We provide back end support to handle Your Forensic Loan Audit
Our forensic loan audit will enhance the ability of Attorneys and Loan Modification Companies seeking to obtain mortgage relief for their clients. Our forensic auditing service is very specialized and imperative in identifying if a borrower is a victim of predatory lending. We review all loan documents and perform a thorough investigation for miscalculations so that we can determine if the loan terms are accurate, truthful, and meet the requirements of the applicable statutes. Our experts provide the most accurate and comprehensive loan audit, capturing ALL violations made prior to or at closing.
Faced with a report that exposes violations, many lenders will choose to modify the borrower's loan, rather than the alternatives of foreclosure, litigation and possible federal fines. Under such circumstances, loan modification is the most economically wise choice.
DEFINITIONS of the word "Audit":
- A systematic, independent and documented process for obtaining evidence.
- A formal examination of an organization or individual's accounts or financial situation. An audit may also include examination of compliance with applicable terms, laws, and regulations.
- The physical review of practice records to determine if the practice has been (and is being) compliant with carrier requirements.
How we will work with you:
1st Step: We provide a set of Templates which has all the requisite information, and forms needed from the client.
2nd Step: We shall need you to scan and email the Client’s file which will include the following:
- A complete and accurate outline of his financial profile by answering the financial questionnaire comprehensively.
- A hardship letter explaining his situation.
- All correspondence from the lender, any foreclosure notices or any other documents involving his mortgage.
- Information about the monthly gross (before tax) income of client’s household, including recent pay stubs if he receives them or documentation of income he receives from other sources.
- Client’s most recent two years income tax return.
- Information about client’s assets. This is where professional advice of an attorney is advisable i.e. of what the lender wants to see to qualify.
- Information about any second mortgage on the house.
- Account balances and minimum monthly payments due on all of credit cards.
- Account balances and monthly payments on all his other debts such as student loans and car loans.
- A letter describing the circumstances that caused his income to be reduced or expenses to be increased (job loss, divorce, illness, etc.).
The package of complete templates can then be delivered to us through fax or mail. We will complete your client’s Audit in shortest time span and deliver to you, which can then be used by your firm to establish a negotiating position with the client’s lender.
3rd Step: Our forensic team is made up of lawyers and support staff that will complete the Audit report in following stages:
- Firstly, manually review each document to determine if their were errors in judgment prior to even funding the loan and our Audit Notes and Comments Section on each audit will clearly spell out our findings.
- Secondly, we locate actual violations in your loan by utilizing our specially designed software that recreates the processing of your loan the way it should have been done in the first place - in accordance with federal guidelines.
- Thirdly, our experts go back over your loan and perform another hands-on audit comparing your actual loan to the software generated compliant loan. Once again, the findings are reviewed in detail and placed in a report for use by your attorney or loan modifier.
- This three step audit process produces the most comprehensive Forensic Loan Audit in the marketplace.
4th Step: Our exclusive template-based reports revealALL violations of
- Federal,
- State, County and Municipal Code
- Truth in Lending Act (TILA)
- Real Estate Settlement Procedures Act (RESPA)
- Equal Credit Opportunity Act (ECOA)
- Home Ownership Equity Protection Act (HOEPA)
- Fair Credit Reporting Act (FCRA).
In an easy-to-read format, we detail all violations, their severity and the specific Code in violation.
5th Step: We provide complete support on all ancillary documentation needed to complete loan modification.
6th Step: Appraisals: We can also connect you with credible appraisal firms to give you an accurate evaluation report.
Please Contact us at: loanmod@mindsprings.net
|
