Forensic Securitization Mortgage Loan Auditor

I've modified my new job title (above), it more accurately reflects what I am doing these days. What I've observed so far, is that Lenders & Servicers and their transfer/assignments are frequently faulty. A lot of them, are knee-deep with Robo-Signing activities. In most cases they and not the Borrowers are the result of a negative determination by me. Frequently I see them going all the way thru Foreclosure and right down to scheduling a Trustee Sale date - next step is taking the property in as an REO - when they didn't even 'have standing to foreclose' in the first place! You might ask, who would be so stupid? Think about the names of the handful of top Lenders in America. Now with their names fresh in your brain, I'll give you a clue! --> ALL OF THEM (that's who).

Now., please don't get me wrong, I see plenty of Borrower actions that I deeply question as well. Both at origination and later throughout the process. And, in some cases ... I simply tell them 'mail in your house keys'

What's a Forensic Auditor?

I have accepted a new fascinating assignment for xxxxxxx Associates - Mortgage Experts, as a Forensic Auditor. They give me a Borrower's file as it was compiled by their marketing division and/or the Borrower's attorney, and it's my job to review it from GFE/origination onward to the Secondary Market and into a Securitization if appropriate and through the Servicing activity an any subsequent Foreclosure, REO action.

With the info they provide me, plus independent research I do, along with my long experience in most phases of the industry, I am to analyze if everything was handled properly and lawfully: ie origination fraud and other potential mistakes (RESPA, TIL violations etc by the Lender or Broker) violations of the Fair Debt Collections Act and other servicing mishandling activities, ROBO signing, unlawful assignments from one loan owner to the next, forged notary signatures ... each file so far has taken me approximately 10 hours to complete.

I have completed eight files to date and am absolutely stunned beyond words (or what I like to say that describes that feeling - 'shit-shocked') at what I have seen! It is 100 times worse than we read in industry publications and/or the evening news on television! It goes far beyond merely being sloppy, in just these handful of files I have seen activities by quite a few of the major players in the industry that seem to me to boarder on criminal liability. I am embarrassed for how these industry giants treat borrowers.

Welcome to 2012

Just got finished watching the Rose Parade, while sitting there my thoughts wondered to what I should say today. All things considered I think the theme for this year should be GIRD YOUR LOINS.

Have a Happy and Prosperous New Year.