On May 11th and 12th, we will be visiting Cenlar’s facility to conduct a subservicer oversight review on behalf of numerous clients. If you are interested in learning more about Richey May’s subservicer oversight review program, the expanded loan-level testing available, or how to participate in the upcoming review, please email email@example.com.
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.
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
Benchmarking & Data Analytics
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.
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.
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:
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.
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.
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:
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.
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.
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.
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.
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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