NDNB provides fixed-fee SOC 1 SSAE 18 Type 1 and Type 2 audit reports for the mortgage services industry. At a high-level, the mortgage services industry encompasses numerous types of businesses performing a wide-array of services. While the even broader industry term can be looked upon as the real estate finance marketplace, nevertheless, businesses involved in mortgage sales, processing, underwriting, closing and funding, and actual loan servicing, are all prime candidates for SOC 1 SSAE 18 Type 2 audit reports.
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NDNB. Unrivaled SOC 1 SSAE 18 Expertise for the Mortgage Industry
NDNB can assist as we have decades of experience performing independent, third-party assessments for the mortgage services industry. We’ve successfully audited dozens of companies over the past decade that have been involved in the following mortgage services functions:
- Sales: Performed prior SAS 70 and SOC 1 SSAE 16 audits for companies involved with lead generation, call screening, loan pricing, loan application, and more.
- Processing: Performed prior SAS 70, SOC 1 SSAE 16, USAP, Regulation AB, and AUP reports for companies involved in application and loan processing, documentation verification, rate locking, and more.
- Underwriting: Performed prior SAS 70, SOC 1 SSAE 16, USAP, and AUP reports for companies involved in credit and fraud risk assessment, collateral risk underwriting, underwriting decision, condition management, and more.
- Closing and Funding: Performed prior SOC 1 SSAE 16, and AUP reports for companies involved in customer contact, loan stacking/shipping, MERS registration, investor/service delivery, and more.
- Servicing: Performed prior SOC 1 SSAE 16, USAP, Regulation AB, and AUP reports for companies involved in payment/collections, escrow services, default management, due-diligence, loan maintenance, customer service functions, and more.
Essential SOC 1 Information You Need to Know
The mortgage services industry, mortgage industry, real estate finance industry – whatever you want to call it – is large, complex, ultimately requiring an experienced auditor to assess one’s compliance needs. NDNB is that firm, so take note of the following subject matter for SOC 1 SSAE 18 reporting:
Identify Critical ICFR Controls and ITGC: What specific financial transactions are you performing that can impact YOUR client’s financials? It’s a question that must be answered as all SOC 1 SSAE 18 reports for the mortgage services industry include assessing and testing “Internal Controls Over Financial Reporting”. Additionally, general computing controls – a concept known as ITGC – must also be incorporated into the audit. NDNB’s years of experience in working with dozens of companies in the broader mortgage services industry has us well prepared to assist you.
Perform Essential Remediation: Remediation WILL happen, it’s just the nature of regulatory compliance. Why will it occur? Because no company has a picture-perfect control environment. There is always something that can be improved upon – always. NDNB has the tools and resources to help you become SOC 1 SSAE 18 compliant – quickly and cost-effectively.
Engage in Continuous Monitoring: Once your annual SOC 1 SSAE 18 audit is complete, then the real work begins with continuous monitoring – and testing – of your controls. We can assist, as NDNB can put together a comprehensive program for ensuring you test you controls and stay compliant, now that’s a win-win.
NDNB is North America’s Leading Provider of SOC Audits
Since 2006, we’ve performed dozens of compliance assessments for the mortgage services industry, mortgage industry, real estate finance industry What does this really mean? It means we know the industry inside and out, we know the terminology, the controls that should be in place, and more.
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