There are a number of forensic loan audit companies that have sprung up to take advantage of the current financial situation. National Loan Auditors has developed the most comprehensive audit to detect predatory lending. The Forensic Loan Audit Pro is the industry standard. The next few posts will give an overview of the various sections in the Forensic Loan Audit Pro and how they are different from the majority of the other audits out there.
General Information and Organization
This article will briefly describe the various sections of the Forensic Loan Audit and will explain how to use them. The intention is to give the reader a complete understanding of what the Forensic Loan Audit says and how best to use it.
The Forensic Loan Audit is 56 pages packed full of information. That information can be a bit overwhelming. However, there is a method to break the audit down into manageable sections. Each section focuses on one aspect of the audit. Some sections, such as the Transaction Details and Transaction Participants, are more technical in that they are the raw data that was used in the audit process in order to determine if any violations existed. Sections such as the Summary and the Applicable Laws explain the various violations and are more substantive in nature. The primary sections of the audit are:
• Summary
• Transaction Details/Participants
• Mortgage Loan Audit
• Summary of Applicable Laws
• Supported Legislation
Each section breaks down further and will be addressed as we discuss each individual section.
The Summary
This section appropriately titled summary, is a summary of the various violations contained within your audit. The summary section starts by giving an outline of action steps to take to obtain a loan modification. This outline is very brief and general but provides a starting point for those seeking a modification. For further information log into the Law Portal, for access to full statutes, case law, summaries, and litigation tools.
The summary breaks the various violations out individually and gives a brief statement of the law pertaining to the violation. The summaries also include references to case law and statutes.
The Summary also contains a sample qualified written request. A qualified written request is a document that can be used to obtain information from the lender and to force them to address your issue. The summary helps to explain how to use the qualified written request.
The summary section then goes into the Current Strategies subsection. This subsection goes into further detail about how to use the audit to obtain a loan modification. Unlike the action step outline this subsection describes the actual steps that have been used by other litigators and how they fit into the larger strategy for loan modification.
Overall this section is where the bulk of the legal worth is. This section provides an easily accessible list of all the violations contained in your audit, complete with a brief statement of the law, and the supporting statutes and cases. The summary section also provides those who wish to take action against the lender with a strategy to utilize the audit and obtain a loan modification.
