Mortgage Builder, a leader in innovative mortgage loan origination software (LOS) systems, announces its successful completion of the SAS 70 Type II audit process. The SAS 70 audit is renowned for its complete and thorough assessment of a company’s internal and external soundness for information technology security and processes. Mortgage Builder’s completion of a Type II SAS 70 audit validates that the organization has undergone an in-depth audit of their control objectives and control activities and reflects management’s commitment to best practices and internal controls to support their clients’ businesses.
SAS 70 audits are critical to lenders who entrust their information and process security to LOS providers. Not all LOS companies subject themselves to such exacting examinations, and as more banks and credit unions invest in lending technology to improve service levels and efficiency, data security becomes increasingly important for their own audit results. “SAS” refers to “Statements on Auditing Standards” issued by the American Institute of Certified Public Accountants (AICPA). The SAS 70 audit is intended to provide an alternative to having all of a company’s clients perform repetitive examinations in order to be assured of having appropriate internal controls and processes in place to protect sensitive information. The Type II audit is the most elaborate of these tests, backing up representations with on-site physical verifications.
“Success with the SAS 70 Type II audit is tremendously important for Mortgage Builder and its clients,” said Keven Smith, Mortgage Builder president and chief executive officer. “We spend a great deal of time and money in preparation for the audit, understanding that it is an essential tool in assuring our clients that we have the controls in place to handle their information with the care it deserves. The process is rigorous, but well worth the effort and expense, particularly in the face of additional oversight lenders can expect under Dodd-Frank. We’re proud of our audit results and make them readily available to existing and prospective clients on request.”
This is Mortgage Builder’s eighth successful audit to SAS 70 standards, an annual event since 2003. The audit was performed by SAS 70 CPA of Palm Harbor, Fla., one of the leading SAS 70 audit firms in North America.
There is a new version of the audit on the horizon, however, and it will be more rigorous still. Called the SSAE 16, it effectively replaces SAS 70 in June of 2011. According to Kevin Gusler, sales engineer, a 14-year Mortgage Builder employee and one of the company’s senior application designers, Mortgage Builder is ready for the new auditing standard.
“Our recent audit went very well,” Gusler said. “We are already anticipating SSAE 16 and its requirements.” He credits a good portion of the company’s continued success with SAS 70 audits to the long tenure of its employees. “We have been doing this for a long time, and our very low turnover means that we have a senior engineering staff that completely understands the process and its preparation. For a technology professional, a successful SAS 70 Type II audit is like a trophy, and we’re looking forward to having the new SSAE 16 approval certification up on the wall in a year’s time.”
For more information, visit www.MortgageBuilder.com.