|By Business Wire||
|August 26, 2013 02:39 PM EDT||
Title365 Company, a leading nationwide provider of title insurance and escrow services, today announced that it has successfully completed its first Statement on Standards for Attestation Engagements (SSAE) No. 16. SSAE 16, previously called SAS 70, is a widely recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). SSAE 16 verifies a service organization has been through an in-depth audit of its control objectives and control activities to ensure processing and hosting customer data is done safely and securely.
The SSAE 16 SOC 1, formerly SAS 70, is a regulatory standard issued by the American Institute of Certified Public Accounts (AICPA). The SSAE 16 report, conducted by KSJG, evaluated and issued an opinion on the description of both the systems and the suitability of the design and operating effectiveness of applicable controls for both Title365 Company as well as its sister organization, X1 Labs, a leading supplier of advanced technology, strategic consulting and creative solutions to the title insurance, settlement services, financial and real estate industries.
“Simply taking the steps to obtain this verification puts Title365 and X1 Labs in exclusive company. As a handler of confidential customer data, we’ve voluntarily met the exacting standards and industry benchmarks of the AICPA which reflects our client commitment where security and control standards are concerned,” said Peter Bowman, Co-CIO and SVP, Strategy and Innovation for Title365 Company. “This reinforces to our clients operating in highly regulated industries that we have the utmost standards of processes, controls and safeguard procedures in place and can safely meet or exceed the strictest control objectives in the industry.”
The control objectives audited by the SSAE 16 report addressed availability, customer support, change management, database security, data backup, systems availability, monitoring of network security and Logical Access Network (LAN).
Both Title365 and X1 Labs plan to achieve SOC level 2 certification by the end of 2013. As well, Title365 is a member of the Shared Assessments Member Forum created by leading financial institutions, the Big 4 accounting firms, and key service providers to inject standardization, consistency, speed, efficiency and cost savings into the vendor risk assessment process. The Company is current with the latest Standard Information Gathering (SIG) standards.
X1 Labs, a subsidiary of Experience 1, Inc., offers innovative technology, executive-level strategic consulting, and creative solutions to the title insurance, settlement services, financial and real estate industries. The Company provides integrated, online software and technology services for platform implementation and customization built around the latest security standards. X1 Labs sets the industry standard for flexible, cost-effective solutions and enterprise level infrastructure that only the cloud can provide. For more information, please visit www.x1labs.com.
Experience 1, Inc. is the holding company for Title365 Company and Title365, Inc., the most innovative nationwide providers of title insurance and settlement services with offices in Arizona, California, Florida, Pennsylvania and Texas. Headquartered in Newport Beach, Calif. and fully licensed in 38 states, Title365 Company is located throughout California and is doing business as Title365 in Florida and Texas, as Title365 Agency in Arizona, and Title365 Agency of New York in New York. Founded in 2009 on a commitment to delivering an industry-changing combination of centralized product fulfillment, faster turnaround of title, escrow and default services and breakthrough technology solutions, all with traditional, world-class support, the Experience 1 companies are driven by the Title365 platform. The companies serve residential real estate brokers, mortgage and financial institutions, asset managers and independent escrows with traditional title insurance, escrow and national closing services, default services, and diverse technology solutions. Experience 1 is also parent to X1 Labs and X1 Analytics, two companies developing and marketing innovative technology along with marketing and analytical solutions to the title insurance, settlement services, financial and real estate industries. For more information, please visit www.title365.com or www.x1labs.com.
Experience 1, Inc., Title365 Company, Title365, Inc., OrderTrac, X1 Labs, X1 Analytics, Title365 Agency and Title365 Agency of New York are all trademarks of Title365 Company. All other trademarks and names are property of their respective owners.