A securitization audit is in simple terms a specific legal document that is used to aid any person whether a private individual or commercial entity to review their mortgage loans. These powerful documents are especially useful for any one facing foreclosure. What's more the findings of the audits are fully admissible in any court as valid evidence.
Normally, any body that suspects their imminent foreclosure may be incorrectly instituted by their loan trustees, has the right to hire expert auditors to conduct a specialized review of the loan documentation. However, it does have to be stressed that only audits done by experts within the industry will be admissible in any court proceedings. All mortgage auditors need to obtain certification, prior to being able to conduct any forensic loan audits.
But when it comes to these auditors, for the best recognizable results, lenders must only hire firms backed by several years of experience in the industry. When forensic mortgage auditing is done precisely, the ensuing documentation become very powerful tools, that will be the deciding factor between foreclosure of winning the appeal to have it overturned. Three loan dilemmas will call for the use of these experts and the documentation of their findings.
Firstly, clients looking to have their principal loan modified or reduced can request that audits be done. Secondly, many client will request it for foreclosure dismissals; and last but not least in cases where clients are looking to have their foreclosures overturned. In all of these cases these findings prove to be invaluable in helping a judge make an informed decision.
But one first needs to understand how the whole process actually works; and therefore needs to know how securitized home loans work. Basically, the entire process involves a grouping of large amounts of mortgage loans into a bundle or a "security". These bundles or securities are then offered for sale on Wall Street. Doing this, basically removes the capital risk from financial institutions directly and the consumers mortgage provide constant cash flows which are used to fund markets.
This "reusing" of mortgage payers' funds is completely legal. However, discrepancies in the filling of paperwork is where the law is broken; and classed as fraudulent. Thus, incomplete or lack of documents pertaining to the mortgage holder will result in extensive fines being payable by the companies; most will choose to offer clients reductions or withdraw the foreclosure proceedings.
Consumers are warned not to confuse this process with Mortgage Audits. These audits merely check to see if any RESPA or TILA violations occurred. These will result in a couple of thousand dollars rebate, but will not stop any foreclosure. These audits are not as in-depth.
So, any body faced with possibly losing their personal or business property, will wisely choose to have an in-depth securitization audit done. Checking if a mortgage is in fact unsecured, is offered free of any charge. The sole rule is to make use of firms with a minimum of twenty years experience in conducting these more detailed auditing procedures.
Normally, any body that suspects their imminent foreclosure may be incorrectly instituted by their loan trustees, has the right to hire expert auditors to conduct a specialized review of the loan documentation. However, it does have to be stressed that only audits done by experts within the industry will be admissible in any court proceedings. All mortgage auditors need to obtain certification, prior to being able to conduct any forensic loan audits.
But when it comes to these auditors, for the best recognizable results, lenders must only hire firms backed by several years of experience in the industry. When forensic mortgage auditing is done precisely, the ensuing documentation become very powerful tools, that will be the deciding factor between foreclosure of winning the appeal to have it overturned. Three loan dilemmas will call for the use of these experts and the documentation of their findings.
Firstly, clients looking to have their principal loan modified or reduced can request that audits be done. Secondly, many client will request it for foreclosure dismissals; and last but not least in cases where clients are looking to have their foreclosures overturned. In all of these cases these findings prove to be invaluable in helping a judge make an informed decision.
But one first needs to understand how the whole process actually works; and therefore needs to know how securitized home loans work. Basically, the entire process involves a grouping of large amounts of mortgage loans into a bundle or a "security". These bundles or securities are then offered for sale on Wall Street. Doing this, basically removes the capital risk from financial institutions directly and the consumers mortgage provide constant cash flows which are used to fund markets.
This "reusing" of mortgage payers' funds is completely legal. However, discrepancies in the filling of paperwork is where the law is broken; and classed as fraudulent. Thus, incomplete or lack of documents pertaining to the mortgage holder will result in extensive fines being payable by the companies; most will choose to offer clients reductions or withdraw the foreclosure proceedings.
Consumers are warned not to confuse this process with Mortgage Audits. These audits merely check to see if any RESPA or TILA violations occurred. These will result in a couple of thousand dollars rebate, but will not stop any foreclosure. These audits are not as in-depth.
So, any body faced with possibly losing their personal or business property, will wisely choose to have an in-depth securitization audit done. Checking if a mortgage is in fact unsecured, is offered free of any charge. The sole rule is to make use of firms with a minimum of twenty years experience in conducting these more detailed auditing procedures.
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