ENGLEWOOD, CO (March 3, 2014) -- Richey May & Co, a CPA and business advisory firm serving the mortgage industry, has launched its loan subservicer oversight review program for lenders that use third party subservicers to service their loans. Richey May’s subservicer oversight program helps lenders comply with all regulations that apply to the lender/servicer relationship, including those set forth by the CFPB (Consumer Financial Protection Bureau) and the GSEs, Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC).
There are various guidelines and regulations that dictate how mortgage lenders should handle relationships and operations with their outsourced servicers and subservicers. Two of the more important regulations in the mortgage industry are the CFPB’s and OCC’s (Office of the Comptroller of the Currency) requirement that all lenders must have a formal plan for overseeing the work of third party providers, such as servicers and subservicers. Richey May designed its subservicer oversight program to function as the key component of a lender’s formal plan.
With Richey May’s subservicer oversight services, lenders get a comprehensive report that provides tangible insights into all regulatory aspects of their relationship with the subservicer they’re using. The service includes an intense review of the subservicer’s policies and operations, evaluation of the way it is handling a specific lender’s loans, and testing loans for compliance. Richey May also evaluates the lender’s internal compliance and monitoring policies with regard to the subservicer as part of its service. Upon completion of the evaluation, lenders are provided with a written, comprehensive report that details the subservicer’s performance on that particular lender’s loans.
Richey May recently completed oversight services for seven independent mortgage bankers that use Dovenmuehle Mortgage as their loan subservicer.
“Lenders are responsible not only for all of the work they outsource to their loan subservicer, but also for complying with the regulations that dictate lender/servicer operations,” said Keith May, managing director of Richey May’s advisory services. “In short, lenders should be proactively overseeing their loan subservicer relationships and auditing operations regularly. Since this is a huge undertaking for most independent mortgage bankers, we created our loan subservicer oversight services to bring clarity and actionable information to the process, while reducing frustration.”
Richey May has specialized in the mortgage banking industry for more than 25 years.
About Richey, May & Co, LLP
Richey, May & Co is a CPA, business advisory and technology firm specializing in the mortgage industry. The company’s offerings include audit, tax and business consulting services, as well as peer-to-peer benchmarking technology for independent mortgage bankers. Richey May’s clients include mortgage bankers in over 30 states, and range from small local originators to national lenders with annual loan production volumes in excess of $10 billion. In addition to its personalized advisory services and Richey May Select peer-to-peer benchmarking technology, Richey May has become known for its annual salary report of independent mortgage bankers, a survey based on the confidential responses of privately held mortgage banking firms. Richey May was founded in 1985 and is based in Englewood, Colorado. For more information on Richey May, please visit RicheyMay.com or follow @RicheyMay.