June 13, 2008 ( PowerHomeBiz ) - Salt Lake City, UT www.MortgageComplianceAdvisors.com -- 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.
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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