What loan documents are required for a forensic audit and how can I acquire them if the borrower does not have copies?
The documents required are standard to mortgage loan transactions. FRAS will provide you a loan document inventory checklist. If the borrower does not have one or more of the documents, FRAS will provide you with a Qualified Written Request (“QWR”) that you may complete and send to the servicer. A QWR is letter written pursuant to Section 6 of the federal Real Estate Settlement Procedures Act (“RESPA”) seeking information and actions from the servicer. Under federal law, servicers have to acknowledge the letter within 20 working days and respond in 60.
