Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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What is the difference between Forensic Loan Audit (FLA), and Securitization Audit(SA)?

I mean, what is the main purpose when a lawyer order any of these audits?
(on behalf of the distressed homeowner)

**To sue the plaintiff?
    (can sue the plaintiff, but the foreclosure still will be on tracks?)

**To stop an ongoing foreclosure?

**To help the homeowner get a much better loan Mod?

**What if the judge do not understand these audits?

**What do you think is the success ratio of these audit in terms of
    stopping a foreclosure, or get a good loan mod?

**for a person who live in a jud state, which one is better?

**Is there any success rate?

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Moose
As usual, this not being legal advice, consider that a "forensic loan audit" by its name implies the purpose of the audit is to find evidence to be used in a legal matter.  Typically, that involves detailed analysis of the origination and all the transactions that have taken place and how the amounts were applied.

A securitization audit is directed at the REMIC process of sponsoring and registering the trust and its issuance of securities. These have serious tax and valuation implications but rarely affect borrowers or individual loans.

As to why a borrower's attorney would seek either one, it would make sense to have a forensic audit of the loan itself to determine if it was properly executed and especially to uncover any of the myriad misapplications of borrower's payments that generate revenue for the servicer.

The audit itself will have no legal bearing unless or until it is submitted as evidence in a lawsuit and the Judge (or less often, the jury) believes it is accurate and clearly demonstrates error or wrongdoing on the part of the other party, i.e., the servicer.  This usually involves having the person who conducted the audit be accepted as an expert and appear to testify. By itself, the audit is simply information gathering - it can't stop a foreclosure.  As to "success rate," my opinion is that an uncomfortably large number of sub-prime loans are fundamentally flawed in origination and those are more likely to be serviced by entities who will take advantage of borrowers. Whether that can help get a modification depends on the problems found and how much the servicer is risking in admitting they exist.

The securitization audit would only be useful if it could demonstrate that the trust itself is somehow flawed - how that could affect a borrower is unclear because the loans themselves are basically assets of the trust. What might be discovered is an improper chain of custody of those assets during the formation of the trust and the SEC filing. It would also find a complete list of the loans originally held by the trust as well as the PSA - the pooling and servicing agreement.

Getting a securitization audit is not as easy as one might think. A trust is a legal entity functioning on behalf of the investor/bondholders. A borrower has no standing to audit that entity and even some specified percentage of the bondholders are required to join together to exercise audit rights. The other path is to obtain a court order to allow an expert to conduct the audit during the course of discovery.

Many judges don't understand the details, hence the need for expert testimony. Bear in mind, the other party will have their own expert and then it becomes a matter of which one the judge or jury believes.

Moose


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Bill
I think Moose nailed this one.  The one comment I would add is that there are a lot of companies/websites that offer Audits.  A lot of people feel they can get an audit for 400.00 and take any violations to the judge and get a judgment in their favor.  This is just another scam.  Moose hits it on the head:

 
Quote:
This usually involves having the person who conducted the audit be accepted as an expert and appear to testify. By itself, the audit is simply information gathering - it can't stop a foreclosure


The few companies that I have found that truly provide audit services AND expert testimony (not just using computer software to do an audit) ONLY WORK WITH ATTORNEYS.
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Forensic Loan Audit is the review of loan documents to search for any violation of TILA, RESPA, HUD rules or Consumer Loan etc.
The violations can be used in the legal pleadings to prove Lender Fraud and ask for damages in the counterclaim (judicial states) or the lawsuit for Wrongful Foreclosure (non-judicial states). The discovery of violations can bring the lender to the negotiation table  or to help beating the Motion to
Summary Judgments in some cases.

If anyone who desires to audit the loan himself can buy this book for $29.
It shows step by step how to audit the loan and 23 legal foreclosure defenses

http://www.foreclosure-fight.com/shop/product/23-legal-defenses-e-book:1





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Securization Audit  reviews the Chain of Title , the PSA to find Lender fraud in moving the loan to Trust,  who is the actual Holder of Mortgage.  Some people use the Audit to prove that Plaintill has No Standing to Foreclose , not a Party of Interest and Fraud on the Court.

See a sample of how Securization Audit used to beat the Bank's Motion for  Summary Judgment and suceeded.

http://thepatriotswar.com/?p=15768

Note that the Bank eventually deposed the Expert. If you want to use the Audit in the lawsuit, make sure the Expert can withstand the Bank depos.
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William A. Roper, Jr.
Moose's point about the necessity of expert testimony is a really good one.  And it is very important to understand precisely what it is that one is purchasing.

A report, even prepared by an expert, is probably NOT going to be admissible in a summary judgment proceeding absent an authenticating affidavit from an expert witness.  And the judge probably does NOT have to accept the purported expert's testimony (though in summary judgment the court is usually supposed to generally accept the non-movant's evidence as true and to resolve uncertainties in the non-movant's favor).

So it would be a good idea to get a look at the expert's credentials and to negotiate an authenticating affidavit (or at least the terms upon which such affidavit can be had) before purchasing the report.

Similarly, one may need to make the expert witness available for depositions.  While in some jurisdictions, the deposing party might have to pay the expert's fees, the location of the witness can prove critical.  For example, if one procures an expert from a far away location, one might have to pay their attorney to travel to that location for a deposition or to hire a local lawyer to attend the deposition.  (However, in many jurisdictions one or more attorneys may participate by telephone.)

Having an expert is a great idea, IF the expert can establish facts which are helpful or essential to the case.  If the expert lacks credibility or proves to be a poor or unhelpful witness, this could drive up costs while proving to be a distraction or to even undermine one's case.

IF the matter gets past summary judgment and proceeds to trial, then one will probably have to pay the expert to attend the trial.  Depending upon the nature and character of the matters for which the expert will testify and the expert's location, this may involve paying the expert additional fees for trial preparation and/or travel days.

The most qualified and experienced experts are often highly sought after.  And they get some pretty rich fees, sometimes IN EXCESS OF WHAT ATTORNEYS CHARGE.

So DO shop around, ask a LOT of questions, ascertain qualifications, experience and costs and beware of those peddling what appears to be too good to be true.  It usually is.
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hi this is christhomas  i am new to this forum, i read the topic above it was and interesting, offahoreteam.in is one of the leading it company they are experts in Forensic Loan Audit and offshoreteam.in offers many more services

christhomas






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Forensic Loan Audit - Forensic Loan Software offers auditing for home mortgages with our forensic audit guide.With the help of this software you can conduct Forensic Audit in easy and simple way.
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William A. Roper, Jr.
I have NOT purchased, seen or used the Forensic Loan Software described at the site shown and have no opinion about its value or utility.

But I want to reinforce a few points made earlier in this thread in a somewhat more explicit way.

When one does an audit of a loan, one is tracing through various accounting entries and charges and verifying compliance with both the loan instruments as well as the law.

If one is already somewhat familiar with basic bookkeeping, accounting and law through formal training or experience, then one might readily pick up a book or software package on loan auditing and, if the book or software was academically rigorous and factually as well as legally corect, understand the material well enough to do a passable job.  But that would hardly make one an "expert".

I attended Wharton, have five semesters of accounting, including auditing, as well as three business law courses.  I also have coursework in finance and experience working in the mortgage banking industry.  If I picked up a good book on loan auditing, I could probably readily understand it and apply it.  Even so, it would take some time actually applying the material to develop expertise.  I am NOT a CPA.  And I am NOT an attorney.

If a person has taken at least an accounting course or two and perhaps one basic business law course, they would probably be able to make ready use of the information inparted in such a book or software, but it would hardly make someone an expert.

*

By contrast, someone with only a high school education and no college, and particularly someone who has no training or experience in bookkeeping or accounting is very likely to find this topic too advanced to undertake without some professional help or guidance.

*

Supposing that one purchased the materials suggested, read them and mastered them, it is also important to distinguish the possible VALUE of so doing.  Doing one's OWN audit MIGHT very well assist a borrower in better understanding HOW they had been ripped off by a servicer.  But this would be of far more marginal value in PROVING IT.

When a borrower effectively answers a foreclosure compaint interposing valid defenses in a judicial foreclosure state thereby avoiding a default judgment, most often the plaintiff will seek a summary judgment.  The ONLY evidence which will be considered at the summary judgment hearing is usually affidavits and discovery responses.

While an affidavit submitted by the defendant-borrower on his or her own behalf is better than no affidavit, the defendant's affidavit is usually going to have inherently less credibility than an affidavit from another person, particularly with respect to expert opinions.  Buying a book or piece of software and then self-proclaiming oneself an "expert" is likely to be unpersuasive.

Similarly, purchasing such a book or software package and holding oneself out as an expert to others is generally unlikely to be useful to these others and, if used as a basis for a foreclosure defense may very well cost someone their home!

*

For those with some foundation knowledge of the topics, the documents described seem to be fairly resonably priced IF accurate and actually informative.  Without recommending this particular product, if a borrower has a close friend, relative or acquaintance with a solid accounting background and a willingness to help, purchase of one or more references explaining forensic loan accounting might be a means of obtaining both a better understanding about the loan transactions, as well as establishing a factual basis for some dispute.

*

It should probably be noted that errors in interest accruals are generally more likely with an adjustable rate loan.  Errors in posting payments most often arise when one or more payments have been late and late charges have been applied (sometimes wrongfully).  Errors in escrow accounts are particularly common and more likely as the escrow arrangement increases in complexity.

For borrowers with a fixed rate mortgage, a fairly consistent payment record of on time payments and no escrow account, the forensic audit may be largely a waste of time.

If a borrower has been dealing with a subprime service and believes that payments have been misapplied, getting some help is likely to be a good idea.  But if the borrower had no serious payment dispute on a fixed rate loan and has fallen into default as a consequence of job loss, etc., a forensic loan audit is probably unlikely to generate a valid issue to preclude foreclosure.

*

In considering a forensic loan audit, carefully consider the cost of the proposed audit compared to what you are hoping to obtain thereby.  For some borrowers, throwing $40 at a book or a piece of software may be a good idea.  For others, it may be an unnecessary expense or worse, a distraction.  If the book or software package contains false or erroneous information, then it could prove a disaster.

As with just about any book, the authority and credentials of the author are important.  If I was going to buy a book on accounting, I would tend to check the holdings at libraries, shop at Amazon.com or a Borders or Barnes & Noble, read book reviews, and ask people I thought might be experts.  If I am interested in exploring an academic topic, I have often found it useful to ascertain what textbooks leading universities are using to teach a class on that subject.  This can sometimes be done online, or by visiting a college or university bookstore.

I throw out these general approaches NOT because I believe that they will necessarily be particularly effective at finding a good book on forensic loan auditing, but rather to contrast that I would NOT simply rush to buy a book based upon a posted link and a visually appealing or compelling web site.

I am NOT shopping for such a book.  I would encourage those who might be to do some additional due diligence BEFORE purchasing the software described.    
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William A. Roper, Jr.
Quote:
ForensicLoanAudit said:
Forensic Loan Audit - Forensic Loan Software offers auditing for home mortgages with our forensic audit guide.With the help of this software you can conduct Forensic Audit in easy and simple way.


After looking a bit more at this web site, I would defeinitely NOT buy this product UNLESS someone I KNEW and respected and used it and recommended it.

I find the failure to actually IDENTIFY any PERSONS associated with the ownership and management of the enterprise to be characteristic of an unreliable fly by night.  I would think that a reputable firm would identify its founders and officers, as well as the persons with expertise in teh subject matter which the software purports to address.

To the contrary, I find NOTHING confidence inspiring.  To the contrary, the number of typos at the site, together with the hype, but dearth of facts would cause me to be very reluctant to send these folks even $1.

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William A. Roper, Jr.
Quote:
christhomas said:
hi this is christhomas  i am new to this forum, i read the topic above it was and interesting, offahoreteam.in is one of the leading it company they are experts in Forensic Loan Audit and offshoreteam.in offers many more services
christhomas


Best I can make of this, the link seems to lead to a firm that purports to be furnishing offshore services to corporations.

I would think that the person posting has either a language problem or a comprehension problem.  Yet another possiblity is that the post might be by some automated SPAM-bot that simply locates possibly relevant message threads and posts commercial SPAM.

I would certainly NOT take an otherwise opaque mortgage loan accounting and add to the confusion by having a person in a foreign country do a forensic loan audit.

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William A. Roper, Jr.

"A fool and his money are soon parted!" -- Thomas Tusser (1524–1580).

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About 2 yeara I bought the book "23 legal defenses to Foreclosure - How to beach the Bank' by Troy Doucet , an Ohio Attorney. It helped me to understand the Foreclosure Process and how to audit my own mortgage. I did find some Tila and RESPA violations and some overcharged fees in the closing documents which I included in a summary . I gave this summary to my attorney.

For $29 I learnt incredibly so much about foreclosure defense and forensic audit.
If anyone who desires to audit the loan himself just for the knowlege, I recommend to buy this book. It shows step by step how to do forensic audit the loan .
http://www.foreclosure-fight.com/shop/product/23-legal-defenses-e-book:1

To introduce mortgage fraud and violations to Court requires a highly experienced Foreclosure Defense lawyer  and a highly educated Auditor who can survive possible vigorous deposition/witness examination by the Bank lawyer in trial. I would not do the forensic audit and present it to the Court by myself. But I now know what is a forensic audit . It well worths my $29.
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In my humble opinion, there are 2  books that I find easy to understand and informative , full of info about basic foreclosure defense and Court House procedures, forms :
1.  Represent YourSelf in Court - How to Prepare & Try Winning Case by Paul Bergman Attorney at NOLO collection. Cost about $39 ,
2.  23 Legal Defenses to Foreclosre by Troy Doucet Ohio Attorney. $29
It also has explanation and step by step instruction for basic loan forensic audit.

Go it Pro Se or hire an attorney, it is absolutely helpful if Homeowner has sme basic understanding about Foreclosure Defense .
There is a new book for CA Non Judicial Foreclosure Defense written by George Gingo Attorney. Check it out at http://www.amazon.com/dp/1432770225
. $59
                            ------------------------------------------------
About loan forensic audit report, I learnt that some attorneys include it in the counterclaim , Opposition to SMJ , trial preparation (judicial) or the complaint (non judicial) as exhibit to support their pleadings. Usually they have their own selected audit company do the report for them according to their need. They usually use local auditors they know who has credibility and strong enough to survive deposition or witness trial cross examination. The cost is about $450 or so.  It could help to survive MSJ; settlement negotiations or dismiss the lawsuit.
I have a sample of an loan forensic report. Drop me an e-mail by clicking on my name, I'll email it to you.

From my court reseach, I believe that written pleadings are only half of the court game. The other important part of the lawsuit is the oral argument at hearings. It's where the experience and oral talent of the lawyer is important. The opposite lawyer will bringing case law interpretation favorable to them. Your lawyer will have to rebute it and convince the Judge for a favorable Judgment to you. That is one reason why one must choose a lawyer who is trial expert in the Foreclosure Defense area to represent him and do it Pro Se is dangerous.
  Here are some hearing transcripts , a peek at the court house hearings
http://www.scribd.com/doc/40031712/HearingTranscript-Foreclosure-MiamiDade
http://www.scribd.com/doc/36656206/Foreclosure-Pretrial-Hearing-Transcript

Well if I can't afford a lawyer, I would the fight foreclosure lawsuit Pro Se anyway. I might win, I might lose but I am certain I could stay longer in my house than I gave up and get a Default Judgment. A Default Judgment would barr me for any chance to file Wrongful Foreclosure in the future should there are more Bank Frauds discovered or other possiblities. I can also hire a lawyer at anytime during the lawsuit if I happen to find a job , new income or inheritance etc., ideally before the Motion to SummaryJudgment hearing.
The lawyer then can file Amended pleadings . Legal pleadings samples for reseach purpose can be found at http://www.scribd.com/winstons2311 ; http://www.scribd.com/4closurefraud and http://www.foreclosureprose.com/pleadings; http://livinglies.wordpress.com/foreclosure-defense-forms/causes-of-action-against-all-or-any-defendants/pleadings/.

               

 

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In my humble opinion, there are 2  books that I find easy to understand and informative , full of info about basic foreclosure defense and Court House procedures, forms :
1.  Represent YourSelf in Court - How to Prepare & Try Winning Case by Paul Bergman Attorney at NOLO collection. Cost about $39 ,
2.  23 Legal Defenses to Foreclosre by Troy Doucet Ohio Attorney. $29
It also has explanation and step by step instruction for basic loan forensic audit.

Go it Pro Se or hire an attorney, it is absolutely helpful if Homeowner has sme basic understanding about Foreclosure Defense .
There is a new book for CA Non Judicial Foreclosure Defense written by George Gingo Attorney. Check it out at http://www.amazon.com/dp/1432770225
. $59
                            ------------------------------------------------
About loan forensic audit report, I learnt that some attorneys include it in the counterclaim , Opposition to SMJ , trial preparation (judicial) or the complaint (non judicial) as exhibit to support their pleadings. Usually they have their own selected audit company do the report for them according to their need. They usually use local auditors they know who has credibility and strong enough to survive deposition or witness trial cross examination. The cost is about $450 or so.  It could help to survive MSJ; settlement negotiations or dismiss the lawsuit.
I have a sample of an loan forensic report. Drop me an e-mail by clicking on my name, I'll email it to you.

From my court reseach, I believe that written pleadings are only half of the court game. The other important part of the lawsuit is the oral argument at hearings. It's where the experience and oral talent of the lawyer is important. The opposite lawyer will bringing case law interpretation favorable to them. Your lawyer will have to rebute it and convince the Judge for a favorable Judgment to you. That is one reason why one must choose a lawyer who is trial expert in the Foreclosure Defense area to represent him and do it Pro Se is dangerous.
  Here are some hearing transcripts , a peek at the court house hearings
http://www.scribd.com/doc/40031712/HearingTranscript-Foreclosure-MiamiDade
http://www.scribd.com/doc/36656206/Foreclosure-Pretrial-Hearing-Transcript

Well if I can't afford a lawyer, I would the fight foreclosure lawsuit Pro Se anyway. I might win, I might lose but I am certain I could stay longer in my house than I gave up and get a Default Judgment. A Default Judgment would barr me for any chance to file Wrongful Foreclosure in the future should there are more Bank Frauds discovered or other possiblities. I can also hire a lawyer at anytime during the lawsuit if I happen to find a job , new income or inheritance etc., ideally before the Motion to SummaryJudgment hearing.
The lawyer then can file Amended pleadings . Legal pleadings samples for reseach purpose can be found at http://www.scribd.com/winstons2311 ; http://www.scribd.com/4closurefraud and http://www.foreclosureprose.com/pleadings; http://livinglies.wordpress.com/foreclosure-defense-forms/causes-of-action-against-all-or-any-defendants/pleadings/.

               

 

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Jane Sanchez
Here is why I think both are important.

I received a Notice of Default from my lender (BoA) Attached to the Notice of Default was an assignment of Deed of Trust. I had no idea what either of these two things were so I called Brian Head at Lighthouse Consulting Group. It was there that he performed a mortgage securitization audit. He was able to uncover robosigning and he found out that the party that was foreclosing on my home was not the rightful party. Through litigation, my Notice of Default was rescinded. Afterwards, I asked Brian to perform a Forensic Loan Audit. This uncovered TILA, RESPA and Predatory Lending. I have no filed suit seeking damages. If any of you are in situations like this, I advise you to call Lighthouse at 714-486-0652 or 800-529-2959

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FnDoomed
There are reputable companies out there that perform forensic accounting. 

Accountants who do this work are known as Certified Forensic Accountants. 

There is at least one organization that certifies these people:  The American College of Forensic Examiners International.

They are here:  http://www.acfei.com/about_acfei/


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William A. Roper, Jr.

Quote:
Jane Sanchez said:

I received a Notice of Default from my lender (BoA) Attached to the Notice of Default was an assignment of Deed of Trust.  I had no idea what either of these two things were so I called Brian Head at Lighthouse Consulting Group.  It was there that he performed a mortgage securitization audit.  He was able to uncover robosigning and he found out that the party that was foreclosing on my home was not the rightful party. Through litigation, my Notice of Default was rescinded.  Afterwards, I asked Brian to perform a Forensic Loan Audit. This uncovered TILA, RESPA and Predatory Lending. I have no filed suit seeking damages. If any of you are in situations like this, I advise you to call Lighthouse at 714-486-0652 or 800-529-2959


Here we have another invitation for Forum participants to call a number and give their money away to what is almost certainly going to prove to be an overpriced scam.

Of course, NONE of the information appearing in the post is readily verifiable.  To the contrary, we are to accept on faith that Jane Sanchez has herself personally benefitted from the services of this enterprise.

If one looks for these folks online, one finds at domain lhcg.com a web site which provides woefully little information about the enterprise, its principals, or its actual expertise.  No names are given other than a mention of a "Brian Head Consulting" and no resumes are actually furnished.

Ms. Sanchez's post suggests either a total naivety or that she is simply been hired to make posts at established sites to drive traffic to this enterprise.

Any person of reasonable intelligence who uses the FREE resources at this site can ascertain whether an assignment or other document was "robo-signed".  Moreover, since essentially ALL assignments are forged, I could develop an e-mail autoresponse tool to answer your inquiry.  That is, if you e-mail me and ASK whether your assignment, was robo-signed, my e-mail rule would be correct well in excess of 95% of the time if my e-mail reply rule simply responded "Yes".

So since Jane SANCHEZ seems to be telling us that she paid perfectly good money to find out what almost ANYBODY at this Forum ALREADY KNOWS or could find out themselves for free, this is hardly a useful endorsement.  To the contrary, it suggests that Ms. SANCHEZ is extremely poorly informed and probably doesn't realize that she may be a victim of a scam. 

IF it is in fact true that Ms. SANCHEZ's foreclosure by private sale has been postponed, she probably hasn't learned yet that the servicer and trustee are now simply redoing the paperwork based upon her coaching and that when the sale is actually conducted that the servicer will acquire a valid rather than invalid title.  So she has probably actually sped up and assured the foreclosure rather than stopping it.  Which is precisely the reason that a borrower needs to go and see an attorney rather than some scam artist masquerading as an expert.

Finally, in respect of the supposed TILA, RESPA and predatory lending violations, Jane tells us she hasn't filed suit yet.  Of course, she is probably too poorly informed to know that there are express statutes of limitations and further proof problems with respect to each of these supposed discoveries.

So ANYONE reading this post ought to think twice and keep very tight hold of their wallets before placing a call to the numbers given!
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Texas
Again and Again, I have to agree with Roper.


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George Burns

FnDoomed wrote:
There are reputable companies out there that perform forensic accounting. 

Accountants who do this work are known as Certified Forensic Accountants. 

There is at least one organization that certifies these people:  The American College of Forensic Examiners International.

They are here:  http://www.acfei.com/about_acfei/


As far as I know, neither CPAs, Certified Forensic Accountants nor members of ACFEI do any Real Estate or Mortgage work.

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Texas
As having seen many audit reports done by many so called "auditeers."
Not one yet has impressed me.

So again, I must agree with Roper, watch the pocket book.
Maybe one day, when I am impressed, i will suggest a source.
Till then, read, listen and learn.

William A. Roper Jr. speaks a lot more than I do, and I even listen to what he has to say, sometimes!!! No offense meant.

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A mortgage securitization audit does not deal in the actual financial part of the loan its self or the original note like percentages and so on.I do mortgage securitization audits that can be used in the defense of stopping foreclosure.Mortgage Audits show the violations banks are now in trouble for such as ROBO SIGNATURES,and separation of note and mortgage as an example.The effectiveness of the audit is also a lot in the presentation of the lawyer as well that works with you.That is the basis of any case obviously.So if you have a half educated lawer who works in real estate then expect minimal results.I do know as time goes on judges are finally seeing the big picture as to what banks have pulled and are currently doing from what I hear.Also with a forensic audit it was explained to me that as far as compensation goes in your law suit you can only ask for minimal remedy as to what the banks have done, such as lawyer fees reduction in loan amount and payment.With a mortgage securitization audit, you can sue the lender and ask for lawyer fees and as far as asking for the title free and clear proving the bank doesnt own or have posession of the propper documents.Aside from getting the house back you can even re-coupe all the money you paid in on the loan and even up to damages. So thats what was I was told about some of the differences in settlement over all.One deals more in numbers to detect predatory lending and so on and the other doesnt.The audits are actually sort of customized as an auditor goes on.I base my audits on Fedral Rules Only.That way a judge can not over rule side step it or ignore it in anyway.A federal rule is the ultimate guideline banks and financial institutions have to go by.If a bank breaks an IRS tax law and is proven.The judge can not ignore that or modify a rule or federal law.A local contract law can be manipulated to any way just about how a judge sees fit.So thats why I take it right to the Federal level and generally I think most others do the same.But I have seen reports with a states local violations as well.
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My friend which is a banker in USA tell me that Securitization is the conversion of assets into securities sold to investors. Credit card receivables have been securitized since 1987. The Federal Deposit Insurance Corporation (FDIC) is the federal agency charged with regulation of these securities.Where as anyone want to known about the forensic loan fell free to visit at :-CFLA Andrew Lehman
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Mortgage Fraud Examiners exposed this problem of bogus forensic loan audits over two years ago in a press release: "Beware of the Latest Foreclosure Rescue Scam—“Forensic Loan Audits."  http://www.prurgent.com/2011-04-21/pressrelease165977.htm

 

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I think this will help you out:

A forensic loan audit looks at the entire loan and the documentation put in place on that loan when it was first given to the borrower and this audit looks for compliance with ALL laws of the US and the state you reside in such as the lender's compliance with the Truth in Lending Act this type of loan audit is more geared towards consumer protection issues.

The securitization loan audit is to determine if the documents used and methods used to put the loan into a securitization pool complies with state and federal laws. Securitization is when a loan is sold AFTER it is made to the borrower it is basically put into a large pool with other residential and commercial mortgages and then bonds are issued to various investors all over the world using that pool of mortgages as collateral to the investors. This type of audit is more geared towards the government checking whether the banks did everything legally and properly when entering into these pooled bond "securitized" transactions and although it may have some reflection on the actual borrower/consumer, this audit is more of a regulatory audit to see if there are any issues that the SEC may beinterested in and if everything was done legally according to institutional and Wall Street banking and investment laws.

There is a possibility that some of the inquiries made in each of these audits may overlap but the ultimate purpose of each audit is typically different.

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I think this will help you out:

A forensic loan audit looks at the entire loan and the documentation put in place on that loan when it was first given to the borrower and this audit looks for compliance with ALL laws of the US and the state you reside in such as the lender's compliance with the Truth in Lending Act this type of loan audit is more geared towards consumer protection issues.

The securitization loan audit is to determine if the documents used and methods used to put the loan into a securitization pool complies with state and federal laws. Securitization is when a loan is sold AFTER it is made to the borrower it is basically put into a large pool with other residential and commercial mortgages and then bonds are issued to various investors all over the world using that pool of mortgages as collateral to the investors. This type of audit is more geared towards the government checking whether the banks did everything legally and properly when entering into these pooled bond "securitized" transactions and although it may have some reflection on the actual borrower/consumer, this audit is more of a regulatory audit to see if there are any issues that the SEC may beinterested in and if everything was done legally according to institutional and Wall Street banking and investment laws.

There is a possibility that some of the inquiries made in each of these audits may overlap but the ultimate purpose of each audit is typically different.

For more details you can also refer here - http://www.mortgageauditsonline.com/blog
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