Mitigate Risk, Minimize Costs, Maximize Financial Returns

Services

Attorney Oversight Audits

With our 11 years of experience in Attorney Audits

  • we help with your oversight

  • ensure risks are identified

  • and maximize attorney performance at a lower cost

Because our audits are shared by multiple servicers, we can provide them to our clients at a reduced cost.

Our audits utilize the criteria developed through the Mortgage Bankers Association (MBA) Law Firm Oversight Initiative that included the participation of 30+ mortgage servicers, law firms, USFN, ALFN, and auditors.

Servicer Operational Reviews

We assist with servicer oversight through Loan Level and Policy & Procedure reviews to ensure compliance with FHA, VA, and USDA default servicing requirements along with CFPB, the CARES Act, and other regulatory requirements.

The operational review is supported by in-depth onsite or remote Senior Management Operational Interviews.

Mock Audit Services

Mock Audits help you recover more insurance proceeds and identify operational gaps.

Our team mirrors external audits to provide our clients with the advanced insight to mitigate current or future risks.

Clients have benefited by reducing future audit findings from our FHA, VA, and USDA Claims, Ginnie Mae, CFPB, and other regulatory requirements.

We test a sample of your portfolio/claims against FHA, VA, USDA, and regulatory requirements to identify servicing operational issues and claim filing errors to provide estimated costs and risks associated with non-compliance and servicer errors.

HUD Audit Findings Support

We work with mortgage servicers to review and respond to HUD findings while also addressing:

  • Differences in the application of HUD policy between HUD and the servicer

  • HUD audit procedures (statistical sampling, judgmental sampling, etc.)

  • Differences in positions between HUD and the servicer regarding the severity of the penalty for the application of HUD guidelines

Lyons McCloskey recently helped clients remove $35+ million in HUD audit findings.

Mortgage Acquisition Due Diligence

We help our clients avoid costly mistakes and recover millions for contractual breaches.

Our audit process is an in-depth loan-level review of a sample of the acquisition population prior to boarding.

Risk assessments are performed in advance of portfolio acquisitions to enable the buyer/seller to identify loan quality, systemic issues, and future risk to support pricing.

Our due diligence review focuses on uncovering interest and expense curtailments, loss mitigation non-compliance, missing documentation of loss mitigation activity, missing documentation that could delay foreclosure first legal action, and non-compliance to the CARES Act, other regulatory and contractual requirements.

Vendor Oversight Audits

Our team provides comprehensive default vendor audits tailored to assist servicers in mitigating compliance risk.

Our audits help our clients to ensure compliance with vendor audit requirements as well as statutory, investor, insurer, and regulatory requirements.

Default vendor examples include but are not limited to: Collection, Property Preservation, Hazard Insurance, Analytics, and Title vendors.