Franklin Credit Management Corp. (FCMC), the mortgage servicing subsidiary of Franklin Credit Holding Corp., has successfully completed its SAS 70 Type II audit for its loan servicing and collection processes.
SAS 70 is a widely recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) for auditing and reporting on the effectiveness of operations, processes and controls of third-party service providers. FCMC's SAS 70 Type II audit was conducted by Marcum LLP, an independent auditing and accounting firm.
The audit, which assessed the suitability of the design and operational effectiveness of the company's controls for the stated period, focused on FCMC's servicing and collection processes and included Franklin's control environment, risk assessment, monitoring, control activities and information and communication controls.
The resulting Independent Service Auditor's Report concluded that FCMC's tested controls, as described in the report, were operating with sufficient effectiveness to provide ‘reasonable assurance’ that such controls were in place and achieved for the period tested, FCMC says.
SOURCE: Franklin Credit Holding Corp.