If You Can't Get a Loan Modification, Consider a Loan Audit

As it turns out, only a few legitimate mortgage auditing firms can claim to be doing anything "forensic"...meaning they are reviewing, manually, important documents and disclosures to uncover evidence of constructive fraud on the part of the lender. Ironically, accountants have no business examining loan documents, only years of experience in the mortgage funding, lending, processing, and origination business qualifies a firm to audit mortgage loans. After all, who better to audit a loan then the people who truly understand where the most common issues occur? I wouldn't want a lawyer performing surgery on me, nor do i want my accountant trying to defend me in court. Or, how about getting your psychiatrist to give your a triple bypass!

"Certifications" are now popping up everywhere claiming to legitimize the audits. What the heck does an accountant know about lending---nothing!

Ironically, accountants have no business examining loan documents, only years of experience in the mortgage funding, lending, processing, and origination business qualifies a firm to audit mortgage loans. After all, who better to audit a loan then the people who truly understand where the most common issues occur? I wouldn't want a lawyer performing surgery on me, nor do i want my accountant trying to defend me in court. Lawyers specializing in Foreclosure Loan Audits would be the way to go.

A Forensic mortgage loan audit generally contains two parts

The first is a comprehensive computer generated review to find discrepancies in the disclosed data from the loan documents. Some would have you think that an accountant can reverse engineer the APR in a TIL disclosure faster than an industry standard software program--poppycock! The only caveat is that the data must be entered correctly, usually requiring one auditor to enter, another to verify accuracy--this is the protocol forms like MitiGroup, LLC use. In addition, there are about 3 generally recognized industry standard software firms that provide this software---use someone else, and you will get dubious results.

The second part is the Forensic portion, which is done by a real person. This is the person that must have experience in loan funding and banking, and preferably doc prep for a major lender(yes, even the government hires ex-cons as security consultants). From here the audit must examine inc come, debt to income ratios, job descriptions, income disclosures, signature continuity, and the like. The forensic portion gives a foreclosure attorney additional ammunition to form a FD case, sue for damages, and sets the table for depositions and client interviews if the allegedly "harmed" party decides to go down that road. A good audit is very much akin to taking a gun to a knife fight

 Mortgage loan audit firm MitiGroup, LLC ( www.documentaudit.org ) has seen real results from its mortgage loan audit initiative. According to its legal affiliates, some foreclosures have been stopped in their tracks, while others have seen large reductions in principal loan balances in the Loan Modification phase. Mortgage Loan Mortgage loan audit firm MitiGroup, LLC  www.DocumentAudit.org has seen real results from its mortgage loan audit initiative. According to its legal affiliates, some foreclosures have been stopped in their tracks, while others have seen large reductions in principal loan balances in the Loan Modification phase. Mortgage Loan audits, when done correctly, expose violations of federal lending laws that provide affirmative defenses against lender foreclosure. Recently appointed Company President Ethan Greenberg says "we are excited that our recent price drop for larger affiliates to $195 has increased the audit volume, and made these audit accessible to the people who really need them...those homeowners in the worst financial position can now afford to have their loan professionally audited for TILA, RESPA, state laws and, not least, evidence of predatory lending or outright fraud". He went on to say that a huge number of loan modification turn downs are showing up for audits, and that the trend is towards foreclosure lawyers and foreclosure defense, especially for those owning investment properties. The loan modification cottage industry it seems is becoming more and more controlled by attorneys who can seamlessly add on the foreclosure defense piece.

As it stands, with millions of Arms adjusting on 2009-2010, and more and more investment properties and loan modification turn downs seeking relief, the mortgage loan audit is becoming a necessity.