Lyons McCloskey, a mortgage auditing and consulting firm that helped shape FHA servicing policy and guided servicers through distressed loans during the Great Financial Crisis, has a new owner.

Chief Operating Officer Lisa Drew, has announced her acquisition of the firm, with founding partner Bob Lyons remaining as a senior advisor to provide continuity in the transition.

Terms of the transaction were not disclosed. Drew plans to expand the firm's client base and develop new offerings as the company's new chief executive. 

"I've worked with Bob for many years as the COO and have always respected the standard of excellence he's built here at Lyons McCloskey. Continuing that legacy will be a primary focus of the firm," she said in a press release.

Lyons previously managed Federal Housing Administration claims and servicing review contracts for HUD. While there, he designed the FHA single-family claim review process, according to the company's website.

Drew previously worked for RiskSpan, which became Lyons McCloskey's business partner. 

While at RiskSpan, Drew trained Federal Housing Administration employees on reverse mortgage tools and worked with various foreclosure and real-estate owned metrics at HUD. Before joining Morgan Stanley, she managed third-party valuation due diligence for Ocwen.

The company will have a new advisory board going forward, which will be co-led by Frank Pallotta of Steel Curtain Capital, and Kathleen Koprowski, owner of Strategic Linkk Consulting. Koprowski and Pallotta said in a joint statement that under Drew's leadership, the company will be committed to continuity for its clients as it identifies new opportunities.

Drew, Pallotta and Koprowski all previously worked for Morgan Stanley between 2004 and 2009.

Pallotta previously was a managing director while at the Wall Street firm and went on to become a distressed credit specialist. Drew formerly was a vice president who had oversight responsibilities for the repurchase desk and valuation group while at Morgan Stanley, and also was a member of the correspondent credit committee. Koprowski has a process and performance management background, according to Pallotta.