Birmingham, Ala. (April 1, 2003) - Prompted by a rush of consumer refinancings due to lower interest rates, Birmingham accounting firm Barfield Murphy Shank & Smith has added mortgage services to its roster of client services.
Partner Don Murphy told the Birmingham Business Journal that the firm realized much of the financial information mortagage companies need are already centralized at a taxpayer’s accountant’s office, so the new niche was a natural.
While the firm doesn’t actually provide mortgages, it gathers the financial data, completes the applications and sends the information on to one of three mortgage companies with which it has established alliances: Coats & Co. Inc., Southeastern Mortgage of Alabama LLC and Americapital Funding Corp.
The firm employs a licensed mortgage broker on staff to handle the applications and BMSS receives a cut of the fee that the mortgage companies charge customers.
Murphy told the paper that in the month that BMSS has been offering mortgage services he alone has received inquiries from nearly two dozen clients.
-- Electronic Accountant Newswire staff
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