My Company is in the midst of an independent audit of its internal records to determine the overall usefulness of our Audit reports. In other words, to what degree do they help suspend consumer residential foreclosures. After their review of just over 100 individual consumer/Borrower Audits so far, I have seen some preliminary figures; I’m pleased and I trust the final math will end up in the range of where the numbers are right now – to finish up maybe another 30 or so files to review.
However, I am mildly concerned because I see our Mortgage Securitization Forensic Audits as a ‘tool’ to help the struggling homeowner gain solid footing in their battle against sometimes unlawful and deceptive foreclosure tactics by Lenders and others. But a lot might not go as anticipated once we receive a submission request, (1). Maybe our examination will reveal the overall handling of the consumer/borrowers loan, it’s origination, servicing, transfers, assignments and foreclosure paperwork is all inline (therefore our works is thorough and concise but can’t help them in their battle today (not all examinations turn up defective or inaccurate actionable evidence – although almost all of them have to date), (2). It could be our report ends up with the Consumer’s lawyer, who is not aggressive enough to use its findings to defend this client’s foreclosure, or maybe, (3). Like so many of our reports, the evidence is a slam-dunk open and shut case where the Borrower/consumer should be victorious in stopping foreclosure and bring in the Loan’s owner to the negotiating table to work out a friendly settlement (MOD etc.), when all the while they’re exhausted from fighting, or have no more money to pay their attorney to pursue the foreclosing parties, so could a fair analysis suggest our Audit was less than valuable?
Tough to read in between the lines, a Press Release is being developed to announce the final numbers.
Pedro,
ReplyDeleteHow is this going for you? It seems to be a lengthy process and rather disheartening for the homeowner if your examination turns up nothing.
Although, I tend to agree with the fact that just about every loan application in existence
has a degree of fraud included. I don't think I have to elaborate here, and this garbage is passed on to the underwriters who are under intense pressure to approve the paper,etc., and so on down the line to the end investor. Must be hard to get the clients to help, as most just give up and let their home go, so the best of luck in this most worth-while venture.
Jose