IMS Gets SAS 70 Type II Designation
Houston-based Integrated Mortgage Solutions, a collateral protection resource for the mortgage servicing industry, has received SAS 70 Type II certification from Washington, D.C.-based DuPont & Morgan, LLP for control objectives and activities throughout the organization. IMS' SAS 70 Type II certification complements the SAS 70 Type I certification the company received in Nov. 2007.
SAS 70 is the authoritative guidance that allows service organizations to disclose their control activities and processes to their customers and their customers' auditors in a uniform reporting format. An SAS 70 examination signifies that a service organization has had its control objectives and control activities examined by an independent accounting and auditing firm. A formal report including the auditor's opinion ("Service Auditor's Report") is issued to the service organization at the conclusion of a SAS 70 examination.
"In today's turbulent climate, it is vital to our clients that IMS remains up-to-date with industry standards," said Cheryl Lang, president of IMS. "Receiving SAS 70 Type II Certification is further evidence of our dedication to data security, process efficiency and compliance." IMS chose to rely on DuPont & Morgan LLP for its expertise and commitment to providing efficient SAS 70 audits. As part of the process, DuPont & Morgan closely examined and tested the control environment and corresponding internal controls for the services provided by IMS, and control objectives were defined in the areas of technology security and change control, operational soundness and controls, accounting methods and cash controls, and security relating to confidential information, both from a physical aspect as well as through technology.
In other news, IMS recently introduced Asset Disposition and Management Services, a division that handles the company's suite of loss mitigation services, including its borrower outreach call center and short sale and REO management services. IMS also offers document delivery and Notary Service, as well as e-service products that enable the signing and notarization of loan documents online. Notary Service eliminates barriers to and increases the success rate of loss mitigation packages.
Integrated Mortgage Solutions is a collateral protection resource for the mortgage servicing industry, offering loss draft, inspections and preservation, hazard claims processing, property repair, loss mitigation and consulting services. The company was created with the sole purpose of helping mortgage servicing companies handle defaulted and damaged properties efficiently and effectively by reducing costs, risks and administrative burdens.