Mortgage Audits: Truth in Lending
One of the primary reasons why those who have taken out mortgage loans look into mortgage audits is to determine whether or not the Truth in Lending Act was followed when they received their home loan. The Truth in Lending Act, after all, was put into place in order to ensure that consumers were given accurate information when applying for and taking out a loan - in this case, a mortgage.
The reason that mortgage audits are important when it comes to getting a chance to look at your mortgage is simple: the Truth in Lending Act does not require that there are any set rates or practices that must be followed, it merely states that everything needs to be disclosed up front. A mortgage audit will help to uncover whether, during the course of taking out your mortgage, you were given accurate information.
In other words, if you’re facing challenges with your mortgage, having a mortgage audit can ensure that the rates you were quoted for your loan are the rates that you’re being charged. A mortgage audit can help to identify whether or not the fees associated with your loan exceed those that can be charged. Searches like these will ensure that you are not the victim of predatory lending.
