Forensic Loan auditing is necessary to determine mortgage loan enforceability in the event of predatory lending or fraudulent mortgage practices. There are several reasons a law firm or mortgage modification company would perform a forensic audit.Performing a forensic audit demonstrate to clients that the company employs a team of professionals who are diligent and thorough in pursuing all available remedies and solutions. The findings in a...more
Subprime lending practices and economic conditions have led to the mortgage melt-down causing a flood of foreclosures. Mortgage fraud and predatory lending practices have increased, creating a demand for forensic loan auditors and mortgage modification specialists. In order to qualify as a forensic loan auditor who performs a forensic file review one must have a strong understanding of mortgage loan documents and mortgage laws and guidelines at...more
A Forensic Mortgage Audit is a complete analysis of all the documents in your mortgage loan file. The purpose of a forensic mortgage audit is to uncover errors or violation of borrowers rights. Often, errors or violations are unintentional; however, still subject to penalization and liability to the lender or servicer involved at the time of origination.The findings in a forensic mortgage audit provide leverage for the firm representing the borrower in loan modification negotiations. Errors or violations will compel the lender to make corrections or modifications to avoid being sued. If the borrower really wants to keep their home and can demonstrate the ability to meet their mortgage obligations with reasonable modification, then it is in the lenders best interest to negotiate and modify the terms. This way, everyone comes out a winner.A fair amount of recent foreclosures are on homes where the owner received a mortgage between the years of 2002 and 2008. This is the period of time that most loan violations occur. Many of these mortgages have very high interest rates or are refinanced home loans and adjustable rate mortgages (ARMs). These loans were issued based on the...more
Forensic loan audits can be used to stick-it-to predatory lenders and mortgage brokers who purposely take advantage of borrowers with unsavory or unethical business practices. A Forensic Audit, also referred to as Forensic Accounting, is the application of accounting methods for tracking and collecting data for the investigation and prosecution of...more
Forensic loan audits are not just weapons that attorneys and mortgage modification services use to stick-it-to the bank. They are actually very good tools for the negotiation process when a distressed homeowner is facing foreclosure and they wish to modify their loan terms to have a more affordable and sustainable mortgage.Of course, finding and...more
Forensic mortgage audits are powerful tools for a loan modification attorney; but, they are not all the same! You cannot decide to use a certain company for this service based on price alone. In fact, if the price seems too good to be true, it probably is! The forensic mortgage audit must be performed by a certified forensic loan auditor in order to be of value. There are other elements in a forensic loan audit that you need to be aware of before you pay for the service.A good forensic mortgage audit is a complete examination of every document in your mortgage origination and closing file. All mortgage documents should be reviewed and compared to all relevant mortgage case laws.Though the main purpose is to reveal lender violations, the auditor should not guarantee that they will find errors; it is possible that there are none.Many auditors use special software; however, a forensic mortgage audit should be gone over by human eyes. There is no software that can possibly catch every error. Clients should be provided with a complete written report containing an analysis of all problem areas.A complete forensic mortgage audit, properly performed, will give you a comprehensive...more
Forensic loan audits are a useful tool for mortgage modification services; they add leverage to the distressed homeowners negotiation with their lender for loan modification. Unfortunately, like with many other great services, there are scammers who...more
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