Quality Mortgage Services is pleased to announce the formation of an alliance with Michael S. Richardson and his Mortgage Fraud Solutions Group. Since 1992, QMS has been recognized as a mortgage compliance leader in mortgage quality control and compliance solutions backed by experience and a broad knowledge base.
Quality Mortgage Services is a nationwide full service mortgage compliance solution provider. Our reputation has given us national recognition with FHA, Fannie Mae, and Freddie Mac. We provide mortgage compliance solutions on any production volume with a reliable cost effective mortgage compliance solution. We provide a wide variety of mortgage quality control and mortgage compliance services.
Mr. Duncan states, "that our relationship with Michael S. Richardson expands our expertise in mortgage fraud preventive risk management procedures for our existing clients and future customers.
Over 25 years in the mortgage and real estate industry Mr. Richardson is a seasoned professional. He has managed all areas of mortgage banking, origination, and processing, underwriting, and established e-commerce system for private label mortgage lending, backroom services for mortgage lenders.
Held positions as CEO, President, Managing Director for retail and wholesale mortgage lenders, including being the original investor and founder of Lender Live and Preventmortgagefraud.com.
Mr. Richardson is the author of "An American Epidemic, Mortgage Fraud…a Serious Business" as well as author and creator of private label education courses for mortgage bankers & online education. The courses such as “Mortgage Fraud Awareness and Prevention Certification,” other courses addressed, RESPA, HUD1, Good Faith Estimate, and (TIL) Truth in lending.
Tommy A. Duncan, the executive vice president, Quality Mortgage Services, added that through the years, “QMS has seen many changes in regulations and guidelines. With new mortgage products and industry changes entering the market every day we are answering the call to the best mortgage compliance solution with the addition of Michael S. Richardson’s Mortgage Fraud Solutions Group.”
Mr. Richardson and his groups experience includes quality control audits, pre-funding fraud assistance, mortgage fraud auditing, planning, and performing forensic loan audits. The knowledge gained from performing audits is an immediate transformation to the education and the "Clear to Close" process in order prevent the most current mortgage fraud schemes in funded loan files. His experience also includes national, regional, and branch training, teaching the skills to build success while minimizing risk at each level needed to originate and fund quality loans.
When most mortgage producers and lenders think of mortgage compliance and mortgage quality control, they think of the things that keep the state and mortgage agencies auditors off their backs. The difference between mortgage compliance/quality control and mortgage risk management are the odds of having a repurchase or indemnification from FHA, Fannie Mae, Freddie Mac, or an investor. The risk is in the financial burden having to take ownership in the loan whether it was fraudulent or just poor risk assessment prior to closing.
The lack of a risk management plan could result in a financial setback in lending and mortgage operations. Also, one should consider the adverse effects it may have on any agency or investor relationships. The compliance and quality control mostly focuses on having the correct information in the loan i.e., disclosures, signed and dated documentation, and correct charges which have little or no effect on whether the loan is fraudulent or will remain in good standing.
The majority of fraudulent loans are an inside job. Borrowers are not sophisticated enough to know the inner workings of a mortgage loan to get it through the different stages of loan processing, underwriting, and closing. This is true even when a robust compliance program is active. The reason fraudulent loans get through underwriting is the underwriter is focused on ratios and check lists to get the loan through while compliance is looking for the appropriate disclosures, signatures, dates, and appropriate charges with very little effort placed on the depth of the loan or the risk assessment.
Today, Quality Mortgage Services is a nationwide company providing mortgage compliance solutions from the smallest mortgage operations to some of the largest mortgage names. We stay abreast of continually changing mortgage guidelines from Freddie Mac, Fannie Mae, FHA, and , through monthly updates, seminars, bulletins, and correspondence. This ensures that QMS's auditors are provided with the most up-to-date tools in which to conduct thorough mortgage compliance reviews.
Tommy A. Duncan is executive vice president of Quality Mortgage Services LLC., for answers to your QC and FHA questions, please contact Tommy at (615) 591- 2528, or e-mail
[email protected]. You may also visit Quality Mortgage Services LLC on the Web at www.qualitymortgageservices.com.
Michael S. Richardson is Director, Mortgage Fraud Services, for answers to your fraud questions and how our Quality Mortgage Service coalition will benefit you, please contact Michael at 888-877-7951 or e-mail at
[email protected]. You may also visit Quality Mortgage Services LLC on the Web at www.qualitymortgageservices.com.
