Can individual homeowners use your service?
As a business to business service provider our company requires all the affiliated businesses that use our services to undergo a strick application process. We pride ourselves on working with the best in the industry and happily provide trusted referrals to any homeowner. If you are a homeowner please feel free to contact us directly at 866.647.3452. If you currently have a legal representative or pro se consultant, they can become a Mortgage Audits Online, Inc. affiliate at any time.
Please visit these links if you are a homeowner needing assistance. The companies listed below use our services exclusively and can help you choose the right audit service for your unique situation.
Where can I get general information about the laws governing mortgage lending?
MAO provides links to useful resources regarding TILA, RESPA, ECOA, HAMP, HARP, and FCRA to name a few. READ MORE
What is a Mortgage Audits Online Affiliate and how do I become one?
To become a MAO affiliate you must be a licensed business or non-profit company that has passed our screening process. Application is fast and easy and most businesses are approved in less that 24 hours. Please SIGN UP to apply and begin ordering audits online for your clients today.
Why do audits have to be paid in advance?
Our mortgage auditors take great care and time to audit the many documents associated with each loan. Therefore, costs are incurred regardless of the amount and types of violations uncovered during an audit. All audits must be paid in full before the audit begins.
How long does it take for a standard Forensic or Securitization Audit?
FIVE to SEVEN business days from the date of payment, assuming all necessary documents were provided.
Can an audit report be rushed?
Rush service provides an Audit Report in 2 BUSINESS DAYS from receipt of payment and is taken on a case-by-case basis. Rush Fees apply.
Can you tell me if my mortgage is securitized prior to ordering a Securitization Audit?
Every mortgage is unique, so we cannot make general assumptions about securitization based on the bank or mortgage company involved. The Securitization Audit must be completed before we can accurately determine if your mortgage has been securitized.
How do I pay my bill?
MAO utilizes bill.com for our invoice and bill paying services. Payment options include Visa, MasterCard, or electronic check transfer and must be paid before auditing can begin.
What documents are required for a securitization audit?
A securitization audit is audit of a loan for information on it's currect owner and/or investor. Required documents include; Note, Mortgage or Deed of Trust.
What if I cannot aquire the documents on need?
In the case of a securitization audit your Account Executive can usually purchase the documents you need with only a property address. Charges apply.
How do I submit my documents?
Once an affiliate has created an affiliate account all orders can be placed online at SUBMIT YOUR ORDER. For Fax or email orders please download our Order Submission Form to get started. All fax and email orders must have a completed order submission form for processing. Also, your Account Executive will take you through this process step by step if further assistance is needed. READ MORE
Do you offer document preparation services?
In some cases, if you are unable to submit an order based on our requirements, we will prepare your documents for audit. Extra charges apply.
Is there someone that handles my account?
Every Affiliate business is assigned an Account Executive.
Who performs your audits?
Our auditors consist of former title agents, mortgage bankers, brokers and settlement experts with decades of experience working in the field. They know where to look for the most common and least known violations on an underwriting level and federal and state levels. Years of research finding trust locations are our specialty. Our auditors utilize ABSNet, the Securities and Exchange Commission EDGAR database for trust location, and CUSIP Information.
Who prepares your affidavits?
Our affidavits are prepared by a Certified Fraud Examiner with extensive knowledge in mortgage banking and finance along with over one thousand (1000) hours of research and study in the areas of the Truth in Lending Act (TILA), the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), Foreclosure, Litigation, Asset-Backed Securitization and its effects and applications in Foreclosure and Loss Mitigation. Trained as a Hand-Writing Analyst specializing in Forensic Document Examinations. Maintains Continuing Professional Education as a Chief Fraud Examiner, nationally. Registered with The Institute of Internal Auditors and The Association of Certified Fraud Examiners, and highly competent with the state and federal disclosure requirements in federally related mortgage loan transactions.
What products and services do you offer and what is the cost?
Do you provide legal service or advice?
MAO sticks to a policy of providing the best audits in the business. We believe that focus should be our only job. We do not provide legal advice on any subject.
Can I get assistance interpreting the results of my securitization audit?
MAO provides a GLOSSARY that provides details of each section of your report. If further assistance is needed please contact your account executive.
What is a CUSIP ID or number?
CUSIP stands for Committee on Uniform Securities Identification Procedures. A CUSIP number identifies most securities, including: stocks of all registered U.S. and Canadian companies, and U.S. government and municipal bonds. The CUSIP system—owned by the American Bankers Association and operated by Standard & Poor’s—facilitates the clearing and settlement process of securities. The number consists of nine characters (including letters and numbers) that uniquely identify a company or issuer and the type of security.
What is MERS?
Mortgage Electronic Registration Systems (MERS) was invented by the financial services industry as an illegal scheme to avoid recording changes in ownership of the mortgage rights, changes in Trustees, assignments etc. Law requires any interest in real estate to be recorded. The reason for the recording requirement, besides revenue, is simple — it is the only way to keep track of who owns which property. MERS (currently banned in the State of California and under attack in at least 2 dozen other states) is a cloak which the financial services industry is using to avoid paying the taxes, stamps and fees on each step of the securitization process, plus a way to obfuscate the real ownership and to essentially choose later who will be designated to be the “owner” of the mortgage rights — i.e., who will be said to own the mortgage note and thus be a successor to the beneficiary under the Deed of Trust.
What is non-judicial foreclosure?
The requirements for non-judicial foreclosure are established by state statute; there is no court intervention. When the default occurs, the homeowner is mailed a default letter and in many states a Notice of Default is recorded, at or about the same time. The homeowner may cure the debt during a prescribed period; if not, a Notice of Sale is mailed to the homeowner, posted in public places, recorded at the county’s recorder’s office, and published in area newspapers / legal publications. When the legally required notice period (determined by each state) has expired, a public auction is held and the highest bidder becomes the owner of the property, subject to recordation of the deed. Prior to the sale, if the borrower disagrees with the facts of the case, he or she can try to file a lawsuit to enjoin the trustee’s sale.
What states are non-judicial foreclosure states?
Alabama, Alaska, Arizona, Arkansas, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Iowa, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, North Carolina, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming
What is judicial foreclosure?
A judicial foreclosure is a court proceeding that begins when the lender files a complaint and records a notice in the public land records announcing a claim on the property to potential buyers, creditors and other interested parties. The complaint describes the debt, the borrower’s default and the amount owed. The complaint asks the court to allow the lender to foreclose its lien and take possession of the property as a remedy for non-payment. The homeowner is served notice of the complaint, either by mail, direct service or publication of the notice. The defendant (borrower) is permitted to dispute the facts (such as show that payments were made), offer defenses or present counterclaims by answering the complaint, filing a separate suit, and / or by attending a hearing arranged by the court. If the defendant shows their are differences of material facts, a trial will be held by the court to determine if foreclosure should occur. In the vast majority of cases, however, the foreclosure action is undisputed because the borrower is in default and cannot offer facts to the contrary. If the court determines the homeowner did default and that the debt is valid, it will issue a judgment in favor of the servicer for the total amount owed, including costs for the foreclosure process. In order for the judge to determine the amount of the judgment, the servicer submits paperwork through an affidavit that itemizes the amounts due.
What states are judicial foreclosure states?
Connecticut, Delaware, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, South Carolina, Vermont