Mortgage Builder Successfully Completes New SSAE 16 Type II Audit

Loan origination software leader completes the next generation SAS audit on services security and controls for protection of lender data

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 Southfield, MI, September 19, 2011 – Mortgage Builder, a leader in innovative mortgage loan origination software (LOS) systems, announces that the company has recently undergone the new SSAE 16 Type II audit process and has completed the thorough examination successfully.  The SSAE 16 is the next generation of SAS (Statements on Auditing Standards) audit, designed to test organizations’ abilities to protect sensitive business data for their clients.  The SAS standards are issued by the American Institute of Certified Public Accountants (AICPA), and are a prime concern for lenders that entrust their information and process security to loan origination software (LOS) providers.

The new SSAE 16 Type II audit is the more exacting and thorough version of the new standards, requiring on-site physical verifications of security measures, control objectives and activities by an independent, approved auditor.  The audit was performed by SAS 70 CPA of Palm Harbor, Florida, one of the leading SAS 70 and SSAE 16 audit firms in North America.  This was Mortgage Builder’s ninth consecutive successful audit.

“The top level SAS audit is not a requirement for LOS systems, but I think it should be,” says Keven Smith, president and CEO of Mortgage Builder.  “When you consider the sensitivity of the information handled by the LOS and the exacting tolerances for security required to provide the needed levels of protection for lenders, Mortgage Builder regards passing these audits as a necessity,” he says.  “It is tremendously important for our clients to have confidence in this critical aspect of their business.”

In addition to assuring clients that their provider is doing things the right way, the SSAE 16 Type II audit means lenders are spared the burden of having to perform the audit themselves on all the companies they do business with that handle sensitive information.  “When we pass the audit it is just as if the lender themselves had conducted the examination,” says Kevin Gusler, IT relations manager at Mortgage Builder who has been with the company for 14 years and through all of the audits of the past.  “It is not an unchallenging process,” Gusler notes, “but it is one we are highly experienced with and are completely prepared for.  We had been planning for the new SSAE 16 ever since last year’s SAS 70 Type II, and we did very well on the audit.”

Keven Smith points out that the company spends a significant amount of time, money and hard work on the audit process.  “It is always a concerted team effort,” he says.  “But seeing yet another certification plaque go up on the wall and knowing that we have met every test with flying colors is highly satisfying – and essential to our clients’ security.”

About Mortgage Builder

Southfield, Michigan-based Mortgage Builder Software, Inc. has been providing industry-leading loan origination software (LOS) to mortgage banks, community banks, credit unions and other financial institutions since 1997.  Mortgage Builder was the first LOS to provide its full capabilities in Application Service Provider (ASP) form, as Software as a Service (SaaS), and in the traditional licensed, server-based configuration, providing complete flexibility to suit all clients’ business models.  Mortgage Builder is an end-to-end, “everything’s integrated” lending solution for both retail and wholesale mortgage production channels, automating origination, closing, post-closing and delivery, as well as tracking and reporting functions.  Essential enhancements like pricing and product eligibility (PPE), electronic document management (EDM) and electronic loan delivery functionality are built-in and available on demand, while compliant loan documents are provided at no additional cost. The company has been named by Mortgage Technology Magazine as one of the industry’s Top 50 Service Providers for the fifth consecutive year, and was the winner of the magazine’s prestigious 2008/2009 Help Desk Award for outstanding customer service and the industry’s best technical support.  For more information, visit www.MortgageBuilder.com.