Certified forensic loan auditing process
Certified forensic loan auditing process
The forensic loan audit contains a scientific collection of evidence on the type of fraud committed in the process of obtaining a loan. The audit is conducted by a certified forensic loan auditor who is tasked with finding errors in the process of acquiring a loan. The audit is performed to make the borrower aware of any illegalities that may have occurred so that they may be able to negotiate better terms for the loan or use the evidence in court should the negotiation fail to happen.
The process of the audit involves several steps;
- The auditor accepts to conduct the investigation- This is the first step of the auditing procedure. The auditor should be conversant with the case and the steps to be taken in collecting evidence.
- Planning the investigation- After accepting to conduct the audit, the auditor plans the procedure they will use to gather evidence.
- Gathering evidence- when collecting evidence the auditor should use analytic procedures to compared trends between different stages of the loan process. The auditor may use computer programs to identify the timing and location of altered documents.
- Reporting- the evidence that has been collected is then summarized in a comprehensive and well written report that is used to make the borrowers aware of the illegalities that may have been present in the process of acquiring the loan. These reports should guide the borrower on the next course of action.
- Court proceedings- After the borrower has studied the report and understood the errors that are present in the loan documents and processes, they may choose to use the evidence to negotiate better payment terms with the lender. Sometimes the lenders may not agree to a negotiation and this may force the borrower to proceed to take the case to court.
The court process is meant to determine the type of compensation that the borrower should receive should the court be satisfied with the evidence that has been presented.
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