Despite the downturn in the market, mortgage technology vendor PCLender.com reports that it has completed a service auditor’s review, commonly known as a SAS 70 Type II audit, of its InHouse Mortgage (IHM) and PCApproved applications.
The company provides a fully hosted web based software and services solution to mid-sized mortgage bankers and financial institutions.
The audit was performed by SAS 70 Solutions, a nationally recognized independent auditing firm, and was completed in January, 2008. Included in the scope of the audit were PCLender.com, Inc.’s customer service control activities, as well as the general controls that support these activities.
SAS 70 is an acronym for the American Institute of Certified Public Accountants (AICPA) Statement on Auditing Standard (SAS) No. 70, titled “Reports on the Processing of Transactions by Service Organizations.” SAS No. 70 defines the professional standards used by a service auditor to assess the internal controls of a service organization and issue a service auditor’s report.
“PCLender.com management understands the ever increasing importance of corporate governance, as well as the impact of our services on our clients’ system of internal controls,” said PCLender.com founder and president Lionel Urban. “The successful completion of the 2008 SAS 70 Type II audit is only part of PCLender.com’s continued commitment to maintaining a high level of internal control. PCLender.com, Inc. has engaged its service auditor to a long-term contract whereby PCLender.com, Inc. will undergo a Type II audit on an annual basis.”
It's good to see vendors doing what's necessary to keep their offerings viable, even when times are challenging.