Comprehensive mortgage reporting is a very successful tool when auditing for mortgage fraud. As borrowers continue to educate themselves about the game lenders played during the surge in demand for new homes from 2001 to 2007 this kind of analysis not only delves into forensic detail of a mortgage loans origination, but also the issue of profit generated by the securitizing parties and even the length of time the full amount was recovered in relation to amortization of the original lien.
Case after case is a blatant example of fraud covered with fraud dipped in more fraud and rolled in lies. At some point we all must stop piling on mountains of evidence and make sure this evidence is being heard by state and federal court judges in every type of judicial and non-judicial foreclosure state. As an auditor we rely on attorneys to make sure the evidence is presented and used in a way that gets results for betrayed homeowners and wronged investors.
In brief, the lender lent the borrower an amount that was beyond his capacity to repay and sold the loan to a securitization trust thereby recovering the amount it lent to the borrower within just three months of granting. For its part, the trust utilized the MERS System® to cut short the documentation process and skip recording fees, earned tax-exempt income from securitizing this loan, and even if it failed to properly comply with the transfer requirements it is now initiating foreclosure. MERS in turn engaged the services of robo-signers to partially comply with the requirements.
Believe it or not most Americans are convinced checking your mortgage for fraud is malarkey. They think it is some scam where by people try and get their homes for free. Let me be clear, I don’t dedicate my time and sanity to helping anyone who borrowed money to buy a house have the delusion that they don’t need to pay it back. What I do, is make sure what they pay back is what they owe and the entities that are parties in that real estate transaction operated lawfully. A very simple concept yet very controversial.
The motto of any examiner/auditor should always be to have no personal interest in the outcome of an examination and perform their task with the highest degree of professional integrity. All decisions must be exercised with due care and diligence and their conclusions based on the documents presented coupled with information gathered from the most reliable sources that are available. I’ll take that mission everyday.
Working exclusively as a business-to-business service provider, Mortgage Audits Online is able to devote ourselves to providing expert research enabling our clients to achieve results. Whether you are seeking negotiation tools, litigation support or fraud investigation our staff can help. The Mortgage Audits Online team has over 25 years of experience in private banking, accounting, underwriting, securitization auditing, title services and real estate.