How does forensic loan audit work?
The audit is usually performed by a team of legal experts or an attorney. All your loan documents are thoroughly examined and searched for anomalies. This also includes financial disclosures by the lender or the broker during the loan approval process. Under certain circumstances, the legality of the loan is also questionable. Once the examination of your mortgage loan is done, the findings are recorded in what is referred to as the forensic loan audit report. What does your forensic loan audit report contain? The findings of the report will throw light on the following – • The report will help you to know the steps you can take against the lender or the broker. • It also helps you to find out if your lender/broker has charged unreasonable fees. • The real terms of the mortgage loan that was extended to you. • State as well as federal violation, whichever is applicable. Quoting Marc Bonanni Attorney for Consumer Debt Advocate, “We now perform a comprehensive Predatory Lending analysis
