The solution offered by TAC for title companies follows best practice rules as suggested by ALTA. Each service meets or exceeds the minimum requirements. Once implemented, Click IT can verify I-T compliance, but certification of their compliance should come from another party so there is no conflict of interests.
In a TAC solution, I-T compliance reports can be generated which will allow administrators to prove compliance to auditors and lenders.
In an industry use to regulation and oversight, I-T compliance requirements should also be followed up by some sort of verification process, or certification which would provide a level of assurance to lenders and customers that your title company has distinguished itself with an independent certification of expertise in the protection and privacy of nonpublic personal information (NPI).
A TAC implementation will provide a document stating that compliance of best practices has been put in place at your title agency, and your business has the proper safeguards in place to protect and secure NPI in its handling, storage and dissemination.
This page is dedicated to keeping our registered members informed of any further developments in this area of obtaining certification, so once your business is I-T compliant, a certification of this fact can also be obtained by a independent party, which would further ease lenders, customers and regulators.
Freddie Mac and Fannie Mae have released a common industry dataset, called the Uniform Closing Dataset, which leverages and maps to Mortgage Industry Standards Maintenance Organization (MISMO) data standards, to support implementation of the TILA/RESPA Closing Disclosure form. It is understood that MISMO is developing a corresponding mapping dataset for the Loan Estimate that will be available soon.
More information regarding certification is provided to registered users below.