Pavaso, Inc. has passed its Service Organization Control (SOC) 1 audit for the Digital Close platform. This is the second SOC certification for Pavaso, as the company’s data center has already been SOC 2 certified.
The SOC 1 audit covered client onboarding; system authentication; data submission and storage; system configuration; logical access; change management and system monitoring.
“In a digital mortgage environment, the integrity of the systems and processes used to execute this type of transaction are critical to both reassuring the consumer of the security of the transaction and providing a seamless, positive experience for the consumer,” Pavaso CEO and President Mark McElroy said. “Pavaso voluntarily underwent this extremely rigorous audit so that we could certify the integrity of the Digital Close platform to our customers. Furthermore, Wells Fargo and Caliber Home Loans recently agreed to purchase loans closed on Pavaso. The SOC 1 is another testament to the quality and security of our products and processes, of which we are very proud.”
Per the American Institute of CPAs (AICPA), the creator of the audit, the purpose of SOC 1 is to “evaluate the effect of the controls at the service organization on the user entities’ financial statement assertions…[to] comply with laws and regulations such as the Sarbanes-Oxley Act and the user entities’ auditors as they plan and perform audits of the user entities’ financial statements.”