closing staff, making sure they meet federal, state and local regulatory requirements.
“We realize that the lenders we serve are expected to evaluate and monitor their business partners, and by initiating this assessment process on our own, we demonstrate to our clients that they’ve made a good business decision to work with us,” said Bobby Lee Esq., regional manager of Sage.
Also working with SSI on an independent firm evaluation is Washington, D.C.-based Settlement Professionals LLC (Settlement Pros).
“Having an independent organization like SSI successfully vet our credentials for consumer protection is one way that we can establish greater confidence in our company and our processes,” said Carol Calomiris Esq.
“When RGS, Sage Title and Settlement Pros approached us, we knew immediately that they were serious about embracing independent validation and risk analysis for consumer protection and vendor management compliance,” said SSI President Andrew Liput. “Lenders and borrowers are demanding transparency and accountability; they want to do business with trustworthy, professional firms. These companies clearly meet those expectations.”