Mortgage securitization is the process of combining all mortgages into one portfolio, the mortgages are then divided into smaller units that are risk-averse. The small units are then packaged and sold to other investors as bonds.
Mortgage securitization auditors track the process of mortgages from the time of closing on a property to the date of the proposed foreclosure. The auditors conduct audits to determine if the mortgages were securitized and are no longer owned by the establishment that is seeking foreclosure.
The auditor is tasked with going through all the filings for the property that are made available as public records, they then follow the records from the title searching for any actions that do not follow the guidelines that are set for pooling. These guidelines are outlined in the pooling and servicing agreement (PSA).
The work of the mortgage securitization auditors involves more than just looking into financial statements. They also conduct investigations, bring out evidence, and produce reports on the findings. They possess knowledge of the legalities involved in the procurement of mortgages and hence can prove any form of fraud in court.
If any illegalities or discrepancies are found, the auditor informs the plaintiff so that they may follow up on the case in the courts of law as legal rights are accorded to the plaintiff in regards to foreclosure of the property.
The auditor conducts thorough research on the property and comes up with a detailed report that can be used in the courts of law. The report will contain all the evidence of any fraudulent activities that may have taken place and which will be able to show if the mortgage loan is illegal based on the specific cases found.
The steps that may be taken by a forensic auditor include:
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