Independent due diligence on the mortgage bankers you lend to.
Warehouse lenders and investors engage Garrett, McAuley & Co. to review their mortgage banking customers at onboarding and each year after. A FOCIS (Financial and Operational Condition Inspection System) Review works like a safety-and-soundness exam and reports the findings in plain language. Co-founder Michael D. McAuley managed the warehouse lending business for Washington Mutual and JPMorgan Chase.
- Advising lenders since
- 2003
- Mortgage companies served
- 600+
- Banks and thrifts served
- 120+
- Reviews a year
- 40 to 60
What a FOCIS Review covers
- Financial reporting and controls
- Operations
- Compliance and management capability
- Interest rate risk and secondary marketing
- Systems and servicing
How it works
- 1A call about your warehouse program and the customers you want reviewed.
- 2An information request sent to each customer.
- 3An on-site or virtual review of the customer's operation.
- 4A written report to you, with findings reviewed with the customer for accuracy.
Talk with us about what you need.
A 30-minute call is the fastest way to see whether we are a fit. No cost, no obligation.
What you receive
- A written report on what is working, what is not, and what deserves attention
- Findings we review with the company's management for factual accuracy
- Scope scaled to the size and complexity of each customer
Why Garrett, McAuley
- Experience across more than 40 engagements in 28 warehouse lending programs
- Reviewers who know mortgage banking operations from the inside
- A consistent standard across your whole customer base
Who you will work with
Joe Garrett
Co-Founder & Principal
Joe Garrett has worked in banking and mortgage banking since 1977, mostly in FDIC-insured and OCC-regulated banks. He served on the boards of four banking institutions and as Chairman and CEO of two of them.
LinkedIn
Michael D. McAuley
Co-Founder & Principal
Michael D. McAuley became a commercial banker in 1984, specializing in mortgage warehouse lending and commercial lending. He managed the warehouse lending business for Washington Mutual and JPMorgan Chase, and he has helped commercial banks set up, assess, and improve their warehouse lending operations.
LinkedIn
Steve Stone
Managing Director
Steve Stone has spent his career in independent mortgage banking, as an entrepreneur and as a senior operating executive. He founded and later sold an independent mortgage banking company, and he has managed loan production, servicing, secondary marketing, MSR strategy, and technology.
LinkedIn
Common questions
- How is a FOCIS Review different from a financial statement audit?
- An audit opines on the financial statements. A FOCIS Review works like a safety-and-soundness exam of the mortgage operation. Warehouse lenders use it as an independent view of the company, and it supports Fannie Mae's internal audit requirement.
- How often should a warehouse lender review its customers?
- Many warehouse lenders review each customer at onboarding and again each year.
- Do you help banks start a warehouse lending program?
- Yes. We help banks design, implement, and review warehouse lending programs.
- Can you review a prospective customer before we approve a line?
- Yes. Many warehouse lenders order a FOCIS Review at onboarding, before they approve a new line.
- Do you review bank mortgage divisions?
- Yes. Boards and investors also use FOCIS Reviews to get an independent view of a bank's mortgage division.