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mortgage audit - are you kidding me?

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Services for Real Estate Pros with Fransen and Molinaro

I recently did a search on Google for "mortgage audit" and came up with 369,000 entries.  I am amazed at how many "forensic loan auditors" there now are.  I know of companies charging anywhere from a couple hundred bucks to ten thousand.  I am a practicing attorney and my focus is on mortgage litigation and i think the mortgage audit is a joke.  Most results are wrong.  Even when there are technical violations, the borrower likely does not have a viable claim due to other reasons. 

If you really want to know if you have a legal case, talk to a laywer.  Do not pay anyone any money for an audit that is supposed to somehow give you leverage with the bank.  It doesn't.  Sorry if this offends anyone, but i get several calls a week from people who are excited due to the false hope they were given and have spent money they did not have for some auditor to tell them they have a great case.  Please save your money.

Comments (5)

Anonymous
PaulMolinaroEsq

The field of mortgage law is ever changing... one of the things that makes it an exciting area of practice... new statutes... new case law... ever more clever ways to break laws... and having to come up with new ways to bring suit... thus, a consultation with an attorney who has experience in the area for which you seek help is the proper place to go... don't pay for some loan audit when you will have no idea what to do with the results.

Just my opinion of course.

- Paul

Aug 25, 2009 08:50 AM
#1
Marty and Laurie Gale
Utah Realty - South Jordan, UT
Utah Realty | 801-205-3500 | UtahRealtyPlace.com

Loan Audit for a desperate homeowner is just a form of false hope against terrible odds. Expensive time, consuming and usually non productive.  Rare exceptions.

 

May 07, 2010 01:43 AM
Nathan Fransen
Fransen and Molinaro - Corona, CA

Marty,

I agree.  The tragedy is many homeowners spend money they do not have on something they do not need.

May 07, 2010 06:23 AM
David Robinson
Lloyd Cullen Real Estate - Murrieta, CA
Call Now (877) 828-0710

My jaw drop when I read this. I can't believe the banks are wasting money on these audits.

Oct 21, 2010 05:39 AM
JoAnn Young
Young & Young Properties - Melbourne, FL
Florida Real Estate

I am receiving emails from several "compliance companies" and attorneys soliciting me for buying their compliance manuals and help with audits.  I'm a one person shop operation.  I'm now wondering if my compliance manual and procedures manual will comply with the CFPB?  How does one find out what topics we are expected to have in our manuals?

Nov 02, 2015 06:19 AM