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 criminal acts such as embezzlement and fraud. Predatory Lending is a term used to describe unfair,...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...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 the time of origination. A qualified forensic auditing service consists of a team of mortgage industry experts who specialize in consumer finance law and are skilled in consumer protection regulation. Performing a forensic loan audit involves an extensive and very thorough examination of the entire mortgage file to determine enforceability of the mortgage, note and related documents.When the investigation is complete the forensic auditing team compiles the data and prepares a report outlining all regulatory violations they discover and findings of predatory lending, mortgage fraud or other unfair or deceptive practices.Forensic loan auditors represent borrowers as they negotiate loan related disputes and agree to remedies or compensation...more
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...more
Homeowners who have adjustable rate mortgages, are victims of predatory lending, or individuals who are having trouble making their mortgage payments now have a new weapon to add to their arsenal for negotiating power with their lender. What is there to negotiate?Mortgage modification is often a desirable option for homeowners facing foreclosure. ...more
Forensic mortgage audits are being used as leverage for attorneys and mortgage modification experts to negotiate affordable work out plans with borrowers facing foreclosure. Studies show that at nearly 80 percent of mortgage loans contain State and Federal Violations.Many mortgage loans originated during the years 2001 2005 contained legal violations; some were unintentional; some were blatant acts of fraud. The mortgages originated during this time frame were large contributors to the mortgage meltdown which has resulted in a flood of home foreclosures during the last few years.Whether the violations and errors in a mortgage file are just innocent oversights or acts of carelessness, greed or fraud by the lender or mortgage broker, they can carry serious legal consequences, fines and penalties for the lender. In many cases, the lender can be forced to refund all interest paid from the origination date back to the borrower. A forensic mortgage examination is a comprehensive investigation of a mortgage loan file to determine if there were errors or violations of a borrowers rights under the Truth in Lending Act. When mortgage loans contain errors or illegal terms or conditions,...more
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