Matthews, North Carolina-based full service real estate title, REO, loss mitigation and closing law firm Brady & Kosofsky PA has announced it received two certifications as a result of recent service auditor's reviews, the Service Organization Controls (SOC) 2 Type II and the American Land Title Association (ALTA) Best Practices, under section 9540 of the American Institute of CPA's (AICPA) Statutory Codification.
"Successfully completing audits for SOC 2 TYPE 2 and ALTA Best Practices demonstrates Brady & Kosofsky’s commitment to delivering a compliant, efficient solution for closing and title services," said Jaime Kosofsky, one of the founding partners of the firm. "We’re particularly proud that these certifications address not only the entire stack from data center through the closing table but also across our vendor panels, so our clients can rely on us, knowing their content is secure, and they will receive the same high level of legal service they have grown accustomed to over the years."
The audits were performed by CPA firm KSJC of Irvine, California. The two certifications indicate that Brady & Kosofosky has satisfied industry-accepted benchmarks established by ALTA Best Practices and at that same time, demonstrated its commitment to compliance by simultaneously completing a SOC 2 Audit. Both audits apply to the full range of Brady & Kosofsky’s services the firm provides throughout the spectrum of its practice. Also, both reviews are based on internationally accepted best practices.
"With both certifications, we feel that our industry partners are fully protected as they are subjected to more and more scrutiny," the firm said in the announcement.
Brady & Kosofsky reinforces a commitment to security, confidentiality, availability, privacy, and processing integrity for all of the firm's customers by demonstrating SOC 2 compliance. The SOC 2 review is based on Trust Services Principles, which "helps differentiate entities from their competitors by demonstrating to stakeholders that the entities are attuned to the risks posed by their environment and equipped with the controls that address those risks," according to AICPA.
With the ALTA Best Practices certification, under section 9540 of the AICPA statutory certification, Brady & Kosofsky has demonstrated that as of June 1, 2015, its closing and settlement practices are in compliance with ALTA Best Practices based on ALTA criteria, in all material respects. Those criteria include core pillars of Licensing, Trust Accounting, Settlement Practices, Post Closing, Security, and Consumer Complaint Resolution, according to Brady & Kosofsky.
The announcement from Brady & Kosfosky of the certifications comes just as many law firms and title settlement companies are making necessary adjustments to comply with the Consumer Financial Protection Bureau's new TILA-RESPA Integrated Disclosure (TRID) Rule, which is scheduled to go live on October 3. Many firms have yet to complete the SOC 2 Type 2 audit, which leaves their client base to assume the risk for failing to require its vendors to show they are committed to complying with the new requirements, according to Brady & Kosofsky.