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October
5, 2010
MDS Contact: Kent Loehrke
Phone: (262) 746-9212
E-mail: kent.loehrke@mortgagedelivery.com
MORTGAGE DELIVERY SPECIALISTS (MDS) SUCCESSFULLY
COMPLETES
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
our report is intuitive and is designed to be incorporated well with
our 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 our 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 (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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