Mortgage Delivery Specialists (MDS) Successfully Completes SAS 70 Audit
Pewaukee, WI, October 07, 2010 --(PR.com)-- Mortgage Delivery Specialists LLC (MDS), the premier provider of Fannie Mae, Freddie Mac and Ginnie Mae Mortgage Delivery Services is pleased to announce that it has recently completed a SAS 70 Type 1 audit of its mortgage loan analysis, servicing portfolio analysis and Agency securitization delivery services. The audit was performed by a nationally recognized independent auditing firm in September 2010.
MDS' Management is committed to preserving the security and privacy of its information and information resources and has developed a set of internal controls to ensure the confidentiality, integrity and availability of information. SAS 70, 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," defines the professional standards used by a service auditor to assess these internal controls and issue a service auditor's report.
"Completing a SAS 70 audit was an important part of our 2010 business plan," said Kent Loehrke, MDS' owner and founder. "Developing and maintaining a secure environment that safeguards our clients' information and withstands audit scrutiny is a critical part of our overall operation," added Loehrke.
In order to complete the 2010 audit, MDS Management developed control objectives for the following significant areas that support the mortgage loan analysis, servicing portfolio analysis and Agency securitization delivery services:
* Control Environment
* Physical Security
* Environmental Protection
* Computer Operations
* Information Security
* Data Communications
* Privacy
Extensive testing of the control activities was conducted by the service auditor in order to determine that controls were implemented by MDS to ensure that control objectives are met. The testing allowed the service auditor to opine on the following:
* Whether the description of the controls prepared by MDS presents fairly, in all material respects, the relevant aspects of MDS' controls that had been placed in operation as of September 3, 2010; and
* Whether the controls were suitably designed to provide reasonable assurance that the specified control objectives would be achieved if those controls were complied with satisfactorily.
Following this rigorous examination, the service auditing firm was able to issue an unqualified opinion regarding each of the areas described above.
MDS management recognizes that Sarbanes-Oxley legislation has placed an increased focus on the internal controls of valued business partners. The SAS 70 audit report is designed to provide clients with a certain level of assurance regarding the controls that are maintained by MDS management. The SAS 70 report addresses all five components of internal control outlined in the Sarbanes-Oxley legislation; namely the control environment, risk assessment activities, control activities, information and communication systems and monitoring activities. The structure of the report is intuitive and is designed to be incorporated well with clients' Sarbanes-Oxley compliance programs.
Furthermore, MDS' management understands the ever increasing importance of corporate governance, as well as the impact of the organization's services on client's system of internal controls. The successful completion of the 2010 SAS 70 audit is only part of MDS' continued commitment to maintaining a high level of internal control. MDS has engaged its service auditor to a long-term contract whereby MDS will undergo a Type 2 audit on an annual basis.
About Mortgage Delivery Specialists LLC (MDS)
Mortgage Delivery Specialists LLC (MDS) was formed from a select group of industry professionals specializing in mortgage loan analysis, servicing portfolio analysis and Agency securitization delivery services. Team leaders have over 70 years of combined experience in assisting mortgage lenders with their mortgage loan delivery and servicing analysis needs. The entire MDS team worked together at Mortgage Data Management Corporation (MDMC) until MDS was formed in January of 2010.
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MDS' Management is committed to preserving the security and privacy of its information and information resources and has developed a set of internal controls to ensure the confidentiality, integrity and availability of information. SAS 70, 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," defines the professional standards used by a service auditor to assess these internal controls and issue a service auditor's report.
"Completing a SAS 70 audit was an important part of our 2010 business plan," said Kent Loehrke, MDS' owner and founder. "Developing and maintaining a secure environment that safeguards our clients' information and withstands audit scrutiny is a critical part of our overall operation," added Loehrke.
In order to complete the 2010 audit, MDS Management developed control objectives for the following significant areas that support the mortgage loan analysis, servicing portfolio analysis and Agency securitization delivery services:
* Control Environment
* Physical Security
* Environmental Protection
* Computer Operations
* Information Security
* Data Communications
* Privacy
Extensive testing of the control activities was conducted by the service auditor in order to determine that controls were implemented by MDS to ensure that control objectives are met. The testing allowed the service auditor to opine on the following:
* Whether the description of the controls prepared by MDS presents fairly, in all material respects, the relevant aspects of MDS' controls that had been placed in operation as of September 3, 2010; and
* Whether the controls were suitably designed to provide reasonable assurance that the specified control objectives would be achieved if those controls were complied with satisfactorily.
Following this rigorous examination, the service auditing firm was able to issue an unqualified opinion regarding each of the areas described above.
MDS management recognizes that Sarbanes-Oxley legislation has placed an increased focus on the internal controls of valued business partners. The SAS 70 audit report is designed to provide clients with a certain level of assurance regarding the controls that are maintained by MDS management. The SAS 70 report addresses all five components of internal control outlined in the Sarbanes-Oxley legislation; namely the control environment, risk assessment activities, control activities, information and communication systems and monitoring activities. The structure of the report is intuitive and is designed to be incorporated well with clients' Sarbanes-Oxley compliance programs.
Furthermore, MDS' management understands the ever increasing importance of corporate governance, as well as the impact of the organization's services on client's system of internal controls. The successful completion of the 2010 SAS 70 audit is only part of MDS' continued commitment to maintaining a high level of internal control. MDS has engaged its service auditor to a long-term contract whereby MDS will undergo a Type 2 audit on an annual basis.
About Mortgage Delivery Specialists LLC (MDS)
Mortgage Delivery Specialists LLC (MDS) was formed from a select group of industry professionals specializing in mortgage loan analysis, servicing portfolio analysis and Agency securitization delivery services. Team leaders have over 70 years of combined experience in assisting mortgage lenders with their mortgage loan delivery and servicing analysis needs. The entire MDS team worked together at Mortgage Data Management Corporation (MDMC) until MDS was formed in January of 2010.
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Contact
Mortgage Delivery Specialists LLC
Kent Loehrke
262-746-9212
www.mortgagedelivery.com
Kent Loehrke
262-746-9212
www.mortgagedelivery.com
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