A lot of people tend to borrow loans especially when they are facing hard financial times or if they want to start a project that will require more money than that which is at their disposal. When borrowing loans it is rare for most people to think about their security when making deals hence the need for forensic loan audits.
Forensic loan audit analyzes the terms and agreements for an existing loan while attempting to find any violations of federal laws. The regular issues that a borrower may face include;
A forensic loan audit is therefore necessary as it makes the borrower aware of the terms of the loan and the risks that are involved. This is important as it helps the borrower if he/she wants to file a case to be followed up in the courts.
A forensic loan audit report should contain information on whether the lender has violated any laws in servicing of a loan. The audit report contains information on the findings of a loan audit assessment or loan investigation.
The report includes the outcome of the audit conducted and explanations for each finding. The audit report should contain
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