Lenders Compliance Group Announces "Forensic Mortgages Services"

Aug. 11, 2009 - PRLog -- Lenders Compliance Group (www.lenderscompliancegroup.com), the national mortgage compliance and risk management firm, announced today the formation of Forensic Mortgage Services, its newest practice group. The specialty service prevents mortgage fraud by providing a forensic review of residential mortgage loans at all levels of the loan origination process. The Forensic Mortgage Services group protects lenders from applicant errors, intentional misrepresentations, and regulatory violations of all the parties to the HUD-1 Real Estate Settlement Statement.

Michael S. Richardson has been named the Director of Forensic Mortgage Services practice. Mr. Richardson is a seasoned professional, with over 25 years in the mortgage and real estate industry. He has managed all areas of mortgage banking and established e-commerce system solutions for private label backroom and outsourced services for mortgage lenders. Positions Mr. Richardson has held include CEO, President, and Managing Director for retail and wholesale mortgagees. He is the original investor and founder of the well-respected Lender Live organization as well as Preventmortgagefraud.com.

The Forensic Mortgage Services group will provide national, regional, and branch training, teaching the skills to build success while minimizing risk at each level needed to originate and fund quality loans. It also performs pre-funding fraud reviews, mortgage fraud auditing, logistical planning, and forensic loan audits. Its Clear to Close® review provides a lender with a hands-on, pre-funding Loan File Analysis of all fraud detection data fields. A comprehensive review, called the Forensic Loan File Review, is performed to identify potential illegalities. The Mortgage Fraud Opinion Report is a prepared detailed report, designed for use by management and attorneys, and developed to assist in the decision making process to determine the bases for judicial review, whether civil and/or criminal.
Mr. Richardson has pioneered the Onsite Forensic Visit, in which loan files are randomly chosen from originators, processors, and underwriters at the actual originator’s office. Training includes "Focus on Fraud" Awareness & Prevention, conducted in classroom and on-line workshops.  In fact, Mr. Richardson’s next “Focus on Fraud” webinar will be held on August 26th.

Jonathan Foxx, President of Lenders Compliance Group, noted that “the additional of Forensic Mortgage Services will add yet another dimension to the complete list of mortgage compliance services we offer.” He added, “Mike is the foremost authority on preventing mortgage fraud and will prepare lenders to be ready when the so-called “HUD SWAT Team” shows up unannounced.”

Mr. Richardson is the author of An American Epidemic: Mortgage Fraud – A Serious Business (available for download at: http://publications.lenderscompliancegroup.com/2.html) as well as author and creator of private label education training courses for mortgage bankers and on-line education. These courses respond to Best Practice protocol, and include “Mortgage Fraud Awareness and Prevention Certification,” and provide extensive fraud prevention training with a thorough review of RESPA and TILA guidelines and detailed auditing of the HUD-1, Good Faith Estimate, TILA, and various federal and state disclosures.

Contact:
Forensic Mortgage Services: http://forensics.lenderscompliancegroup.com
Lenders Compliance Group: http://lenderscompliancegroup.com
Michael S. Richardson:  516-442-3456 x 102: mrichardson@lenderscompliancegroup.com

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Lenders Compliance Group, Inc. is a full service, mortgage risk management firm, providing professional guidance to financial institutions in all areas of mortgage and lending compliance. We provide complete outsourcing of risk management with respect to the regulatory compliance function and its requirements. Typically, our clients are federally regulated banks and their mortgage company subsidiaries, Mortgage REITs, Mortgage Bankers, Mortgage Brokers, Warehouse Banks, Correspondent Lenders, Wholesale Lenders, HUD/DE Mortgagees and FHA Loan Correspondents. LCG serves as an objective and independent evaluator of current and proposed mortgage and lending compliance procedures, to spot potential problems, and, when necessary, we will suggest alternatives.