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Choosing the Right Forensic Loan Auditing Company

CURRENT ENVIRONMENT

Our industry seems ever-growing, with companies making several claims to do "Forensic" work. U.S. Lender Audit^TM helped pioneer what now has become an industry. However, the question of "who is the best Forensic Loan Auditing^SM company?" is stirring in the market. The viability of our industry and the merits of "Forensics" can quickly become questionable when small companies make attempts to provide such solutions. Price may be a good indicator to the relevency and accuracy of an audit. We've seen too many companies provide "audits" for prices that are so low, and we've paid to see their results. Building your case with quality and accuracy is everything. These reports by such "imitators" are completely erroneous and inaccurate, and not applicable to the the actual loan from when the loan was funded. Additionally, many of these reports have suggestions, and are reaching into areas or providing complete inapplicable pieces that could dismantle your case, as they are not evidence!

The importance of providing an audit as the single possibility to help save people from default or foreclosure, and assume a better chance for loan modification is ever pressing. Therefore, it is important the integrity of a "Forensic Lender Audit^TM" or "Mortgage Loan Audit" be validated. Our report speaks volumes in short form, but reveals the areas that can stand up in the court of law, not like many coming to the marketplace, whose report may be summarized with "fat", "inaccuracies", "assumptions" and "opinions", a recipe that could be dismantled. Remember, most of these companies use software as a means to their audit reports. Software is what brought the Mortgage Debacle. In 2001, compliance went computerized to DESKTOP UNDERWRITING, and we know the outcome when real compliance is lost. Compliance should NEVER be EASED! Don't be fooled twice. We have the ability to utilize these same cheap methods, but we won't ever jeopardize the integrity, accuracy and detail of the most important case piece to help save your clients homes.

Sample Forensic Mortgage Compliance Audit

We pioneered this market, and would like to make sure the integrity is upheld by the most qualified professionals. Our learning channels make it possible to keep companies on track. With a plethara of a knowledge base, it is essential you and your team know the ins-and-outs of what we know, to help provide a well educated productive environment, and prevent losseness between organizations. Ask about our orientation and training programs. Don't think you need it? Can you answer all of these questions?

When do I use a QWR? Is there a better time or not?
What do you NOT want to say in a QWR?
Who are the right authorities to be sending demand letters for quick response and what type of follow up should you do.
Why should you not call the bank?
When do you use a QWR for a Demand letter instead?
When do you use QWR for the purpose of discovery and not just loan docs?
What makes a real violation vs. potential violation?
How do you know if violations are severe, and when are the violations applicable or appropriate?
When does it benefit the borrower to have their second mortgage audited? Why would they not need their second mortgage audited?
How do you STOP credit deterioration when la borrower is late on mortgage payments? How can assure that your borrower doesn't get dinged? What can you do about it and when is the right time?
What is a special purpose vehicle? How did securitization possibly create an invalid mortgage for your borrower?
How do you determine who the holder is, in DUE COURSE?
Why is Loan Modification, possibly detrimental to your client?
Is the mortgage a security, or is it a note, and why is it important? Why don't the banks want you to know the difference?
Why did 55% of Loan Modifications RE-default in the past several months?
What limitations does HOPE NOW and Hope4Homeowners programs have?
When do you decide to take additional steps to go into jurisdiction?
Why is it that the majority of Predatory loans can't be proven?
How do you know when to file an emergency motion or other motions?
If you had to go into judicial system, would you file in Federal or State Court? How do you determine the difference?
What do you do when a (RESPA) request is not met in a timely fashion?
What liabilities do you have by not disclosing certain rights to the borrower?

JOIN NOW

We are receiving more and more phone calls from borrowers and businesses questioning price point and we are happy to be specific as to why U.S. Lender Audit^TM offers the best price in the industry. It seems many start-up companies and even larger software providers are using the term "Forensic" very loosely, and we are concerned. As a suggestion, if you are looking to complete several audits, it may be worthwhile to consider putting these companies to the test, prior to working with our organization, using the same loan documents and supporting pieces and comparing servicing, timing, comprehensiveness, and accuracy. You may spend a few dollars more, but we feel it will be the only way to better understand how, if you are new to our organization's services, we differ amongst the rest. Also, as a suggestion, while researching, consider asking about the specifics as to what violations and how an organization reveals every such violation, what makes them experts, what specifically is analyzed, and more, their guarantees, and more. You'll find that most all of these companies are limited to their scope of services and findings as they lack expertise, and work with software being marketed to lenders, mortgage brokers, and home based businesses, but can only provide compliance on recent loan activity, covering only small portions of the many areas that are needed to be scrutinized for thorough examination, especially given a loan funded years ago.

PROBLEMS WE FIND WITH OTHER COMPANIES MAKING SUCH CLAIMS TO DO "FORENSIC or MORTGAGE LOAN AUDITS"

Software is being misrepresented to be forensic and accurate. One is that the software being used is based on today's rules and regulations and software companies are selling these such "do-it-yourself" kits to mortgage companies and lenders, specifically for pre-funding forensics. There are also companies and software that are stating such forensics, but really are only accurately depicting payment schedules, amortization tables, escrow calculations, and some paperwork examination, if any. It is why they offer services, perhaps, at a discount, lacking the NECESSARY codes, case law, rules and regulations, best practices, and applicable Federal, State, Municipal, County and all the RESPA, TILA, ECOA, HOEPA, GLB, NET TANGIBLE VALUE, that were applicable AT THE TIME THE LOAN WAS FUNDED! In short, these "competitors", are adding more confusion and concern to the viability of REAL FORENSIC WORK.

It is our hope that such companies, and start-ups will eventually phase out, be removed from the industry, or caught for their mistakes in the court of law and dismantled. However, we feel it can create in intermediary concern for borrowers and attorneys just getting to understand the viability of this very important procedure as a highly possible defense mechanism for litigation, foreclosure relief and loan modification.

PRICING

Our prices are the lowest for all that is involved. We pride ourselves on the thoroughness and accuracy we delivered through our report. Before the audit is conducted, we strongly suggest a detailed interview with you to understand exactly what additional concentrations the audit should involve, besides just examination of your loan documents. The difference of a couple of hundred dollars could be the difference of tens of thousands even hundreds of thousands more to you and your client, since all areas are covered.

GUARANTEE, EXTENSIONS, and EXPERT WITNESS SERVICES

Additionally, we offer a guarantee of accuracy, and provide expert witness services with pride. We know of no other company of our kind. Price points are never an issue for those that understand the importance of these details and accuracies to be held up in the court of law, especially if you are an attorney or have ordered from us prior.

Additionally, for a small fee, once we complete the audit, typically within 5-10 business days, we will re-run your audit for up to 90 days for those audits representing borrowers who may have become delinquent in payment history, so that we may run a servicer audit, to make sure all servicing guidelines, corrective procedures and disclosures were met. NOTE: For this audit, it is important that all notes, contact information, mailers, and envelopes be collected by borrower or law firm. Remember we can only audit what is provided to us, so make sure all correspondence is documented and saved for analysis. All of these components are offered for the lowest price industry wide! No other company compares!

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Questions? Call Now: 1-888-8-AUDITINGor 1-888-828-3484

Choosing the Right Loan Auditing Company

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RECENT FILES AUDITED:

ACTUAL AUDITOR NOTES:This is a Hybrid Option Arm loan that allows 120% negative amortization. The servicing
disclosure was in the file, however, the initial Good Faith Estimate and the initial Truth in
Lending disclosures were not in the supplied documents. As all three of these documents are
required to be disclosed to the borrower within 3 days of the application, there is some
evidence that this may not of occurred. Additionally, this loan allowed a negative amortization
that would bring the loan balance to exceed the appraised value.

ACTUAL AUDITOR NOTES: In section One of the Note "1. BORROWER'S PROMISE TO PAY" the principal amount was blank. This would indicate that there is no consideration provided for this loan. The documents
provided included a "Limited Power of Attorney" to correct paper work mistakes. However that
POA excludes changes in the loan amount or terms.

ACTUAL AUDIT NOTES:The audit report produced a number of loan exceptions. Most of the exceptions were produced
because of the limited number of documents provided in the audit. This was a stated income
loan. The application provided show the previous housing expense at $2600.00 and the new
housing expense over $9000.00. This payment shock is unacceptable without some
explanation by the underwriter as to how the borrower was to meet this obligation. This loan
should not have been made.

ACTUAL AUDIT NOTES: This transaction was a ten year interest only First Lien Mortgage Loan. The amount of the loan was $279,500.00. This amount is within the conventional limits and is covered by the State or Federal Home
Ownership Equity Protection Act.This loan was made for a new home built by Lennar Homes. Lennar Homes
also owns the loan origination company, the lender and the title company used in this transaction.
The documents provided did not include a notice of Affiliated Business Disclosure required when two or
more of the participants rendering services on a home mortgage are related by ownership of 1% or
greater.

Controlled and Affiliated Business Arrangements (ABA)
An "affiliated business arrangement" (ABA) or Controlled Business Arrangement is defined in RESPA as
an arrangement where a person who refers settlement services has an "affiliate relationship" or "an
ownership interest of more than one percent in a provider of settlement services."

Why an ABA not disclosed a RESPA Violation
HUD tacitly understands that there are circumstances where a borrower's interests are best served by
working with entities who "bundle", or package, services. If the process results in lower costs for the
borrower, it is obviously advantageous to use a provider who can add value. For HUD, the concern is in
areas where the borrower ends up paying more, not less, for services. The Controlled Business
Arrangement is a circumstance where, if unmonitored or unregulated, borrowers could be steered to a
provider which does not add value, but adds cost, where upon in this circumstance both the loan
originator and the lender charged origination fees causing a higher cost to the borrower.
This transaction violates RESPA 3500.15

ACTUAL AUDIT NOTES: The borrower's did not show on their application sufficient funds to close the loan. There is no
explanation for the additional funds. The payment shock on this loan was three times the
amount that the borrower had been paying. This in addition to the poor payment and credit
history of the borrower, made this a questionable loan and the lender should not have made
the loan.

ACTUAL AUDIT NOTES: This is a 30 year adjustable rate mortgage amortized over 40 years with a balloon payment at
the end of 30 years. The HUD-1 provided in the review was changed and "penciled in" without
any acknowledgment by initialing by the borrower. The review package also included only one
copy of the borrower Right to Cancel. Two copies are required by the TILA law. Additionally,
the GFE estimate provided at closing indicated the loan term was 480 months with and
amortization period of 480 months. This was wrong as the term was 360 months and
amortization period of 480 months. The fees charged by the broker were excessive and are
indicative of an loan transaction provided to benefit the broker over the needs of the borrower.

ACTUAL AUDIT NOTES: This is a 3/27 adjustable rate loan that refinanced with cash out a previous
loan that had only four months of seasoning. The borrower had good credit with a mid score of 717.
While legally permitted, this loan had excessive broker fees ($14,700.00) and the borrower could have
possibly qualified for a fixed rate product with a similar interest rate and loan terms with lower
fees. The broker would have difficulty passing the RESPA test for justifying the work that the
fees represented.

ACTUAL AUDIT NOTES: The Notice of Right to Cancel was not completed. The notice did not have a rescission date. This loan may be rescinded.

ACTUAL AUDITOR NOTES: The file contained only three copies of the "Borrower's Right to Cancel", there should have
been four copies or two copies for each borrower. The loan was originated by the borrower as
the borrower was a loan officer for the lender. This is not an industry "good practice" and
should have not been allowed. The borrower also provided a letter to the lender detailing the
reason for the refinance. The letter claimed the borrower wanted to replace their adjustable
rate mortgage with a fixed rate mortgage. This was a refinance of an adjustable rate mortgage
with a new adjustable rate mortgage. As the cost of the refinance was going to increase the
overall housing expense, it is difficult to understand how there would be a "net tangible
benefit" to the borrower.

ACTUAL AUDITOR NOTES:
This was a re-finance of an existing mortgage loan. The Right of Rescission or the Right to
Cancel provided in the file did not have a rescission date. Additionally only one copy was
provided. Under the TILA law, in a consumer refinance transaction, two copies of a disclosure
of Right of Rescission, disclosing the process and the date in which the borrower must exercise
that right, must be given to each borrower at closing. Based upon these documents, the TILA
law was violated and the borrower can rescind the loan. There is a Failure on the HUD-1 as
both the originator and the lender charged processing fees. It is sometimes common to see the
lender charge a small document review fee, but this was not the case. The deed of trust has
the borrower as a married woman. California is a community property state and the spouse
should have a right of rescission disclosure. This was not in the file.

The file contained only one copy of the right of rescission. The copy was not complete. It failed
to show the date of the transaction, or the date of the truth and lending disclosure or the date
of receipt of the Right to Cancel Notice. It also failed to show the date by which the rescission
period expires. Additionally, because California is a community property state, there should
have been two notices for each borrower or both married individuals. The application did not
indicate the borrower income, this would indicate a high level of irresponsibility on the part of
the lender as this would mean the lender accepted the borrower with no income.

The borrower was not qualified at a higher interest rate.
The borrower's interest rate, currently, and at the time of Application is 7.500%.
Debt-to-income ratio is very high at 7.500% and can increase to 10.500% in June
2009, and can increase 1.00% each year thereafter. The borrower was not
qualified for the interest rate ceiling of 13.500%.

The Adjustable Rate Mortgage Note includes inconsistent
mortgage terms.The loan documents indictate that the interest rate will adjust annually based on
a 6-month LIBOR index. Based upon industry standards and accepted practices,
the index should match the frequency of the interest rate adjustments, in this
case, the index should be a 1 year LIBOR.

It appears that the borrower was charged excessive fees at
closing. For each loan, the borrower was charged 4% for origination fees on the HUD-1
Settlement Statement. However, on the Good Faith Estimate, the 4% total fees
included origination fees, discount fees, and mortgage broker fees totaling 4%.
The HUD-1 does not differentiate the individual fees from the origination fees.

Mortgage Affordability Estimates-This was estimated by using the income stated on the
loan application.According to this estimate the borrower could afford to purchase a house
valued at $245,531 at the initial rate of 7.500% and a house valued at $159,294 at the ceiling
rate of 13.500%.

Based on the information provided in the file the borrower would need to have a yearly income
of $135,597.28 inorder to qualify for this loan. The borrower's income as shown on the loan application
is $9,840.84 per month or$118,090.08 per year.

SEE a Sample U.S. Lender Audit! CLICK HERE!