One of the numerous audits the Palm Harbor, Fla.-based company has completed in the last year, the SSAE-16 audit is a key qualification procedure that replaced the former SAS No. 70 audit.
(Palm Harbor, Fla.,) – Nationwide Title Clearing (NTC) understands that organizational compliance is an important component to its daily operations. The company, which is a leading service provider to the mortgage and financial industry, announced that it successfully completed the SSAE 16 Type II audit with no exceptions noted.
This is one of numerous audits NTC has successfully completed in the past year. The SSAE-16 audit is a key qualification procedure that replaced the Statement on Auditing Standards (SAS) No. 70 and now is guiding resource for performing the service auditor’s examinations. The SSAE-16 audit was introduced in June 2011 to offer upgraded reporting to comply with the new international service organization reporting standard.
The SSAE-16 audit was conducted by Brightline, a third-party CPA company BrightLine, (formerly known as SAS 70 Solutions). Companies can opt for a Type I or a Type II audit. Type I indicates that the specific controls were examined to be in order throughout a minimum six-month audit period. Type II demonstrates that the specific controls were also tested and documented to be effective throughout the audit period. NTC regularly submits to a Type II audit.
The key operational components that were audited in the SSAE-16 audit included NTC’s general management controls, risk management, information security and communications systems. The extensive audit also covered NTC’s core practices related to integrity and ethical values, commitment to competence, management philosophy and style, organizational structure and responsibility, and human resources policies and practices. In the new SSAE-16 audit, the external auditors also included a complete review and validation of NTC’s signing controls, practices and procedures.
In addition to completing third party audits, NTC may be audited by clients at any time. These audits are typically conducted for information security, personnel policies and procedures, data integrity, business controls and things of that nature. In 2011, NTC underwent 17 unique audits.
NTC believes that undergoing audits by multiple leading, national mortgage companies is beneficial for its clients because it helps maintain the company’s rigorous standards as industry leaders.
“NTC has developed a favorable reputation in the industry and among clients because of our commitment to maintaining high standards of professionalism” said NTC CEO John Hillman. “Our continual successful completion of rigorous third party audits illustrates our credibility and reliability in the mortgage industry.”
About Nationwide Title Clearing, Inc. (NTC):
Headquartered in Palm Harbor, Fla., Nationwide Title Clearing (NTC) was founded in 1991 and has since grown to become the nation’s leading national post-closing services provider for the residential mortgage industry. In addition to supporting lenders, servicers and investors, including eight of the top 10 residential mortgage servicers in the country, the company’s land records and document experts are able to track and fulfill county document requirements for close to 3,600 recording jurisdictions nationwide. NTC specializes in providing property reports, lien release and assignment services, final document tracking, document retrieval, imaging and other custom business solutions. For more information, visit the company’s website at www.nwtc.com.