Loan Auditors

When you ask for a loan audit or mortgage document review, there are certain documents that are always looked at. Then there are documents that may be exempted depending on the circumstances. The procedure for a document review includes:

• Credit report, unless the loan was a streamlined refinance or meets other underwriting exemptions
• Verification and re-verification requests
• Gift letters
• Mortgagor’s employment or other income
• Deposits
• Alternative credit sources
• Funding sources
• Mortgage and rent payments

There may be times when a re-verification of documents is necessary by telephone. Regardless, when a loan document review is complete, the loan auditor will have a good picture of the mortgagor’s situation at the time of lending and whether or not any predatory practices have taken place. But a thorough loan audit doesn’t just end with these verifications. It goes much further.

RESPA is the most comprehensive aspect of real estate law and one every consumer should become familiar with. It stands for Real Estate Supplement Procedures Act and outlines the documentation and disclosures every real estate transaction must have. Furthermore, RESPA prohibits certain actions in order to keep predatory lenders from preying on unsuspecting and innocent home buyers.

For instance, were you aware that loan servicers can’t split fees? And another thing that lenders and home sellers can’t do is require a home buyer to purchase title insurance from a particular company as a condition of the sale. In other words, you’re allowed to get your own title insurance.

If your lender has violated either of the above RESPA conditions then you could be due some damages or you could seek a rescission on your loan. A mortgage document review can determine whether your rights have been violated.

Learn more about the loan audit process from the most comprehensive loan auditors online.

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