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April 07, 2004 Moss Adams attests that Netupdate meets international standard for protecting
financial data and transactions Bellevue, WA, April 07, 2004 - – Netupdate, Inc., announced today that it has successfully completed the SAS 70 audit by Moss Adams Advisory Services, a consulting service for Moss Adams LLP. Statement on Auditing Standards No. 70 (SAS 70), “Service Organizations,” is an internationally recognized standard for companies providing IT services to external clients. The SAS 70 standard—a requirement for companies providing financial data processing services—requires strict conformance to operational controls and processes for IT development and services. "Netupdate's favorable SAS 70 audit is a major milestone," said Debra Chong, Vice President, Product Management Division, Central Pacific Bank, Honolulu, HI. "It provides us with the audit information on its controls, reviews and security that we need to meet our own requirements for the FDIC and internal auditors." “I’m particularly proud of our development and operations teams who worked so hard to achieve this significant milestone,” Diane Holmstrom, CEO of Netupdate, said. “As a leading provider of Web-based mortgage loan originations, it’s vital for Netupdate to offer this level of assurance to our customers.” Moss Adams reviewed all aspects of Netupdate’s IT systems development and deployment over a period of five months in late 2003 and early 2004. Specifically, Netupdate had to demonstrate compliance with control standards in:
About Netupdate Netupdate, Inc., is a software development and services company providing solutions to mortgage lending professionals that increase loan volume and reduce costs. Netupdate’s products use the Internet to help move mortgage lenders from expensive, slow, paper-based transactions to efficient, integrated, electronic transactions. By allowing each person involved in the lending transaction to interactively share information and documents, and to communicate in a managed fashion, Netupdate solutions reduce transaction time, streamline back-office processes and provide improved borrower satisfaction. Headquartered in Bellevue, WA., Netupdate is funded by Alexander Hutton
Venture Partners, Greenstone Venture Partners, Irwin Ventures and Timberline
Venture Partners. About Originator Pro Originator Pro is an integrated point-of-sale system enabling mortgage professionals to engage, qualify, and approve borrowers quickly and efficiently. Originator Pro gives loan officers a customized web site where borrowers can apply for loans, get pre-approval information, see loan status during the application process, and securely communicate with their lender. One of Originator Pro’s most powerful features is a shareable desktop client that lets referral partners like Realtors and builders create leads and loan applications and post them directly into the loan officer’s pipeline. Loan officer-focused, this powerful data collection tool allows you to
take an application, obtain loan product eligibility and pricing information,
and pull credit and automated underwriting. Data seamlessly integrates
into the organization’s LOS, and communicates loan status to the
borrower, Realtor, and other interested business partners. For more information on Netupdate or Originator Pro, contact Sue Ellingson
at Contact: © 2004 Netupdate, Inc. All rights reserved. Netupdate, Originator Pro, Loanupdate and Netupdate.com are trademarks of Netupdate, Inc. All other marks are owned by their respective entities. |