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Are You Ready for an Agency Audit? Mortgage Compliance Advisors can FIX that.

Thursday, May 29, 2008

Mortgage Compliance Advisors Launches File Audit & Quality Control Campaign: File Audits, FHA Approval Services, CE Courses & QC Plans for Lenders, Brokers, Banks & Credit Unions

Salt Lake City, Utah – May 28, 2008:
Mortgage Compliance Advisors, LLC (MCA) has filled the need of a third-party compliance firm that can alleviate the individual broker, lender, etc. of responsibility to conduct the 10% sampling of all loan files needed to stay in compliance. Mortgage Compliance Advisors’ principles, Bob Warnock and Craig Christensen, use their combined 60 years experience to provide a compliance solution for mortgage lenders, brokers, banks, credit unions, and wholesale lenders across the country.

Conducting full file audits (post-closing, pre-closing, and defaults), fraud detection, FHA approval services, training and CE courses, quality control plans, operational reviews, and consulting services.

Mortgage Compliance Advisors, LLC randomly chooses files to be reviewed (at least a 10% sampling on FHA loans monthly or quarterly depending on volume.) The same sampling may be used for conventional loans. Mortgage Compliance Advisors reviews all documentation contained in the files and re-verifies documentation as needed.

MCA will compare closing documentation to processing information to insure accuracy, and review appraisal and underwriting for quality control and agency compliance. A new credit report and desk review of the property appraisal will be done on every file. MCA will provide documentation on all items reviewed along with monthly reports to management of significant findings and summaries.

For lenders who are not FHA approved and want to apply for approval, Mortgage Compliance Advisors will guide and help with the entire process including:

  • Determining feasibility of approval — Supply needed forms
  • Supervise preparation of documentation required by FHA for approval
  • Provide resources for bonding/audits/sponsors — Assembling of approval package
  • Follow up with FHA if difficulties arise

About Mortgage Compliance Advisors, LLC (MCA): MCA came about as the industry tightened their regulations and compliance with file audits and quality control plans. Bob Warnock was Chief of HUD/FHA-UT and worked with FHA for 13 years in addition to his 17 years in the industry. Craig Christensen also a veteran of 30+ years in the mortgage industry.

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