Richey May & Co., offering accounting and consulting services to the mortgage industry, has launched a new division dedicated to providing business advisory services to mortgage bankers.
As per a company press release, the new division is divided into four advisories:
The mergers and acquisitions advisory will focus on due diligence reviews, buy-sell agreements and strategic planning.
The financial advisory will handle management reports, custom benchmarking reports, financial accounting transactions, general ledger mapping to the Mortgage Bankers Financial Reporting Form and the Mortgage Call Report, and mortgage servicing rights cash flow models.
The operational advisory will handle operational reviews, business process development, policies and procedures development and review, internal control review, and compensation surveys.
The compliance advisory will handle loan sub-servicer oversight procedures and regulatory operational reviews and development of leadership, management, and organizational strategies.
The press release notes that although Richey May has been serving mortgage bankers in various capacities since 1985, it previously did not have a specialized division dedicated to the mortgage practice.
The new division is led by Keith May, managing director of the company's advisory services, and includes Trevor Reinhart and Kurt Blohm, managers of advisory services, and Tyler House, supervisor of advisory services.
"Demand for our advisory services has really increased as mortgage bankers adjust to the new regulations, fewer originations and the shift from a refinance to a purchase market," says May. "Whether they're looking for operational efficiency, risk and loss mitigation, exit strategies, growth, or acquisition, today's independent mortgage bankers know they can significantly increase their chances of achieving – or exceeding – their goals if they consult professionals who know how successful mortgage bankers operate."
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