June 24, 2015
Alloy Silverstein, a leading South Jersey CPA firm trusted by clients, banks, and local real estate industry leaders for over 55 years, is adding American Land Title Association’s (ALTA) Best Practices compliance to the firm’s existing accounting, auditing, and attestation service offerings.
In the country’s current post-financial-crisis era, the Consumer Financial Protection Bureau has been placing more pressure on mortgage lenders to ensure they do business with responsible and compliant service providers, resulting in ALTA’s formation of the Best Practices. By hiring a CPA knowledgeable in the ALTA Best Practices framework, title agents, settlement firms, and closing attorneys have a way to objectively demonstrate their compliance and remain seen as a trustworthy partner in the real estate transaction market.
“The real estate industry is a crucial part of what defines Alloy Silverstein as we have been alongside Philadelphia’s developers and power players since the early 1970s,” says Managing Shareholder Ren Cicalese, CPA, PFS, CGMA. “We’re always looking out for their best interests, so when a new opportunity like ALTA’s Best Practices arises to enhance and advance the industry as a whole, we’re proud to be ahead of the curve for our clients and their businesses’ success.”
Backed by the attestation and ethical standards of the American Institute of CPAs (AICPA), Alloy Silverstein will review, establish, and recommend improvements to controls, policies, and procedures for title agents and settlement firms. Proving third-party assurance will inherently increase the agents’ and firms’ credibility in the marketplace, improve their competitive advantage against those without proof of compliance, and lower their organization’s fraud risk by ensuring the proper security controls are in place. Many firms are likely to already be operating in compliance, but are lacking a formal documentation of their policies and procedures, which is where an Alloy Silverstein CPA can efficiently step in and provide official confirmation.
“The housing industry took a big hit when it comes to credibility. ALTA’s Best Practices may be voluntary, but consider it required if you want to succeed at going forward in these post-recessionary times,” adds Cicalese. “It’s truly a win-win situation to have a partner CPA firm that’s already experienced and connected in real estate and already well-versed in providing quality auditing and review services.”
Alloy Silverstein is an active member of both ALTA and the AICPA, and remains committed to staying on top of benchmarking and reporting industry standards as it relates to ALTA’s Best Practices. Contact us today to begin the compliance process.
