Because of the economic
environment today,
a beneficial Loan
Modification is something
that homeowners should
seek and request from
the lender which may
require some leverage.
Many loan documents
may contain a variety
of violations like
Truth in Lending Act
Violations, RESPA
Violations, Fraud
and Misrepresentation.
This service is
very specialized
and vital in identifying
predatory lending.
We review all loan
documents and perform
a thorough examination
for miscalculations
so the mediator
can determine if
the loan terms are
accurate, truthful,
and meet the requirements
of the applicable
federal statutes.
In some cases,
if the homeowner
is simply overcharged
by only $35.00 or
if the annual percentage
rate (APR) is only
0.125% higher than
what was originally
disclosed; there
may be a violation
of the Truth in
Lending Act. This
now gives the mediator
leverage when negotiating
with the lender
and more than enough
incentive for the
lender to grant
a beneficial loan
modification.
Obtaining a Forensic
Loan Document Audit
is essential to
every Loan Modification,
Short Sale, and
Deed in Lieu proposal
as the findings
of an audit may
notably improve
an opportunity for
a resolution.
We provide a completed
detailed audit for
the following as
all mortgages must
comply with fair
lending laws. Any
error or omission
on the part of a
lender or their
agents constitutes
a violation. Our
loan document audit
verifies compliance
with the following:
TILA
·
Finance
Charge Amount
· Annual
Percentage
Rate ·
Payment
chedule
· Amount
Financed
·
Total
Payments
·
Amortization
Schedule
|
HOEPA/High
Cost
·
Section
32
·
State
·
County
·
City
|
Fannie
Mae Points
& Fees
Test
·
Calculate
allowable
Fannie Mae
points and
fees thresholds
|
State
Consumer Credit
·
Usury Rate
Ceilings Percentage
Caps
·
Prohibited
Fees
·
Fee Percentage
or Dollar
Amount Limits
·
Prepayment
Penalty Prohibitions
and Limitations
·
Late Fee Dollar
Amount Limits
·
Length of
Late Fee Grace
Periods
·
Interest Accrual
Start Dates
·
Negative Amortization
Prohibitions
·
Balloon
Payment Prohibitions
or Term Limitations
·
Payment and
Term Limitations
|
TILA-Right
of Recession
·
Document
Sign Date
·
Last Disclosure
Date
·
Right of Recession
Expiration
Date
|
Lender
& Broker
Licensing
·
Monitor licenses
are active
and in good
standing at
all times.
|
Licensing
Search
·
Broker and
lender are
licensed in
a particular
jurisdiction
·
Licenses are
active and
in good standing
·
Licenses authorize
the brokering
and making
of the particular
loan
|
HUD-HOEPA
·
Compares the
loan data
to the calculated
high cost
thresholds
|
|
