Mortgage Banking

Mortgage Banking

As a nationally recognized leader in the mortgage industry, we provide specialized audit, tax and business advisory services and strive to add value to you and your organization. Our expertise comes from working with many of the best lenders throughout the country.

The mortgage banking industry is at the core of our business. Our expertise allows us to deliver valuable advice learned from the successes, challenges, mistakes and occasional failures of our clients. Our clients range in size from small local originators to large national lenders with multi-channel operations and large servicing portfolios.

We have established a solid reputation among the many financial institutions, warehouse banks, private equity firms and others involved in the industry. We maintain close relationships with regulatory agencies and industry experts and remain current on important tax and accounting issues, reporting requirements and regulations. We are an active member of the Mortgage Bankers Association of America and several state mortgage banking associations.

If you are looking to build a relationship with the most specialized team of experts in the mortgage industry, contact us today.

Industry Services

Richey May’s mortgage banking specialists can provide you with insight into your most complex challenges. In addition to traditional tax and audit services, our industry-specific offerings include:

Mergers & Acquisitions

Financial Advisory

Benchmarking & Data Analytics



Strategic Planning

Buyer and Seller-Side Due-Diligence Reviews

Our in-depth, objective due diligence methodology helps you validate the financial, operational and tax aspects of your transaction. We focus on identifying the risks and opportunities of your target in order to enhance your success.

Transaction Advisory Services and Representation

We can assist in identifying potential buyer or seller candidates and represent the buy- or sell- side throughout the process to ensure execution of a successful transaction.

Management Reporting and Financial Model Development

We work with our clients to develop meaningful financial reports and models, including key performance indicators (KPIs), operational and cash flow forecasts, budgets, and analysis of cost to originate a loan.

General Ledger Design and Mapping to MBFRF & MCR

Our data analytics team can map your general ledger to the Mortgage Banking Financial Reporting Form (MBFRF) or the NMLS Mortgage Call Report (MCR) to lessen the burden on your internal staff and to ensure that they are properly completed at each reporting period.

Mortgage Banking Accounting Best Practices Consulting

The experts at Richey May are well versed in the accounting for loans held for sale, mortgage servicing rights (MSRs), interest rate lock commitments and related pipeline hedging activities, as well as loan funding and loan sales transactions, allowing us to consult with you concerning best practices in the industry, the necessary journal entries, and other important considerations surrounding key mortgage accounting concepts.

We can also assist with other complex transactions, whether you’re doing a business acquisition, implementing a stock compensation plan, or entering into a non-recurring business transaction.

Richey May Select—Peer Financial Benchmarking and Metrics on Demand

Our benchmarking data offers the ability to measure performance and efficiency in critical business functions and operations that are closely tied to revenue and profits. This data helps drive informed decision-making aimed at improving efficiencies, increasing margins, and controlling costs.

Richey May Select

Strategic Data Analytics

The wealth of information available on mortgage lending in today’s market provides a remarkable opportunity for data-driven strategic planning and decision-making for independent lenders – if they have the ability to see through the noise. With decades of experience in the industry, our mortgage experts are able to do just that: sort through the flood of data to identify only those key points that are most useful in helping you run your business and staying competitive.


 Strategic Data Analytics

Compensation Survey

High-performing personnel are your greatest asset, but also represent the largest single expense incurred by mortgage companies. Make sure your compensation practices are competitive and in line with those of similar companies.


Compensation Survey

Ascent Performance Review

During our nearly 30 year history working with many of the top lenders and financial institutions in the country, Richey May has developed a deep understanding of the building blocks of a successful mortgage banking company. Our industry experts apply this knowledge in our Ascent Performance Review, focusing in on the specific financial and operational areas of concern that are hindering your company’s profitability, effectiveness and efficiency. Our tailored planning and fieldwork culminates in the identification of operational opportunities and deficiencies, providing practical recommendations for implementation that will positively impact your bottom line and help you better compete in the marketplace.

Business Process Improvement Review

Our mortgage experts can help re-design any of your business processes to streamline operations and improve efficiency, accuracy and profitability.

Policies and Procedures Review

In addition to satisfying regulatory requirements, clearly documented policies and procedures reduce risk and ensure that your staff has an efficient, effective road map to follow. We can help you in reviewing and designing key policies and procedures, including the following areas:

  • Loan Accounting
  • Servicing
  • Securitization

Internal Servicing Platform Review

A focused review of your internal servicing platform and related operations will help ensure your company’s compliance with industry servicing standards and identify operational improvements.

Internal Audit and Risk Assessment Design

Our internal audit and risk assessment design framework assists companies in identifying key risks in their major operational and functional areas. We help design the overall internal audit function and document the initial risk assessments for the internal audit plan and can provide ongoing assistance with the internal audit function.


Internal Audit


Loan Subservicer Oversight Procedures

We have developed a tailored loan subservicer oversight program designed to assist companies in fulfilling their responsibility to monitor and oversee the performance of their loan subservicers. We do this on behalf of multiple companies at the same time, allowing us to perform a more cost-effective, in-depth review.


Subservicer Oversight Review Procedures


 Regulatory Consent Orders

State and other regulatory consent orders are becoming a normal part of the compliance landscape for many lenders. Our experienced team of professionals can assist you in meeting the compliance testing and reporting requirements of these orders.

Servicing Transfer Reviews

We have developed a comprehensive review process to address the servicing transfer protocols and expectations required by the CFPB. It ensures that you have developed proper policies and procedures and that they adequately mitigate potential risks to consumers that may arise in connection with a servicing transfer.

Regulatory Operational Reviews (FNMA, GNMA)

FNMA, GNMA, FHLMC and others frequently request that companies have an annual review of their operations to ensure they are fulfilling their responsibilities as seller/servicers and that they are in compliance with applicable standards. Our team also focuses on providing ideas and suggestions for improvement.

Changes in the mortgage industry occur frequently and require management to revisit their strategic plans repeatedly. We work with you on being proactive instead of reactive to these changes to ensure that you achieve your goals and objectives.


Richey May is committed to staying on top of current trends and hot topics within your industry. As part of that commitment, we offer a number of resources to help our clients stay ahead of the competition.

  • Richey May Articles

    Understanding Your Subservicer Oversight Responsibilities

    Not understanding complex mortgage servicing practices does not absolve you of your responsibility to monitor and oversee your subservicer’s performance. With no “checklist” for third-party or subservicer oversight offered by the CFPB, OCC bulletins or various agency servicing guides, our latest whitepaper includes guidance on selecting a subservicer, as well as recommended schedules for conducting oversight.


    Download PDF

  • Richey May Articles

    White Paper Released: Accounting for Software

    With many in the mortgage industry looking to technology to reduce costs and increase efficiencies, it’s crucial to understand proper accounting methodology before your company embarks on software development. Understanding whether or not software is intended for internal use only or will be sold externally is step one, as separate accounting standards are used for each purpose, but other factors also determine how revenue can be recognized and expenses can be capitalized throughout the development process.To help you better understand the accounting concerns related to software development, the professionals at Richey May have published the following white paper:


    Download PDF

  • Webinar: Accounting and Tax Updates for the Mortgage Industry

    On December 13, 2016, Richey May hosted a webinar for CFOs and controllers of independent mortgage banking companies on 2016 Accounting & Tax Updates for the Mortgage Industry. Topics included: FASB update on lease accounting, marketable securities, current expected credit loss (CECL), fair value hedge accounting, tax return due date changes, expired tax provisions, and employment taxes. 


    Watch the recording

  • Richey May Articles

    Deadline Change: Statutory Filing Dates & Year End Payroll

    There have been many changes to the return filing deadlines made by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 and the PATH Act of 2015. We also want to remind you of the year-end payroll reporting of taxable fringe benefits that companies need to process prior to December 31st. Pay particular attention to the accelerated due dates for filing Forms W-2 and W-3 with the Social Security Administration.


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  • Richey May Articles

    Internally Developed Software for Mortgage Lenders

    As they become first-time home buyers, millennials are shaping the mortgage industry with an increased demand for the use of technology in the mortgage origination process. As a result, many companies are exploring, or plan to explore, their options for purchasing or creating internal software and must determine the best approach for both short- and long-term success.

    The Financial Accounting Standards Board has created two separate standards for software development:


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  • Webinar: HMDA Market Share Dashboard

    In October 2016, Richey May hosted a webinar introducing the 2015 HMDA data and how to use our dashboard to uncover key information important to your business. Topics during the webinar included: a demo of our dashboard and its functionality, brief discussion on HMDA trends, and common ways lenders can use the data to drive strategic decision making.


    Watch the recording

  • Webinar: Deferred Compensation Plans

    On August 16, 2016, Richey May hosted a webinar for CFOs and controllers of independent mortgage banking companies on deferred compensation. Topics included: types of deferred compensation plans; overview of proper GAAP accounting for these plans; general review of tax rules and regulations related to deferred compensation plans and common noncompliance issues; best practices for designing and operating these plans; and common types of equity compensation plans.


    Watch Video

  • Richey May Articles

    Lease Accounting Guidelines from the FASB

    The Financial Accounting Standards Board (FASB) recently finalized the much anticipated new guidance on how to account for leases. Previously, operating leases were treated off-balance sheet with minimal understandability of the entities leasing activities. In order to increase transparency and comparability, the FASB will require entities to record lease assets and lease liabilities on the balance sheet, which will have significant impact to the accounting efforts, regulatory requirements and financial statements of mortgage banks. However, for leases with a term of 12 months or less, a lessee will be allowed to make an accounting policy election not to recognize these assets and liabilities on the balance sheet.


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  • Webinar: 2015 Independent Mortgage Lender Metrics

    On April 27th, we hosted a webinar for CFOs and Controllers of independent mortgage lenders on the 2015 financial and operating results and metrics from our Richey May Select Benchmarking program. Tyler House, Advisory Manager, provided an in-depth analysis of key production metrics, gross loan margins, pre-tax earnings, and expenses.


    Watch Video

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Mortgage Banking Roundtable

Our annual Mortgage Banking Roundtable is designed specifically to facilitate peer-to-peer engagement among the founders, CEOs, and principals of mortgage banking companies. Our goal is to facilitate discussion on best practices and trends within the industry, and to stimulate the sharing of ideas for the benefit of all participants.


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