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Level1Loans Completes SSAE 16 SOC 1 Type 2 Audit
April 28, 2013, Ft. Lauderdale, FL – Level1Loans announced today it has renewed their SSAE 16 SOC 1 Type 2 Certification following a comprehensive audit of the company’s internal processes and controls. The audit was conducted ( February 2012 – February 2013) by Auditwerx, an independent service auditor, CPA Firm, and Chartered Accountant specializing in SSAE 16 assurance examinations for service businesses.
An SSAE 16 audit report provides a framework for a service organization to have an outside entity examine the fairness, suitability and operating effectiveness of an organization’s internal controls. Successful completion of an SSAE 16 review assures potential and existing customers that Level1 Analytics policies and procedures are sound and that their critical services and data are secure.
“By successfully completing the SSAE-16 audit, Level1Loans now has third-party validation that our internal controls can stand up to the strict scrutiny demanded by compliance sensitive companies including banks, financial firms and other publicly held companies that must meet Sarbanes-Oxley regulations”, said Tom Healy, founder and president of Level 1 Loans.
The audit was conducted in accordance with standards established by the American Institute of Certified Public Accountants (AICPA). It included a test of Level 1 Loans records and other procedures considered necessary to establish an opinion about the design of Level 1 Loans controls. The final report included a clean audit report with no exceptions noted.
Level1Loans is a parent company of Level1Analytics, a cloud-based mortgage service rights valuation company, which recently announced its first product, L1-MSR. L1-MSR is a first of its kind, cloud-based software that provides banks, mortgage banks, credit unions, insurance companies and others with the do-it-yourself capabilities to value and stress test their Mortgage Servicing Rights (MSR) assets.
Level1Analytics, headquartered in Yardley, PA is a joint venture between the Sextant Group and Intraprise Solutions. Level1Analytics provides financial modeling software to the mortgage lending industry. The company develops cloud-based software technology that allows financial institutions to value their mortgage portfolios and mortgage based assets in an easy, accurate, defensible, economical and transparent way. For more information go to www.level1analytics.com.