Mortgage Audits Uncover a Wide Variety of Issues
Mortgage audits are one of the few tools that are available to homeowners and the financial service professionals who are helping those homeowners to fight foreclosure that often results in identifying problems that have taken place when the mortgage was issued. Specifically, there are a number of problems that can be identified during the course of a mortgage audit as the following excerpt from the loan modification blog explains:
Yes, the rates are low, but how many people are going to qualify for refinancing at this stage in the game. Not to mention the equity that has been lost since the housing market tanked. The investment in a mortgage loan audit to ensure the borrower gets the best modification possible is surely worth the effort.
The audit process can determine whether the information in the preliminary loan application, final application and all the credit documents are consistent or reconciled. A review of the appraisal is done to ensure the property value was established using reasonable comparables and accurate information.
In other words, when you are working with your clients who are facing the possibility of foreclosure, mortgage audits are going to help you uncover what you have to work with. If you’re able to find that there were inaccurate reports about your client’s income or that the appraisal was inflated on paper to pad the lender’s pocket, you are going to be in a great position to save your clients’ homes. With this information you’ll find that you are able to not only work out a better deal, but also that you are able to make sure that your clients are the ones who benefit.
