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June 13, 2008 ( PowerHomeBiz
) - Salt Lake City, UT --
Mortgage Compliance Advisors, LLC (MCA) -- FHA approval is made simple by
following the step by step process that Mortgage Compliance Advisors offers.
MCA will walk you through the costs, paperwork, and FHA requirements to
determine feasibility. MCA also provides an outsourcing solution to brokers,
lenders, and financial institutions that alleviates the burden and expense
of regularly auditing, in-house, a 10% file sampling as required by federal
and/or state agencies.
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Also, 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 Help with
preparation of documentation required by FHA for approval Provide resources
for bonding/audits/sponsors – Help with assembling of approval package
Follow up with FHA if difficulties arise Mortgage Compliance Advisors’ file
audit process is efficient and effective. First, MCA randomly chooses, from
a list provided by the lender, files to be reviewed. FHA requires file
audits on 10% of a company’s closed files. Depending on volume, these audits
are to be completed either on a monthly or quarterly basis. Some states
require pre and post-closing file audits as well.
Once Mortgage Compliance Advisors has received the files to be reviewed,
the assigned auditor uses a standardized checklist MCA has developed to
review all documentation contained in a file and re-verifies documentation
as needed. The auditor will also compare documentation to insure accuracy,
as well as review the appraisal. A new credit report will be pulled on every
file and appraisal field reviews will be completed as agency guidelines
require. Once the file audits have been completed, MCA will provide a
management report of significant findings and summaries.
In addition to full file audits (post-closing, pre-closing, and defaults)
and FHA approval services, MCA provides loan file fraud detection services,
training and CE courses, quality control plans, operational reviews, and
consulting services.
About Mortgage Compliance Advisors, LLC (MCA):
MCA was founded on the premise of providing mortgage brokers, retail
lenders, wholesale lenders, and banking institutions of all sizes with a
sound alternative for meeting their mortgage compliance needs. MCA’s
principals, Bob Warnock and Craig Christensen, have a combined sixty years
of experience in the mortgage industry. Thirteen years of Bob Warnock’s
thirty-five year career in the banking and mortgage industry were spent at
the Salt Lake City HUD/FHA office, first as an underwriting specialist, then
branch chief over underwriting and insuring, and finally as Field Office
Chief with responsibility to oversee lender approval, underwriting, insuring
and the assignment program. Much of Craig Christensen’s 25 year career has
been in management positions with national retail and wholesale lenders.
Contact Info:
Brandt Page-Director of Sales & Marketing
5505 South 900 East, Suite 110
Salt Lake City, UT 84117 Phone: 801-649-6038 - Fax: 801-264-0301 bpage@mortgagecomplianceadvisors.com
http://mortgagecomplianceadvisors.com
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