Mortgage Industry Compliance: NTC Successfully Completes SSAE 16 (SOC 1) Type 2 Audit
Palm Harbor, FL (PRWEB) March 05, 2015 -- A leader in residential real estate industry research and document processing, NTC (Nationwide Title Clearing, Inc.) deeply understands the importance of compliance with rigorous operating standards. As part of its ongoing commitment to meeting and maintaining these standards, NTC has successfully completed an SSAE 16 examination of its mortgage processing services for the period on July 1, 2014 through December 31, 2014. The examination was conducted by an independent CPA firm, BrightLine CPAs and Associates, Inc. No exceptions were found.
The Statement on Standards for Attestation Engagements # 16 (SSAE 16), also known as the Service Organization Controls Report # 1 (SOC 1), was formerly known as the Statement on Auditing Standards # 70 (SAS 70). Through actions of the Auditing Standards Board of the American Institute of Certified Public Accountants, SSAE 16 superseded the SAS 70 audit standard in mid-2011. It is the adopted version of the International Standards for Assurance Engagements (ISAE) No. 3402, Assurance Reports on Controls at a Service Organization, for use in the United States.
To ensure that it remains in compliance with the standards promulgated by these governing bodies, NTC regularly engages auditors to conduct SSAE 16/SOC 1 examinations. The key operational components that were reviewed in the recent examination included NTC’s general management controls, risk management, information security, and communications systems.
Per NTC’s standard practice, the company opted to have the auditors conduct a Type # 2 SOC 1 examination. Unlike the less rigorous Type # 1 SOC 1 examination, which delivers an opinion and description of operations relevant to the service an organization provides as of a certain date, in the Type # 2 SOC 1 examination the auditor tests internal controls and processes over a period of time—in this case, July 1, 2014 through December 31, 2014—to verify that the internal controls and processes are actually occurring as the service organization intends, and that the controls were in place during the audit period. Since the auditors provide an opinion about the actual operation of controls, third parties are considered more likely to accept a Type # 2 SOC 1 report than a Type # 1 SOC 1 report. No exceptions were found in the Type # 2 SOC 1 examination of NTC.
“Our successful completion of a Type # 2 SOC 1 review,” says William Borde, NTC’s VP of Risk Management, “shows current and future clients that NTC has undergone a rigorous examination by an independent third party to ensure that it continues to meet attestation standards set by the American Institute of Certified Public Accountants.”
About NTC:
Nationwide Title Clearing, Inc. (NTC) is a privately-owned leading research and document-processing service provider to the residential mortgage industry. NTC services mortgage lenders, servicers and investors, including eight of the top 10 residential mortgage servicers in the country, resulting in an expansion that is also tied to its contribution to its industry and its local community. NTC ranked number 13 on the Tampa Bay Business Journal’s 2014 Fast 50 Awards list of fastest growing companies in Tampa Bay, and number 2,097 on the 2014 Inc. 500/5000 list of fastest-growing companies in America. NTC also won the Inc. Hire Power award for the second consecutive year in 2013 for putting Americans back to work. For more information, visit the company’s website at http://www.nwtc.com.
Karla Jo Helms, JoTo PR, +1 (888) 202-4614 Ext: 802, [email protected]
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