(
PRWEB) June 2, 2007 -- Every month a number of mortgage companies nationwide go out of business for one reason or another. That is becoming more evident by the the growing number of orders to cease and decist doing business on state banking and finance department web sites across the nation. Accompanied by those who allow their licenses to expire, or are simply unable to survive the financial burden incurred by the hefty federal and state regulatory agency fines as result of non-compliance issues. The increasing number of mortgage companies who are 'here today and gone tomorrow' is evidence of two things: 1. The federal and state regulatory agencies mean business as they do what they are paid to do -- locate violators, fine them accordingly and/or shut down their operations. 2. Many mortgage companies genuinely need help from expert outside sources to ensure they stay on track regarding compliance and overall organization, such that they remain in business.
“ The broker was more than happy they had engaged services from an outside source to audit his business, otherwise, the company would most probably have been ordered to cease and desist doing busines... ”
One such company is Mortgage Consulting Services Institute based in Roswell, Georgia. Established in 2004 by Lynette Conway, the husband and wife team of Sherry and Patrick Upp partnered with Ms. Conway in 2006 to expand the company, and recently welcomed Darlene Wofford to the staff as their Marketing Director. Combining 85+ years of mortgage industry experience and acquired knowledge, MCSI provides direction necessary to avoid costly fines and penalties imposed by Federal and State Regulatory Agencies.
Mr. Upp shared an example of just how much can be avoided with their assistance is a recent mortgage broker office in southern Georgia. He explained, "During the random file review portion of our audit process, our MCSI team uncovered more than 100 files in which violations occurred. The fine imposed by the Georgia Department of Banking and Finance would have been $500 per incident, totaling $50,000. The broker was more than happy they had engaged services from an outside source to audit his business, otherwise, the company would most probably have been ordered to cease and desist doing business."
Ms Conway further explained, "The need for expert direction regarding compliance applies particularly to the independently owned and operated mortgage brokers. They may be familiar with the laws, but their employees don't always abide by them, and the liability falls on the broker in most states. MCSI provides complete mortgage operations compliance audit examinations of random loan files, personnel files, financial books and payroll records to ensure compliance to all laws and regulations". Mrs. Upp added, "We will also assist in new broker licensing, establish internal compliance program, new office set-up, and provide a quality assurance program as a screen to reduce the risk of fraud and other risk areas. In addition, they assist in acquiring Full Eagle and Mini Eagle status for HUD. We invite brokers to call us to discuss their company's compliance related concerns." For more information visit www.mtgmcsi.com or contact Darlene Wofford at Mortgage Consulting Services Institute, 770-993-5281, 770-655-8240 or by e-mail.
Americas Watchdog Applauds American Interbanc for Calling Attention to Mortgage Bait and Switch Schemes Used by Some of the Largest Lenders in the U.S.