Nationwide Title Clearing (NTC), a post-closing services provider for the residential mortgage industry, has reported that it has successfully completed its SAS-70 Type II audit (Statement on Auditing Standards No. 70: for Service Organizations). This is the company’s fourth consecutive annual SAS-70 review, and one among several audits that NTC has successfully completed over the past year. Upon in-depth examination by reputable independent auditing firms and reviews by several top national clients, NTC’s general management controls and signing procedures were found to be effective and legally sound.
As is customary in the industry, the lengthy and extensive SAS-70 Type II review was completed by a reputable third-party, independent auditing firm. Key operational components that were audited include NTC’s general management controls, risk management, information security and communications systems. The extensive audit also covered NTC’s core practices as it relates to integrity and ethical values, commitment to competence, management philosophy and style, organizational structure and responsibility and human resources policies and practices. The Type II designation indicates that the specific controls were also tested and documented to be effective throughout the six month audit period. NTC passed the SAS-70 Type II audit with no exceptions.
Additionally, in July 2010 Ernst & Young completed their own third-party examination to validate NTC’s business practices and controls on behalf of one of NTC’s leading clients and NTC passed with no exceptions.
Several of NTC’s leading national mortgage lending and servicing clients have also recently conducted their own reviews of NTC’s operations over the past year and found that its signing and business practices relating to processing lien releases, assignments, document retrieval and other company services were sound and effective.
“We’re very proud of our performance when it comes to customer reviews and independent audits, especially in the face of current media misrepresentations about our industry,” said Jeremy Pomerantz, senior vice president of NTC. “Several of our largest clients have reviewed our signing practices and confirmed that we met their standards. Some stated that our practices and controls are better than theirs, which is as it should be. We are experts in the services that we offer and financial services firms should expect their partners to be a best of breed solution.”
NTC's professional qualifications include:
►Extensive Disaster Recovery & Continuity Plans
►SAS-70 Type II
►Extensive Indemnity Coverage
►Errors & Omissions Insurance and Professional & General Liability Coverage
►Bonded for Fidelity & Crime
►Audited Physical & Information Security Controls
►Employees Undergo Extensive Background Checks and Drug Testing
►Fireproof Vault Storage
For more information, visit www.nwtc.com.