Press Release Summary: Salt Lake City, UT -- October 8th, 2008 --During a time of financial crisis in America, banks, brokers, and lenders are turning to tighten up on compliance. More and more companies are using outsourced compliance companies for their mortgage quality control and file audit functions to ensure quality of loans.
Press Release Body: With the Federal Reserve lowering interest rates again, there is sure to be more mortgages as homes are being purchased which will increase the need for compliance and quality control with each mortgage business. Many small to mid-size mortgage companies have tried to cut costs by not using an internal compliance officer or team and instead hiring a third party compliance company to lead in keeping them in compliance with state and federal rules and regulations. Each day, Mortgage Compliance Advisors, LLC, receives multiple calls and emails from mortgage banks, lenders and brokers, to fulfill their need for outsourced compliance and quality control. "We have seen and heard from our clients the need for FHA file audits, quality control, and compliance more in the last few months than ever before. Our company is growing around the nation because of how important good mortgage compliance is for businesses in our industry." - Bob Warnock, principal of Mortgage Compliance Advisors, LLC. The mortgage industry has felt the pain of the economy and knows that it can be helped by tightening up on compliance. FHA requires that 10% of all FHA loans to be audited to ensure that the files are following regulations. Other investors are requiring that their lenders and brokers are signing up with 3rd party compliance companies or outsourced quality control entities. All of these steps are taken to protect each business from incurring bad loans and to help the American economy.
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.
Web Site: http://mortgagecomplianceadvisors.com
Contact Details: 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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