Intro to Mortgage Origination Examinations Training - July 2025

Comparison Chart

Feature

Compilation

Review Limited

Audit

Assurance Level CPA Opinion Issued Procedures Performed

None

Reasonable

No

No

Yes

None

Inquiries & Analytics

Full Testing & Verification

Internal Control Review

No

No

Yes

Disclosures Required GAAP Compliance

Optional Optional

Yes

Yes

Generally Required

Required

Cost

Low

Moderate

High

Common Users

Internal stakeholders, informal users Unaudited (Compiled)

Lenders, investors

Regulators, banks, large investors

NMLS Terminology

Unaudited (Reviewed)

Audited

State Agency/NMLS Filing Requirements

The NMLS financial statement classification order is as follows:

The highest-ranking classification must be filed in the NMLS. For example, if a company holds licenses in 8 states with 7 of them requiring an annual Unaudited (Reviewed) financial statement and one state requires an annual Audited financial statement, the company will file

5 Understanding CPA Audit Report Types / Definitions & Key Features