Mortgage Lenders
Client spotlight: HUD Certification
A mortgage banking client needed to get their annual audit done quickly in order to qualify for certification with FHA as a loan correspondent, especially given the recent increase in applications from first-time home buyers. The company was turning away FHA qualified borrowers and was losing thousands in fees each month. We were able to not only complete the HUD audit well before the filing deadline but we also introduced the client to another warehouse lender that is now likely to approve them for a $20 million funding line.
We say: Congratulations, glad we could help.
Shannon & Associates specializes in the issues and strategies unique to mortgage lenders and we are tuned in to the ebb and flow of loan volumes, warehouse lenders and regulators. We know the value of a single, high-producing loan officer will often surpass an office full of steady producers, and we know it sometimes takes a creative approach to compensation to keep the best. Our clients believe we are worth keeping too, because we are among the best at what we do.
We Know Lending
It's true that we understand the mortgage business pretty well. Members of our mortgage lending group have previously led large-scale mortgage banking operations, and we have worked with some of the largest, privately owned home lenders found in five western states. Unlike any other local firm that "specializes" in working with mortgage lenders, we know the mortgage business inside and out: Loan production, hedging, warehouse financing, deposit funding, loan servicing, settlement services, and government programs. We have worked with loan brokers and mortgage banking clients in every aspect of the mortgage industry; and we work with depository institutions too. We know lending from every shape and size and it is our goal to put that experience to work for you.
More than Just another Audit Firm
Although we pride ourselves on being good at the core business of auditing and accounting; our expertise does not end with signing an Independent Auditor's Report or Schedule of HUD Adjusted Net Worth. We provide much more than just the basics and we can assist you with a variety of non-traditional services such as writing policy and control manuals, stockholder planning and business succession, regulatory compliance and benefit plan administration. Our staff is skilled at internal auditing of loan files, bank account certifications and other fraud prevention and detection services. We go beyond basic audit requirements to offer services that can have an even greater impact on your company's success.
Movers and Shakers
Our admiration for mortgage lenders doesn't end with being connected to a few "movers and shakers," deal makers who know how to get things done. We know that running a successful mortgage operation requires a lot of grit, determination, and flexibility; not to mention being good at working with people. Running one of the largest, locally owned CPA firms requires a lot of the same business characteristics, including sometimes burning the midnight oil to get the work done on time. Even if you don't see any of our names on the marquee guest list, you can be sure we are moving and shaking just the same.
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