What are the potential benefits of a forensic loan audit?
A forensic loan audit team is a group of highly qualified finance and legal professionals that conduct a thorough and comprehensive analysis of clients’ mortgage documents to determine whether any lender violations took place. They are looking for missing documents, disclosures, and/or misrepresentations in order to build a case and have the loan terms modified. Luckily (or unluckily), with more than 80% of mortgages originating between years 2002 and 2008 it is not that difficult.
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Just the fact that your mortgage was issued in this time period obviously does not mean that you would automatically qualify for loan modification. Banks would argue that it was your fault that you had not read the fine print and/or understood the mortgage terms completely. Luckily you have consumer protection laws on your side, and if the mortgage violates them, it is being rendered illegal. And forensic loan audit is an essential tool for you or your lawyer to discover these violations, which in the end can make a difference between losing your house and keeping your family protected and sheltered.
All mortgage loans must adhere to state and federal laws enacted to protect a consumer, which means YOU. There are many laws, rules and regulations your lender may have broken when originating, underwriting, funding, and closing of your loan. You may use violations of the following statutes to force your lender in negotiating better terms for your mortgage. There are close to eighty (80) different state and federal laws and statutes. They range from RESPA…Real Estate Settlement Procedures Act, TILA…Truth in Lending Act, GFE…Good Faith Estimate, etc. Our professional team at RYC can uncover any and all potential violations! Disclaimer: The following is only a partial list of the rules and regulations we test for.
