Mortgage Industry Cautiously moves Forward by Strengthening Compliance Regulations.

2008-10-22 00:26:40 - Mortgage Compliance with FHA files helps reduce risk of future bad loans as 3rd party firms like Mortgage Compliance Advisors, LLC provide the required 10% file audit requirement as well as quality control implementation for individual brokers and lenders to stay up to date with their compliance and regulations.

Salt Lake City, UT -- October 22th, 2008 - - Banks, brokers, and lenders are feeling the scare in the economy with less business than usual. Now, investors and larger institutions want to see more quality control with each loan. Some institutions want to see a 10% file audit completed on conventional loans as well as FHA loans.
The more

intense the scrutiny on each loan file, the better loans this country will have from here moving forward. Mortgage Compliance Advisors, LLC fields' compliance calls each day assisting any broker, lender or bank with their compliance needs; Mortgage Compliance Advisors, LLC provide a bi-weekly mortgage compliance newsletter that covers different changes in rules and regulations that pertain to the individual broker or lender. 'These brokers are trying to stay in compliance with the new rules coming from FHA/HUD. Most of them have questions regarding their required 10% file audits, quality control plans, and mortgage compliance. This is our specialty.' -Craig Christensen, principal at Mortgage Compliance Advisors, LLC.

Post closing file audits have provided a better view for investors and brokers to look at the files moving through their business. It has helped the quality control of their business as well as giving them a management report that shows the findings in each loan. The management report is sent back to the broker or lender for their review and progression. As more companies focus on their mortgage quality control and mortgage compliance, the better the mortgage industry will get.

Individual quality control plans that include the required 10% file audits and FHA regulations will guide the FHA/HUD lending community in the right direction for the future. Mortgage compliance has never been so useful to the mortgage industry to help quality loan files move forward.

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.
###