U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Falcon Capital Advisors (FCA) served as the most recent Oversight Advisor to the U.S. Department of Housing and Urban Development, Federal Housing Administration’s (FHA) $2.1 billion REO disposition program. The purpose of our work was to perform an operations assessment of the program to identify and mitigate potential operational, financial, and counterparty risks to the FHA. The Operations assessment involved establishing performance benchmarks and metrics, perform contract compliance and data systems reviews, and conduct on-site audit and counterparty risk management evaluations. We provided FHA management with robust asset disposition and risk mitigation strategies to ensure best execution policies and procedures and effectively monitor program performance.
U.S. DEPARTMENT OF AGRICUTURE
FCA was engaged to review USDA's Single Family Housing Guaranteed Loan Program credit policies and business processes to ensure compliance with OMB standards and the GAO's most recent recommendations. FCA was tasked to structure the program's internal communications and Credit Policy Committee process, establish an annual renewal process for lenders, and create financial risk thresholds for principal officers and unregulated lenders.
NATIONAL CREDIT UNION ADMINISTRATION
Falcon Capital Advisors (FCA) assisted the National Credit Union Administration’s Office of Consumer Protection with drafting regulatory materials to advise credit unions on compliance with mortgage lending consumer protection regulations promulgated under the Dodd-Frank Act. Compliance guide topics included TILA-RESPA Integration Disclosure (TRID) rule, Remittance Transfer rule, mortgage servicing, homeownership counseling, force-placed insurance, and the ATR and QM standards.
FEDERAL HOME LOAN BANK SYSTEM
The Board of Directors of the Office of Finance of the Federal Home Loan Bank System engaged Falcon Capital Advisors (FCA) to review and assess the Office Finance’s performance relative to industry best practices in its financial reporting, disclosure, and governance practices and methodologies. In conducting an independent best practice review and performance assessment of the Office’s implementation strategies, FCA reviewed corporate documents and processes, and interviewed personnel to evaluate the Office of Finance’s Combined Financial Reports disclosures, operations, and corrective action plans. FCA worked with the Office of Finance’s management to correct identified deficiencies, and presented to the Board of Directors a fully documented report that provided assurances that best practices recommendations were fully implemented.