Michael Richardson

Current Job Openings

Mortgage Analyst Specializing in Forensic File Reviews

Review Appraiser

Due Diligence Analyst

DE Underwriter

Data Analyst

Due Diligence Manager

FHA Underwriter

Job Summary

Allonhill is seeking a well-rounded due diligence analyst to support its core due diligence business. The Analyst will be performing a variety of due diligence reviews, the scope of which may include: mortgage underwriting, testing of regulatory compliance, fraud identification and reviewing servicing and payment histories.

The analyst will be reviewing mortgage loan files on a regular basis and must be comfortable analyzing the following types of documents

• Servicing comments & loss mitigation documents
• Payment histories for closed loans
• Credit documents
• Income and asset documents (including complex business and personal tax returns)
• Title and appraisal documents
• Compliance documents (Note, GFE, TIL, HUD-1, ROR, rate lock disclosure, etc).

The analyst should also be comfortable identifying deficiencies in a client’s underwriting department and making consultative recommendations to improve overall underwriting quality.

Requirements

• 3+ years due diligence experience with a variety of disciplines
• Thorough knowledge of conventional, jumbo and government underwriting guidelines
• DE/LAPP certification a huge plus
• Thorough knowledge of current Federal mortgage compliance laws and regulations
• Ability to clearly communicate loan level issues through concise, explanatory narrative
• Strong analytical, written and verbal communication skills
• Excellent time management skills
• Flexibility to respond quickly to changing priorities
• Perform other job-related duties and special projects as required
• 4-year degree in any discipline preferred but not required.

Pre-employment screening

• This position requires successful pre-employment screening, including but not limited to verification of education and employment, satisfactory criminal and credit history, and successful drug screening.

To apply, please send your resume to jobs@allonhill.com.

Allonhill is a growing company and always looking for well-qualified professionals to join our team.

Currently available positions are posted below. However, if your interest and expertise are in areas other than the positions listed below, please send your resume with a cover letter describing your specific qualifications and career goals to jobs@allonhill.com.

"No Cost, No Pressure", 1st time home buyer seminar

To be sure, there is not much good economic news these days. However, this is truly a unique time period for first-time homeowners. Home-ownership is more affordable because of the drop in home prices, the availability of short sales and REO properties and the fact that mortgage rates are still low.
One of the reasons cited for some of the current housing and mortgage problems facing the community is the lack of pre-buying education.
The Goal is 125 First Time Home Buyers by April 30, 2009, which is $1MM back in the Alachua & Marion County Florida economy.
Incentives:

• Each buyer receiving the $8,000 Tax Credit when purchasing their 1st home
• Great Time to buy a home
• Low Interest Rates
• Interest & Property Tax deduction

Attendees will learn:

• Why buying today will put $8,000 in your pocket
• Information on how to file or amend your tax return to receive your $8,000 check
• Which 100% financing options are still available
• Free Credit Report - Get Pre-Approved

That is $1MM back in the Alachua & Marion County, Florida economy.

Presented By:
Michael S. Richardson
Mortgage Banker
Preventmortgagefraud.com
Director/Forensic Mortgage Services
Author of "An American Epidemic, Mortgage Fraud a Serious Business"



Hosted By:
Security National Mortgage Company
Office 888-877-7951
Fax 888-745-1615
Twitter- loanadvisornow
Email: michael@loanadvisornow.com
Website: www.loanadvisornow.com

Location:
Library: Alachua County Library District - Headquarters
Room: Meeting Room A
Date(s): Thursday, December 10, 2009
Course: 6:30 PM to 8:00 PM
Q&A-(workshop time) - 8:00 PM to 9:00 PM

Register for this free event: E-mail- michael@loanadvisornow.com

If you prefer a face-to-face meeting outside of this event, call or e-mail today!

American Banker (03/18/09) P. 11
To compete with subprime lenders, HUD several years ago boosted the maximum loan-to-value ratio for FHA cash-out refinancings on one- to four-family properties to 95 percent. However, higher default rates and home-price declines have prompted the agency to lower the maximum LTV to 85 percent beginning on April 1. FHA Commissioner Brian Montgomery says permanent changes will not be made until the agency has reviewed its portfolio and the housing and mortgage markets.

Bloomberg (03/19/09) Louis, Brian
The Federal Reserve has committed to purchase up to $300 billion in Treasuries and, now, an additional $750 billion in agency mortgage-backed securities, bringing its bond purchase commitment to $1.25 trillion. Officials released a statement following their policymaking session saying that the moves are meant "to provide greater support to mortgage lending and housing markets." Weiss Research property analyst Mike Larson says the purchases by the central bank could lower the 30-year fixed mortgage rate to 4.5 percent, marking the lowest level since 4.7 percent in 1945.

MARI: Mortgage Fraud Up Record 26% in 2008

LAS VEGAS--

Reported incidents of mortgage fraud increased by 26 percent in 2008 to unprecedented levels, the Mortgage Asset Research Institute said yesterday in its annual report to the Mortgage Bankers Association.

MARI's 11th Periodic Mortgage Fraud Case Report to MBA found that Rhode Island ranked highest in incidents of reported mortgage fraud, with more than three times the expected amount of reported fraud for its origination volume. Rhode Island, making its first appearance on the MARI Top Ten list of states, was followed by Florida, Illinois, Georgia, Maryland, New York, Michigan, California, Missouri and Colorado.

"With fewer loan originations today, the data suggests that the economic downturn may have created more desperation, causing more people than ever before to try to commit mortgage fraud," said Denise James, LexisNexis risk and information analytics group director of Residential Mortgage Solutions. "Not only are we seeing traditional fraud trends, such as application fraud, but we are also seeing new types of emerging fraud occur. It is therefore imperative that the mortgage industry continue to share information and insights, and collaborate in the fight against mortgage fraud."

The report examines the current state of residential mortgage fraud and misrepresentation in the U.S. based on data submitted by MARI subscribers.

The top fraud incident type in 2008, representing 61 percent of all reported frauds, was application fraud, the fifth year in a row it topped the list. Second were frauds related to tax returns and financial statements, which jumped by 60 percent (from 17 percent) of reported frauds in 2007, to 28 percent of reported frauds in 2008. Additional documented fraud types included, in order of volume, frauds related to appraisals or valuations; verifications of deposit; verifications of employment; escrow or closing costs; and credit reports.

"Mortgage fraud is more prevalent today than it was at the height of the boom in mortgage loan originations," said MBA President and CEO John Courson. "Mortgage fraud continues to be a threat to our members and to consumers."

Courson said MBA continues to advocate spending in the federal government's fiscal 2010 budget that will increase resources for law enforcement . "We have to give law enforcement the tools and the funding they need to prosecute cases of mortgage fraud," he said.

James attributed one factor in the higher numbers to improved use of technology by lenders and servicers, who catch instances of fraud that they had not detected previously.

"Lenders are performing more due diligence and catching incidences of mortgage fraud before they go into the pipeline," James said. "But that is shifting cases of mortgage fraud to areas where there is not proper due diligence."

Other report findings:

--After improving in 2006 and 2007, Georgia jumped from seventh to fourth place in 2008;
--California, ranked fourth in 2007, declined to eighth in 2008;
--Maryland jumped from 15th in 2007 to fifth in 2008; and
--The volume of reported frauds related to credit reports dropped from 9 percent to 4 percent between 2007 and 2008.

Additionally, the report noted three "emerging" fraud schemes:

--Foreclosure prevention schemes, in which fraudsters pose as "professional, knowledgeable foreclosure specialists." These fraudsters promise to work out foreclosure problems or buy the home while offering the homeowners tenancy. In some cases, once documents have been obtained, the fraudster sells the property and evicts the tenants. "Fraud in the past has been a crime of opportunity," James said. "Now, it is emerging as a crime of desperation."

--Elderly and Immigrant Identity fraud, which the report notes is not new, but is gaining in notoriety. Fraudsters steal identities of elderly and immigrant consumers and use the identities is "straw buying" or other property transactions. "This is currently happening in reverse mortgage situations," the report said; and

--Builder Bailout Fraud, in which fraudsters secure funds for condominium conversions or planned community development properties that, unbeknown to the investor, will not be completed.

"To combat fraud, the industry must pay attention to details," the report said. "Mortgage bankers must act with a sense of constant vigilance to protect their pipelines from being tainted with preventable fraud risk by leveraging smarter technologies and acquiring more relevant information about their customers, employees and vendors."

The report is available on the MARI web site, www.marisolutions.com.

Sincerely,

Michael S. Richardson

www.preventmortgagefraud.com