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Are You Serious about Integrating Mitigation and Litigation Regarding Mortgages into Your Practice?
U.S. Lender AuditTM provides case management services for legal professionals and auditing companies. Preferred by attorneys nationwide, Our company services, have supplied expert witness servicing and forensic mortgage loan audits for over 200 banks, lenders, and institutions.
We are proud to have unveiled a scalable business solution for our Nation’s attorneys to help ALL borrowers litigate and mitigate with our Forensic Loan Audit TM
See our full-money back guarantee policy. If no violations are found, we a “No Questions Asked” Money Back Guarantee!
U.S. Lender Audit provides the most flexible and accurate outsource Forensic Loan Audit TM solution and litigation support available anywhere for organizations and attorneys seeking litigation opportunities and work-out plans for their clients. Our mortgage audit service and expert auditors provide thorough manual forensics examinations capturing violations NO SOFTWARE can catch!!!
Addtionally, the company reverse engineers all loan parameters, so ALL VIOLATIONS of Federal, State, County and Municipal Code are revealed along their severity and the specific code in violation. The result of our mortgage audit services is a detailed comprehensive analysis that reveals ALL RESPA, TILA, HOEPA, ECOA, GLB, FDCPA Violations and More in an easy-to-read format. All infractions of State Lending Fairness Guidelines and Predatory Lending laws are applied.<
Think your client is outside of the normal Federal TILA and RESPA Statutes of Limitations? Statutes can be extended when material omission regarding truth in lending are discovered. Additionally, remember, fraud has no statutes of limitations and most Plaintiffs bringing a claim to your clients don’t have legal standing in the first place. We understand many attorneys don’t pragmatically know how to build a case and hardly know the best ways to navigate through litigation, especially with mortgage fraud. Call and speak with one of our expert members today.
“Three million homeowners with subprime loans are anticipated to enter foreclosure during the next two years, and 2 million of them are forecasted to lose their homes. Another 40 million homeowners will see their home values decline by $200 billion due to nearby subprime foreclosures.” -May 07,2008 Center for Responsible Lending
Sample of our Forensic Mortgage Compliance Audit
Why the Loan Audit?
At the end of 2008 it was reported: The proportion of modified loans delinquent by 30 days or more was 55% after six months, according to the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Modified loans that were 30 or more days delinquent after three months stood at 37%, the agencies’ data showed. Borrowers facing hardship, will typically fall into a modification set by calculative procedures by the servicer. It is statistically shown, that the typical loan modification, is not working amongst those borrowers who have signed upon it’s terms. Furthermore, the “negotiations” provided by “loan modification” companies, may not be nearly as effective as one may think, since the servicers are providing solutions based on recent legislative or governmental programs.
Why “Loan Modification” is Not Working.
The real reason why “loan mods” are routinely being rejected is pure and simple “balance sheet economics”. A bad loan is a liability on a lender’s balance sheet. A “modified loan” is just a lesser example of a loan which is already a liability, and a modified loan does not result in any money to the brokers, appraisers, trustee sale companies, or foreclosure mill law Firms.
By foreclosing and obtaining a money judgment (for the amount due on the note) and the property, the “bank” turns a non-performing liability into a two-tiered asset in the form of a receivable (the amount “due” from the borrower per the Judgment), and a tangible asset (the property) with its inflated value as the result of an inaccurate or outright false “broker price opinion” (BPO) which was prepared by the “bank’s” broker on nothing more than a “drive by” of the property (that being no interior inspection for defects, necessary repairs, wear and tear, etc.)
Recent reports show that Freddie and Fannie own and guarantee 45% of all of the mortgages in the United States – $4.8 trillion worth of mortgages. However, with the mortgages they actually own and hold on their balance sheets, provide a face value of $1.7 trillion. They hold these assets with only a about $70 billion in “core” capital. With a combined leveraged ratio of 24-to-1, a 5% loss in the value of their mortgages would wipe out 100% of the equity in each firm. Looking beyond their balance sheets to their off-balance-sheet guarantees, you see that they’re actually leveraged 68-to-1. Thus a 1.4% decline in the value of their total on- and off-balance-sheet would wipe out shareholders. These high leverage ratios lead to bankruptcy as seen with companies like Lehman, Bear Sterns, Freddie, Fannie and just about every banking institution.
Yet, while the government has been busy policing the rest of the financial markets, it has overlooked a time bomb under its own umbrella… the Federal Housing Administration (FHA). According to the Wall Street Journal, an undisclosed Housing and Urban Development (HUD) audit shows the FHA’s cash reserves may fall below its congressionally mandated 2% of insurance liabilities by year’s end. The FHA is levered 50 to 1 – more than Bear Stearns on the eve of its crash. Its loan delinquency rate – more than 30 days past due – is over 14%, around two to three times higher than conventional mortgages. And its cash reserves have fallen by more than two-thirds in three years. The reason is reckless underwriting… From 2006 through the end of next year, the FHA’s portfolio will have expanded to $1 trillion from $410 billion. Today, 25% of all new mortgages carry an FHA guarantee, up from 2% in 2006. And between the FHA, the Veterans Administration, Fannie, and Freddie, taxpayers now guarantee 80% of all U.S. mortgages. According to sources familiar with the HUD report, mortgage default rates are worsening the quickest on the most recent loans.
A loan audit and its supportive findings provides a common ground where all parties can understand such violations that are evident along with proposed observations of preliminary suspect whereby a valid motion or demand for further discovery presents itself with clarity. Postion your clients in an offensive position to where proper remediation is scalable. The U.S. Lender Audit provides you with the evidence and support you can trust to help your clients seek better modification terms, restructuring of new terms, principal or rate reduction, or continued discovery. With the greatest potential to alleviate “normal modification” setbacks and re-occurrence of default, qualified and objective evidence helps simplify negotiations and stay using the information and support provided by U.S. Lender Audit.
Your clients should know their rights! Lenders seem to be covering up their tracks, by incentivising the servicers and the mortgage industry to get borrowers to sign up for loan modification. Protect their rights! Consider a Forensic Loan AuditTM before you sign on the bottom line for any such loan modification. Know why the HOPE NOW program along with the Emergency Economic Stabilization Act of 2008, “the $700 Billion Bailout” could be the greatest cover up to the improper events and violations that the lenders don’t want your clients to know! Lenders eager to cover up wrongdoing are likely to offer modifications that include clauses releasing themselves from liability and removing all of the borrower’s defense, claim, counter claim, or any other defense against the lender should a lawsuit or foreclosure occur.
You may want to consider Joining Us As a Professional Provider or at Least Joining in Our Orientation to Really Grasp what a difference U.S. Lender Audit can make in assuring the growth and success of your practice!
