Loan Auditing Services Protect Homeowners from Predatory Lending

Loan Auditing Services Protect Homeowners from Predatory Lending

Loan audit companies have flourished over the years by providing homeowners with tools they can use to save their homes from foreclosure.

These companies monitor lenders to be sure they follow loan and mortgage laws properly. They create a safe environment for borrowers who are approved for home loans and they also provide forensic loan auditing services that thoroughly investigate homeowner's loan documents for any signs of fraud, predatory lending, or elder abuse.

Common Services Provided by Loan Audit Companies

One of the services provided by loan audit companies includes extensive pricing options. This helps borrowers get the best mortgage deal possible. These pricing options are also helpful in situations where mitigation support and investment review are needed.

Court Proceedings Witness and Case Consulting Service are also offered by loan audit companies, usually for a fee. Through these services, borrowers are guaranteed professional support in their home mortgage case. Some providers may bundle in a few add-ons for an additional small fee. These add-ons can include things like reports on case law summaries, violations key points, etc.

Types of Audits Available

The Basic Forensic Audit:

The BAS includes the initial analysis of a loan and all the details attached to it. TILA (understated only), HOEPA, state and local predatory state regulations, RESPA, manual forensic audit, and exceptions and investor custom reports are all included with the BAS.

The purpose of a basic audit is to catch inconsistencies that violate USC and CFR codes on home loans and mortgages.

Through this type of audit, the borrower is made aware of possible discrepancies in the loan, which he or she can bring to the lender's attention for a possible compromise or modification of the loan as deemed fit by.

The Extensive Forensic Audit:

This is similar to the basic audit but has a few more additions in the report. The TILA aspect included is both understated and overstated.

The purpose of this report is to cover anything missed in a basic audit. Any differences between the basic report and this report will be noted, and both will be combined as one single, extensive report.

An Extensive Forensic Audit benefits the borrower by reducing the risk of his or her investment. Risk tolerance is shown on the audit through a grade. This aspect of the audit guarantees the quality of the loan. Anything that goes over the loan's terms will be checked right away.

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