Mortgage Operations Reviews
Mortgage operations reviews performed by qualified independent mortgage consultants are similar to a wellness physical. Operations reviews are used to identify strengths and weaknesses within mortgage production and/or servicing functional areas. If weaknesses are identified, Indecomm offers practical recommendations for improvement. The recommendations address ways to mitigate risk, improve controls, reduce operating costs, and enhance process efficiencies.
If your institution has recently experienced major changes, or plans to make big changes, then an operations review is a good business practice. If you have been operating the same way for many years, while the mortgage industry has been changing, engaging a qualified third party to perform an operations review is a sound business move.
Fannie Mae and Freddie Mac expect sellers and servicers to perform self-assessments of their operations on an annual basis. The evaluation should be performed by a party independent from the day-to-day operational functions. Indecomm knows what the GSEs are looking for, and has a comprehensive process for this type of evaluation. We test various processes and controls and we provide senior management with a report that outlines deficiencies and provides recommendations to cure the defects.
Indecomm has been performing warehouse line-of-credit operations reviews for the commercial lending divisions of banks since 1990. Warehouse lenders must assess the operations risk of their independent mortgage banker borrowers before they extend a warehouse line-of-credit or renew a line-of-credit. We clearly understand what warehouse banks need before making a credit decision.
Indecomm's operations review services provide our clients many benefits, which include:
- Highly experienced mortgage banking consultants with expertise in all aspects of residential lending and servicing
- Help staying compliant with regulators and investors in the ever-changing mortgage lending environment
- The identification of control gaps, business process inefficiencies, and loss of revenue opportunities, with practical recommendations to improve controls, be more efficient, and increase profitability
- Business plans for growth
Indecomm can help identify your institution's strengths and weaknesses and advise you on how to overcome any weaknesses and use your strengths to your advantage.