Secure Settlements Inc. (SSI) received verification that its corporate operations and data center adhere to the highest industry and regulatory standards under the terms of a Statement on Standard for Attestation Engagements No. 16 (SSAE 16) audit. The SSAE 16 certification offers clear, third-party verification that SSI employs sound internal controls governing data accuracy and privacy, providing an important layer of assurance to financial institutions and their professional closing agents.
SSI is one of the first in its field to achieve the SSAE 16 audit certification, which is rarely pursued in the mortgage business. As part of the process, firm J.R. Lupo performed an independent audit that included extensive testing of control activities and effectiveness at the SSI corporate headquarters and data center. The assessment included:
►Operations, training and customer service
►Development and information technology organization
►Human resources policies and procedures
►Risk assessment monitoring
►Data security and privacy management
►Organization integrity and ethics
►Financial controls management philosophy and operating style
►Oversight by executive management
The above control procedures for SSI’s corporate operations and data center were verified in a Service Organizational Control Report (SOC 1).
“We're proud to be one of the first in the closing agent risk assessment business to complete a SSAE 16 review, said Andrew Liput, president and CEO of SSI. “We can assure the banks we serve and the agents we evaluate for risk that we use best practices for security and uniform controls in all that we do. Our board members were very encouraged by the audit results.”
“The SSAE 16 certification recognizes SSI’s effort to provide the very best risk analytic vetting services that every party affected can comfortably rely on,” said Peter Stevens, former Utah deputy insurance commissioner.
“SSI continues to break ground in forging a path of credibility and integrity in the real estate finance industry, said Regina Lowrie, former president of the Mortgage Bankers Association. “The most recent announcement of SSAE 16 certification status validates SSI’s systems, processes, controls and risk management procedures succeed in diligently reviewing closing agents.”