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ADVISORY

Mortgage
Origination
Operations
kpmg.com
Contents
Tested Methodologies and Services for an Evolving Landscape 1
Developing the Right Approach 8
KPMG at Work 9
2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member
firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. The KPMG name,
logo and cutting through complexity are registered trademarks or trademarks of KPMG International. NDPPS 109126
1 | Mortgage Origination Operations
Tested Methodologies
and Services for an
Evolving Landscape
Todays mortgage loan origination
industry is under tremendous pressure
to evaluate and enhance its business
practices. Companies are being
driven by supervisors and investors to
contain costs, improve service levels,
capture new markets, and increase
profitabilityall while addressing
a growing range of regulatory and
compliance requirements. In addition
to the regulatory challenges faced
by mortgage origination companies,
the imminent transformation of the
mortgage industry, from the current
state of excessive GSE dependence
to an industry that relies on private
sector capital with reduced government
support, will likely provide both
opportunities and additional challenges.
Adapting to the new and developing
environment will require companies to
rethink their loan origination processes.
The fluid regulatory landscape and
business risks leave mortgage lenders
with virtually no room for error.
Being able to maintain operational
efficiency while addressing compliance
requirements on a timely basis without
sacrificing quality will be required to
maximize profitability and stay ahead
of the competition. With stakes high,
lenders must evaluate ways to refine
processes across lending verticals
to mitigate regulatory compliance
issues and business risks to position
themselves for success in the mortgage
industry of the future.
A key area of development will
come out of initiatives by the Federal
Housing Finance Agency (FHFA) to
contract the dominance of the GSEs
to create a new secondary mortgage
market defined by the private sector
with downsized dependence on the
government. This new secondary market
will be accompanied by standardized
lender practices that promote strong
risk management, transparency,
and consistency. Investor demands
combined with continually developing
government regulations will likely
require lenders to not only refine lending
practices, but also accommodate for
new securitization practices.
As the mortgage market continues
to develop into a system that will be
sustainable, industry-wide acceptance
of a system focused on transparency,
standardization, affordability, and
consumer protection will be absolutely
necessary. In order to build a sustainable
system, the industry will implement
standards, which are currently in
place or are being proposed by
regulatory agencies, surrounding fair
lending practices, transparency for
borrowers and investors, and a holistic
responsibility during the loan life cycle.
This need will be met not only by
regulatory requirements, but by the
full buy-in of the changes required by
industry participants.
The multiple initiatives in the pipeline
are formidable challenges for all lending
institutions. One-off regulatory projects cannot
substitute for the need of holistic integrated
strategies. As the mortgage industry
transforms, an end-to-end approach to loan
origination will be required. Consolidated
loan origination automation plays a key
role in critical regulatory related activities.
Organizations involved in originating mortgage
loans, whether they are retail, wholesale,
correspondent originators or other industry
participants, will need to continuously evaluate
their compliance with new regulations, costs
associated with new processes, potential
liabilities, and risk of loss.
Without a strategic and integrated
approach to loan origination and
securitization, your organization can
be at risk of perpetuating the rising
cost of operating in a heavily regulated,
competitive, and changing environment.
Dynamic changes are necessary as
increased regulation and investor
demand creates additional challenges
around cost structure. New accounting
rules will change original terms and
accounting treatments, requiring
systems to balance their large volume
processing capabilities with new
dynamic flexibilities. Manual processes
will likely require automation and
standardization to protect data integrity
and ensure completeness.
Whether it is a matter of implementing
process automation, assessing risks and
liabilities, implementing or strengthening
third-party vendor management,
increasing fraud protection, updating
reporting systems, mining and analyzing
existing data, or rethinking and
reengineering an entire process layout,
how you prepare for and react to these
challenges will define how your company
competes in the future. KPMG is ready
to help you make these changes and
achieve a competitive advantage.


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Mortgage Origination Operations | 2
Risk Control Framework
Quality Control Reviews
Compliance Processes
Business Management: Profitability, Credit and Efficiency Analytics, and Oversight
Internal Audit
Enterprise Risk Management
Borrower
Activity
Originator
Activity
Risk Drivers
Credit and Quality Drivers Regulatory Drivers Business Drivers
House Hunting
Advertising and
Marketing
Credit Risk: Loans originated
may not be attractive to
investors
Price Risk: Borrowers may
withdraw loan applications
causing difficulty in meeting
forward sales commitments
Interest Rate Risk: Rising
rates may decrease
affordability of loans and
decreasing rates may
increase loan prepayments
Repurchase Risk: Loans
originated may fail to meet
investor expectations
Transaction Risk: Loans
originated may be processed
incorrectly
Fraud Risk: Fraud by
originators/borrowers/third-
party servicers may impact
loan quality
Liquidity Risk: Capital
available to bank is not
adequate to meet funding
needs
Compliance Risk: Origination
process may be affected by
the following regulations:
1. CFPB and Related
Regulations: Disclosures,
licensing, advertising, record-
keeping and compensation
2. Basel II/III: Higher capital
requirements may affect
loan sales as investors
are restricted
3. Dodd-Frank Act
Section 941: Securitization
risk retention requirements
may impact the demand for
certain loan products
4. SCRA: Loans originated
to servicemembers must
receive certain benefits that
may cause severe penalties
for violations
Strategic Risk and
Profitability: Lending
organization may not properly
align strategic goals, business
strategies developed to meet
goals, resources deployed,
and implementation efforts,
causing potential losses
and operating issues
Reputational Risk:
Operational breakdown/
weakness or borrower
harm may expose lender
to litigation, financial loss,
or damage to customer base
Prospecting Prequalification
Application
Execution of
Uniform
Residential Loan
Application and
RESPA/TILA
Disclosures
Loan Comparison
Shopping
Loan Application
Processing
Pricing
Rate Lock/Forward
Commitment
Qualification Loan Underwriting
Preclosing Loan Processing
Settlement Funding of Loan
Postclosing Loan Sales
A Typical Control Environment Framework
A control environment framework can help support the processes and controls
needed for effective mortgage loan origination. KPMGs mortgage specialists use
a tested control environment framework that can be easily adapted to the specific
needs of individual clients.
Risk Drivers and Control Framework


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3 | Mortgage Origination Operations
Whether it is a matter of updating review
processes, understanding compliance
gaps, evaluating a control structure,
or rethinking and reengineering business
processes, how you prepare for and
react to the risks below will define how
your company competes in the future,
and KPMG is ready to help you achieve
a competitive advantage.
Credit and Quality Drivers
Credit risk: If the quality of loans
produced or serviced deteriorates,
the bank will not be able to sell the loans
at prevailing market prices. Poor credit
quality can also result in the loss
of favorable terms or the possible
cancellation of contracts with secondary
market agencies. For banks that service
loans for others, credit risk directly
affects the market value and profitability
of a banks mortgage servicing portfolio.
These agreements also require the
bank to undertake costly collection
efforts on behalf of investors. When
a customer defaults on a loan under
a recourse arrangement, the bank may
be responsible for all credit loss through
the repurchase of the loan.
Price risk: Falling interest rates may
cause borrowers to seek more favorable
terms and withdraw loan applications
before the loans close. If customers
withdraw their applications, a bank may
be unable to originate enough loans to
meet its forward sales commitments.
Due to this kind of fallout, a bank may
have to purchase additional loans in the
secondary market at prices higher than
anticipated. Alternatively, a bank may
choose to liquidate its commitment
to sell/deliver mortgages by paying a fee
to the counterparty, commonly called
a pair-off arrangement.
Interest rate risk: Higher interest rates
can reduce homebuyers willingness
or ability to finance real estate loans
and, thereby, can adversely affect
a bank that needs a minimum level of
loan originations to remain profitable.
Rising interest rates, however, can
increase the cash flows expected from
the servicing rights portfolio and, thus,
increase both projected income and
the value of the servicing rights. Falling
interest rates normally result in faster
loan prepayments, which can reduce
cash flows expected from the rights and
the value of the banks servicing portfolio.
Repurchase Risk: Loan sales to
the secondary market are generally
accompanied by repurchase agreements
between the seller and investor. If the
loan was not underwritten according to
investor requirements, the investor may
execute a repurchase claim requesting
the lender to take custody of the loan and
hold it in its portfolio or reimburse the
investor for incurred losses. To mitigate
this risk, lenders should evaluate their
processes and controls that ensure their
loans are being underwritten in line with
investor requirements. As investors
become more stringent in their
repurchase reviews, lenders may even
want to go beyond historical practices to
avoid this risk.
Transaction risk: Transaction risk is a
function of internal controls, information
systems, employee integrity, and
operating processes. To be successful,
a mortgage banking operation must be
able to originate, sell, and service large
volumes of loans efficiently. Transaction
risks that are not controlled can cause
the company substantial losses. To limit
transaction risk, a banks information and
record-keeping systems must be able to
accurately and efficiently process large
volumes of data.
Fraud Risk: Mortgage fraud by
originators, borrowers, and third-party
servicers has created many issues that
have plagued the mortgage industry
since the beginning of the financial crisis.
Loans originated through fraudulent
activities will often impact the credit
quality of the loans that may cause
financial losses to the lender as loans can
default causing the lender to be forced to
remediate the existing loan or repurchase
the loan.
Liquidity risk: Liquidity risk can arise
from the banks failure to recognize or
address changes in market conditions
that affect the ability to liquidate assets
quickly and with minimal loss in value.
Credit and transaction risk weaknesses
can also cause liquidity problems if
the bank fails to underwrite or service
loans in a manner that meets investors
requirements. Banks business
operations rely on liquidity, and to be
successful, a bank must carefully
manage its liquidity.
Regulatory Drivers
Compliance risk exposes the institution
to fines, civil money penalties, payment
of damages, and the voiding of contracts.
Compliance risk can lead to a diminished
reputation, reduced franchise value,
limited business opportunities, lessened
expansion potential, and lack of contract
enforceability. A bank that originates and/
or services mortgages is responsible for
complying with applicable federal and
state laws and failure to comply with
requirements, such as those imposed
under the Consumer Financial Protection
Bureau (CFPB), the Dodd-Frank Act,
Basel II/III, and the Servicemembers Civil
Relief Act (SCRA), could make the bank
a target of class-action litigation, as
well as stricter lending requirements.
Mortgage banking managers must be
aware of fair lending requirements and
implement effective procedures and
controls to help them identify practices
that could result in discriminatory
treatment of any class of borrowers.
Business Drivers
Strategic risk and profitability are
a function of the compatibility of
an organizations strategic goals,
the business strategies developed to
achieve those goals, the resources
deployed against those goals, and the
quality of implementation. Strategic risk


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Mortgage Origination Operations | 4
can expose the bank to financial losses
caused by changes in the quantity or
quality of products, services, operating
controls, management supervision,
hedging decisions, acquisitions,
competition, and technology. If these
risks are not adequately understood,
measured, and controlled, they
may result in high earnings volatility
and significant capital pressures.
Management should understand
the economic dynamics and market
conditions of the industry, including the
cost structure and profitability of each
major segment of mortgage banking
operations to ensure initiatives are based
upon sound information.
Reputation risk affects the institutions
ability to establish new relationships or
services or continue servicing existing
relationships. This risk can expose
the institution to litigation, financial
loss, or damage to its customer base.
An operational breakdown or general
weakness in any part of its mortgage
banking activities can harm a banks
reputation. A bank must maintain
efficiency, quality, and be effective to
control its reputational risk.
Mortgage Origination Operations | 4


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5 | Mortgage Origination Operations
RESPA/TILA: The CFPB released
a proposed rule on July 9, 2012 that
would combine certain mortgage
disclosures to be delivered to
consumers when applying for
and closing on a mortgage loan.
The proposed rule, expected to go into
effect in early 2013, would implement
the Real Estate Settlement Procedures
Act (Regulation X) and the Truth in
Lending Act (Regulation Z) as a single,
integrated disclosure for all mortgage
loan transactions covered. The CFPB
has proposed requiring a new Loan
Estimate form as well as a new Closing
Disclosure form that will provide
helpful disclosures to consumers
(at application and closing). The
proposed rule also protects borrowers
through regulations around record-
keeping, APR requirements, finance
charge calculations, fee restrictions,
subsequent change requirements,
and loan transfer disclosures.
The Equal Credit Opportunity Act
(ECOA), and its implementing
regulation, Regulation B, prohibit
creditors from discriminating
against any applicant with respect
to any aspect of a credit transaction.
In addition, creditors are also prohibited
from making any oral or written
statement, in advertising or otherwise,
to applicants or prospective applicants
that would discourage on a prohibited
basis a reasonable person from making
or pursuing an application.
The Secure and Fair Enforcement
for Mortgage Licensing Act of 2008
(SAFE Act) establishes requirements
for registration and, when applicable,
standards for licensing of individuals
who are residential mortgage loan
originators. The SAFE Act and
Regulation H require each mortgage
loan originator who is not an employee
of a federally regulated depository
institution to obtain a state license
register with the NMLSR, and obtain
a unique identifier. Employees of
depository institutions are subject
to different requirements, which
include being required to register
through the NMLSR, obtain a unique
identifier and provide it to consumers
in certain circumstances, and
maintain registration.
The Home Mortgage Disclosure
Act (HMDA) and its implementing
regulation, Regulation C, require
mortgage lenders that meet certain
threshold conditions to collect, report
to federal regulators, and disclose
to the public certain data about
applications for, and originations
and purchases of, home purchase
loans, home improvement loans, and
refinancings for each calendar year.
The data include information about the
loan or application, the applicant, and
the property.
Originations Meet the Changing World
of Regulation
Dodd-Frank Act: The Dodd-Frank Wall Street Reform and Consumer Protection
Act (Dodd-Frank Act) created the Consumer Financial Protection Bureau (CFPB).
The mandate of the CFPB is to protect American consumers in the market
for consumer financial products and services. The Dodd-Frank Act generally
transferred the rulemaking authority from the historical regulatory agencies to
the CFPB. The CFPB continues to evaluate and refine mortgage disclosures
and has proposed changes in a discussion period that impacts the mortgage
origination process. The CFPB is also focused on identifying and regulating
risks such as potentially unfair, deceptive, or abusive acts or practices (UDAAPs)
with respect to mortgage originators treatment of consumers. The CFPB
examination and oversight standards require mortgage lenders to comply with
the following regulations.


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Mortgage Origination Operations | 6
The Fair Credit Reporting Act (FCRA)
and its implementing regulation,
Regulation V, impose disclosure
requirements on mortgage lenders
that obtain information from
a consumer reporting agency
to determine a consumers
creditworthiness. These include the
disclosure of credit score information,
disclosure of adverse action, and
disclosure of risk-based pricing.
Mortgage Acts and Practices
Advertising Rule (MAP Rule),
Regulation N, applies to nondepository
mortgage lenders, state-chartered
credit unions, and entities that market
and advertise mortgage products but
are not mortgage lenders. The MAP
Rule sets forth specific deceptive acts
and practices in the advertising of
mortgage loan products.
Section 941 of the Dodd-Frank
Act mandates that securitizers of
asset-backed securities, including
mortgage-backed securities,
be required to retain 5 percent of the
credit risk of the assets collateralizing
the asset-backed securities. The
only exception to this requirement
is provided for qualified residential
mortgages (QRM) that meet
specific guidelines.
Basel II/III: Basel II/III are international
capital requirements that will cause
banks to update current operations to
evaluate capital structures and assets
portfolios. The regulation requires
banks to hold more capital against their
risk-weighted assets and adjust as
needed. These requirements will affect
investor behavior as we move forward.
Servicemembers Civil Relief Act:
The Servicemembers Civil Relief Act
(SCRA) has come under regulatory focus
recently as banks have received large
penalties for violations. Under SCRA,
active servicemembers must receive
certain benefits for loans held including a
maximum rate of interest (including most
fees) of 6 percent as well as foreclosure
protection. Banks will need to monitor
SCRA compliance during the origination
process and thereafter.
Each regulation can impact multiple
layers of the originations process across
the company, underscoring the need to
develop a holistic integrated strategy
to comply with regulatory requirements.
Mortgage Origination Operations | 6


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7 | Mortgage Origination Operations
Regulation Heat Map by Origination Activity
Origination Process Regulations
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Loan Application Processing X
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Loan Underwriting X X
Loan Funding X X X X X
Loan Sales X X X X X


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Mortgage Origination Operations | 8
1 Objectives
Engagement kickoff
Interview key loan origination stakeholders including
loan officers, underwriters, and compliance officers
Prioritize objectives of origination operations, such as:
Performance metrics
Target state planning
Loan Origination System Integration and Automation
Risk management
Regulatory implementation
Compliance
2 Scoping
Review risks for origination management processes
and practices:
Establish a risk-based approach predicated on
understanding core processes
Identify key controls and evaluate control design
Structure review plan to test operating effectiveness of
key controls
Determine business units, locations, and resources
Assemble a multidisciplinary as-needed team, including
mortgage and consumer lending data analysts, contract
compliance, regulatory compliance, and other advisory
professionals
Specific scope considerations based on contract terms,
nature of the operations, and specific risks identified
3 Perform Fieldwork
Identify relevant data and information (e.g., vendor sites to
review, key personnel, etc.):
Perform procedures to control and stratify population
Select confidence intervals and sampling methodology.
Update process flows and operational walk-through
Perform control testing steps as well as transactional testing
Aggregate preliminary results
Determine propriety and representativeness of results
Expand sampling/procedures to validate or explain outlier
data and unexpected results:
Deploy proprietary, database-driven workflow tool
to help create an efficient, effective, and transparent
engagement environment
4 Findings and Results
Final report detailing:
Potential control and/or process deficiencies
Summary of compliance with contract
Regulatory deficiencies and reporting needs
Gaps and process improvement opportunities
Root cause analysis
Recommendation of solutions to those causes
Remediation strategies
Key capabilities include maintaining flexibility and the ability
to establish the framework based on your operations and
the ability to deploy programs in a tailored manner, with
a risked-based focus on specific attributes, to improve both
the value to the organization and return on investment.
KPMG deploys active project management on each
engagement to foster real-time communication of activities,
progress, and roadblocks. This helps avoid surprises and
mitigate issues before they become significant. Our timely
reporting provides a periodic update to all stakeholders
including process owners and project sponsors to promote
continuing alignment with corporate objectives. For each
origination operation or process identified for review, our team
will coordinate with the internal stakeholders and business
process owners to understand the nature of the operation
and the financial and operational transactions associated with
the operation. We recognize that relationships are important
to every business, and that reputation for treating business
partners with integrity and respect is critical to the ongoing
health of the relationship. Accordingly, our project management
approach provides proactive management and communication.
Developing the
Right Approach
KPMG employs a comprehensive, risk-based review methodology
comprised of the following four phases, which can be customized
to meet an organizations specific needs:


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9 | Mortgage Origination Operations
Case Study
Engagement Credentials Advisory
Area of Assistance Client Challenge
Quality Control
Program Assessment
and Industry Better
Practice Comparison
Client has the opportunity to review a high volume of loans for potential representation and
warranty breaches and other defects leading to a potential risk reduction via repurchase.
Clients regulators and their internal audit group questioned the methodology used by the
company in selecting loans for quality control review and follow-up with mortgage sellers
for possible remedy or repurchase.
Client wanted to reassess the objectives of the Quality Control (QC) function and the resources
to be devoted to each.
Clients QC team has grown significantly over the past several years and wanted an assessment
of whether their current processes have any gaps and/or risks that can/should be mitigated.
The client further wanted to compare their QC processes and organization structure to those used
by other significant players in the mortgage origination and related counterparty risk operations.
Key Activities
Assist the company in the following:
Clearly defining an updated QC mission based on the feedback from the client regulator, its
internal QC staff, and the internal business partners of the QC group.
Evaluating the current QC processes to determine nature, timing, and extent of existing activities.
Identifying gaps in the process based on industry leading practices, and provision of
recommendations as to the future state of Quality Control at the company.
Outcomes
Detailed QC Process Review and Industry Comparison documentation.
Actionable better practice recommendations for various aspects of QC operations including:
Loan sampling methodology
Loan file solutions (use of Cloud technology)
Improvements to data quality
Use of third-party vendors
Systems improvements (QC system platform, appraisals, file collection, and remedy)
Development of stronger linkages within different business areas (remedy, external operation
risk operations, servicing, data analytics and reporting, credit risk management)
Staffing factors
QC oversight function
KPMG at Work


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Mortgage Origination Operations | 10
Area of Assistance Client Challenge
Conducted
a comprehensive
risk assessment of
Repurchase and MI
Rescission
operations for
a major mortgage
company. Review
includes GSE,
nonagency, and
MI companies.
Client is concerned about the effectiveness in responding to investor demand letters and
Mortgage Insurance (MI) company indemnification requests related to representations and
warranties (R&W) with related agreements.
Client is concerned about being prepared for targeted supervisory exams specific to counterparty
risk management operations and its ability to manage the associated credit risk.
The comprehensive assessment needed to include not only the related operational area but other
company-wide interlinkages. Areas considered include recovery, operating systems, reporting,
operational risk management, and data capture, especially as required for loss reserving.
The results from the assessment needed to be compiled into an executive summary, risk
prioritization, follow-up work plans, detailed process designs, and detailed process and
testing reports.
Key Activities
KPMG conducted a thorough analysis of all material documentation related to the review. This
includes investor and MI contracts (the R&Ws), policy and procedures, training and job aides,
existing process flows, negotiation decision trees, existing reports, and data and associated
meta data.
KPMG further conducted a comprehensive on-site risk assessment of the banks Repurchase and
MI Rescission business operations through conducting process walk-throughs and interviewing
key management personnel. This was extended beyond the operations to include relevant
company interlinkages with both upstream and downstream impact.
Transactional file testing to review negotiation and decision-making processes. Review included
the information collection process to substantiate (or refute) investor demands, the decision making
process, the negotiation process, and the accounting process to track demand disposition.
KPMG compiled these results into a document accepted by the banks risk management and chief
operating officer.
Outcomes
KPMG successfully assisted the bank in meeting its risk assessment needs to make operating
improvements to its Repurchase and MI Rescission operations and to prepare for a potential
targeted supervisory exam.


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11 | Mortgage Origination Operations
Area of Assistance Client Challenge
Conducted a
comprehensive risk
assessment of the
mortgage companys
Repurchase Risk
management.
Review include
processes and
controls related
to the proper
origination of credits
for agency execution.
Client is concerned about the potential repurchase risk it may have related to agency execution.
The client has recently grown from major acquisitions of established mortgage companies.
As such, the client is concerned about the integration and proper implementation of a consistent
control environment.
Agency repurchase demand volume has increased from the 20062007 book. In addition, there is
concern about the more recent FHA-based originations.
Client is concerned about being prepared for targeted supervisory exams specific to operational
controls and investor execution.
The results from the assessment needed to be compiled into an executive summary, risk
prioritization, follow-up work plans, detailed process designs, and detailed process and
testing reports.
Key Activities
KPMG conducted a thorough analysis of all material documentation related to the review. This
includes investor contracts (the R&Ws), investor guidelines (all regs), policy and procedures,
training and job aides, existing process flows, existing reports, and data management processes.
KPMG further conducted a comprehensive on-site risk assessment of the banks mortgage
originations business operations and secondary marketing data management areas. This included
conducting process walk-throughs and interviewing key management personnel.
Transactional file testing to review underwriting and control processes. Review included all key
underwriting processes to fulfill investor requirements as well as related control processes and
governance frameworks.
KPMG compiled these results into a document accepted by the banks business operations and
operations risk management.
Outcomes
KPMG successfully assisted the bank in meeting its risk assessment needs to improve its
repurchase risk management. The bank has begun implementing many of the
recommendations made.


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Mortgage Origination Operations | 12
KPMGs Mortgage and Consumer Lending
Services Practice
KPMG mortgage originations specialists are backed by the full resources of our
Mortgage and Consumer Lending (MCL) Services practice. The MCL Services
practice group includes approximately 300 KPMG professionals who focus
specifically on mortgage and consumer lending. They provide a broad array of
advisory services to the majority of financial institutions, government agencies, and
specialty finance companies, including:
Five of the top 10 global financial institutions
Five of the top 8 U.S. banks
Four of the top 10 FORTUNE 1000 commercial banks
Seventy percent of the top 15 mortgage and consumer lending companies
GSEs
Our service offerings support business process improvement and redesign,
compliance assistance with new regulations, and financial assistance at the
portfolio and loan level. We use credit analytics, financial analysis, and other tools
and methodologies to support informed decision making. We can also monitor
loan performance, forecast borrower behavior, estimate credit losses, and help
mitigate credit and lease residual risks.
KPMG member firms are well positioned to help organizations gain market
share and stay competitive in the mortgage and consumer lending marketplace.
We also possess the advantage of access to additional advisory, tax, and audit
resources, enabling them to examine and address issues from a variety of
business perspectives.


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For more information
To learn more about our services and capabilities, please contact
one of the following KPMG professionals:
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firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. The KPMG name,
logo and cutting through complexity are registered trademarks or trademarks of KPMG International. NDPPS 109126
Mark Twerdok
Partner
T: 412-232-1599
E: mtwerdok@kpmg.com
Kimberly Davis-Riffe
Partner
T: 703-286-6850
E: kdavisriffe@kpmg.com
Anthony Sepci
Partner
T: 213-955-8665
E: asepci@kpmg.com
Jeffrey P. Hulett
Managing Director
T: 703-286-6695
E: jhulett@kpmg.com
Edmund Green
Managing Director
T: 703-286-8692
E: elgreen@kpmg.com
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