Certified forensic loan audit
Certified forensic loan audit
Sometimes homeowners opt to have their mortgages audited if they feel like there are some illegalities in the process of getting a mortgage. This audit is for the purpose of having their mortgages reduced and sometimes offers a way for them to have evidence if they decide to pursue the matter in a court of law. A forensic loan audit is a thorough investigation of a loan through scientific methods to determine if the lender has violated any laws in the servicing of the loan.
Most of the reasons a forensic loan audit is conducted is to find errors in the loan documents, to find violation in the loan documents and any misleading disclosures. There are times where the lenders may overstate the home values and the borrower may be forced to pay a higher value than the actual property price. The audit may be also important in finding any excessive fees and points, forgery and flipping.
A good forensic loan audit should contain;
- A comprehensive review of every document in a client’s mortgage document.
- Should be conducted scientifically.
- The audit should be done in writing and indicating the problems that are identified.
- The audit should give clear indication of the steps to take in case of litigation or better terms for negotiation.
The process of conducting the audit includes;
- Collecting of evidence- since the forensic audits are mostly scientific the process of collecting evidence may include methods that explain the errors logically to enable the evidence to be well understood in the court. These methods may be substantive, analytical or computer aided.
- Reporting- A report is required so as to provide a summary of the evidence to the client and this report can then be presented as evidence in the court of law In case the client decides to take the case to court.
- Court proceedings- This is the last process after the audit is conducted and the forensic loan auditor should be present in this step as an expert witness on the fraud committed.
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