State Audit or Licensing Examination Preparation Packages
The "Tough Ten" - Audit Preparation for states with VERY detailed requirements:
New York Department of Financial Services
Massachusetts Division of Banks
New Hampshire Banking Department
New - Maryland Division of Financial Regulation
Vermont Department of Financial Regulation
Pennsylvania Department of Banking and Securities
Texas Department of Savings and Mortgage Lending
Michigan Department of Insurance and Financial Services
Oregon Division of Financial Regulation
Nevada Division of Mortgage Lending
California Department of Financial Protection and Innovation
New - North Carolina Examination Preparation
These state examinations tend to have the highest level of detail request. While much of the information requested is in Q&A format, when it comes to providing company policies and procedures, lenders and brokers often don't have all of the information requested. In addition, providing regulators with a stack of unsorted materials in a hodge-podge of formats can make the examiner's job more difficult. The more time an examiner has to spend looking for information, the more time he or she will be in your office and the more potential findings you encounter.
We assist in compiling documents, drafting cover memos and stacking exhibit requests in a way that leaves the examiner no reason to question your procedures. In this process we can also identify problem areas with other materials, such as training.
New York State Examinations can be very intimidating, especially for smaller companies, because the NY DFS makes no distinction between the small broker and the large lender: all are expected to have a complete set of operating procedures and policies.
While a complete set of operating policies may seem like overkill for the small mortgage broker, there are a minimum set of procedures that you will want to have in place. We have packaged them especially for the small broker right here.
Audit Package Service
In order to help facilitate the broker's examination process, we will assemble all of the required policies and procedures, in the order and format that the state requests, and provide you with a "ready to submit" package of information for your regulator.
Obviously, you will still have to assemble all of the material relative the examination of your loan files and physical operation.
Our service is covered by our guarantee.
Application Review and Packaging
Similarly, the application process will require some of the same documentation. It's a "Goldilocks Process." The critical mistake to avoid involves ensuring you send ENOUGH documentation to be substantive, but not TOO much to get tagged for superfluous submissions.
New York Department of Financial Services
Massachusetts Division of Banks
New Hampshire Banking Department
New - Maryland Division of Financial Regulation
Vermont Department of Financial Regulation
Pennsylvania Department of Banking and Securities
Texas Department of Savings and Mortgage Lending
Michigan Department of Insurance and Financial Services
Oregon Division of Financial Regulation
Nevada Division of Mortgage Lending
California Department of Financial Protection and Innovation
New - North Carolina Examination Preparation
These state examinations tend to have the highest level of detail request. While much of the information requested is in Q&A format, when it comes to providing company policies and procedures, lenders and brokers often don't have all of the information requested. In addition, providing regulators with a stack of unsorted materials in a hodge-podge of formats can make the examiner's job more difficult. The more time an examiner has to spend looking for information, the more time he or she will be in your office and the more potential findings you encounter.
We assist in compiling documents, drafting cover memos and stacking exhibit requests in a way that leaves the examiner no reason to question your procedures. In this process we can also identify problem areas with other materials, such as training.
New York State Examinations can be very intimidating, especially for smaller companies, because the NY DFS makes no distinction between the small broker and the large lender: all are expected to have a complete set of operating procedures and policies.
While a complete set of operating policies may seem like overkill for the small mortgage broker, there are a minimum set of procedures that you will want to have in place. We have packaged them especially for the small broker right here.
Audit Package Service
In order to help facilitate the broker's examination process, we will assemble all of the required policies and procedures, in the order and format that the state requests, and provide you with a "ready to submit" package of information for your regulator.
Obviously, you will still have to assemble all of the material relative the examination of your loan files and physical operation.
Our service is covered by our guarantee.
Application Review and Packaging
Similarly, the application process will require some of the same documentation. It's a "Goldilocks Process." The critical mistake to avoid involves ensuring you send ENOUGH documentation to be substantive, but not TOO much to get tagged for superfluous submissions.
Here are some sample requirements that we help with:
Purchase State Examination Preparation Service
- Additional Training and Audits which may be required
- Base cost of audit does not include additions which may be required
- Additional policies and procedures which may be required
- The cost of audit prep varies based on the extent to which a particular regulator tends to criticize policies and procedures
- If we are aware of an adversarial relationship with a regulator, more work will be required to address a regulator's concerns
