The Mortgage Operations Health Check is a straight forward, factual assessment of regulatory and operational risk. Created for mortage brokers and lenders, the “Health Check” is essentially an 'audit interview' conducted by Mortgage U with one or two or your key associates responsible for serving as the point person when a state or federal auditor arrives. Through our question and answer format we can illustrate how your company will perform in an audit and identify some potential operational inefficiencies along the way.
The Mortgage Operations Health Check consists of a total of 60 questions grouped into 7 categories.
1. Loan Origination System and Application Review
2. Locking Rates and Processing
3. Management Reporting
4. RESPA
5. ECOA
6. TILA
7. Additional Compliance [including: Patriot Act; FACTA; Information Safeguard]
The goal of the assessment is to clearly identify which of these risks may apply to your company:
- Federal/State Regulation
- Federal/State Regulation with Fine/Penalty
- Negative Effect on HMDA Reporting
- Legal Risk
- Financial Risk
- Interest Rate Risk
- Compliance Risk
- Inability to Benchmark
- Inability to Budget
- Overstated Income
- Operation Expense
- Inaccurate Internal Reports
- Processing Delay
- Underwriting Delay
- Closing Delay
Upon completion of the interview, you will recieve a detailed summary which will show your company's grade from 0-100% for each risk category and each group of questions. You will know exactly where you stand and what to do next.
Mortgage U will follow up with a customized, 35 page report which explains every question in detail and includes sample procedures for common problem areas. In addition, you will receive a printed copy of your risk assessment grid. The total cost for over six hours of our time and expertise is $697.00.
Our consultants can also validate the interview process by conducting an actual loan file review. This will test the quality of your reports, the staff's ability to respond to an auditor's needs and provide a comparison between what management believes is happening versus what is actually happening. (Call us for more information on this value added service.)
New companies have found that a report reflecting a zero percent compliance rating can serve as a valuable 'checklist' to start building procedures on a solid foundation.
The Mortgage U training staff is made up of professionals with over 130 years of combined retail and wholesale lending experience; including mortgage company owners, compliance officers and senior managers who have sat face to face with federal and state regulators. In a few hours, our experience may ultimately save you thousands of dollars.
Invest only three hours of your time and you will gain:
- A better understanding of how your loan origination system will impact your audit performance.
- Invaluable, one on one experience and training on how to work with an auditor.
- An indespensible tool that becomes an itemized checklist for process and compliance improvement.
For more information or to schedule your health check contact Mortgage U at 800-278-0200 or by email at inquiry@mortgage-u.com
