How To Do A Forensic Loan Audit California

Not many of us know what is a forensic Loan Audit California

. Most people would just enter into a mortgage agreement without realizing that the terms in that agreement may not actually be beneficial to them. A forensic loan audit is a process that examines ones loan documents. Its purpose is to find fraudulent documents and misinterpreted loan policies that were used against the borrower. A successful loan audit that found such misinterpretations can be used to ones advantage under the Truth in Lending Act or the Real Estate Settlement Procedures Act.

The steps to a successful forensic loan audit

Depending on the type of loan, you must first make a checklist of the documents that needed to be submitted under the loan. A perfect example would be a mortgage loan because it requires all the necessary documents that can prove a persons ability to pay back the loan. Under a mortgage loan group, it should have appraisals, income and debt documentations, credit card reports, deeds and signed loan notes.

Once you have a list of the documents that a loan needs, you must get all the documents of a particular loan file and do a Loan Audit California. When you have the files already, you must cross check everything and make sure that the documents are complete. Any missing files or doubtful files should be highlighted and later checked for verification.

If a loan has all the needed documents, the next step would be the verify the authenticity of such documents. It is so easy nowadays to doctor documents and produce fraudulent files. Call each company that handled the document and check whether the information in the file is correct. If you still have doubts, you may do the verification process with a third party.

When the documents have already been verified, it is time to check how reasonable the outcome of the loan is. Dont let any of the parties get the better of the other parties. It is important that there is balance of the loan, and that the interests of the lender and the borrower were protected.

After you ensure that the loan was reasonable, you must also make sure that the acceptance policies were in place when the loan came through. You can compare the loan policies of the time the loan was approved with the outcome of the loan. If everything is in balance, you can then proceed to the next step.

The last step in a forensic Loan Audit California would be, of course, to provide your opinions about the loan. You must put in your report that the documents were verified and that the loan policies were followed. If there are any variations or exceptions, you must also input these because it will reflect the quality of the loan, the lender and the borrower.

A forensic loan audit can generate information that will not only identify the problems, but will also help lenders and borrowers to be more responsible with their actions

by: Jacques Stickels

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