Troubling Forensic Mortgage Loan Audit Data Points to Wrongful Foreclosures
According to the website www.documentaudit.org and MitiGroup, the latest forensic mortgage loan audit data for mortgage loans referred to the company is even worse than expected. Documentaudit.org said it is providing forensic mortgage loan document audits to check for violation of federal lending laws like TILA, RESPA, HOEPA, and excessively high debt to income ratios, income discrepancies, and other areas fraught with inconsistencies.
Boca Raton, FL, August 28, 2009 --(PR.com)-- According to the website www.documentaudit.org and MitiGroup President Ethan Greenberg, the latest forensic mortgage loan audit data for mortgage loans referred to the company in July 2009---requested mostly by foreclosure defense attorneys---is even worse than expected.
A company spokesman said “….The aggregated data from the forensic loan audits shows an egregious disregard for disclosure laws” “It appears that while the lenders may have provided most of the required disclosures---many of these documents contain misleading information on the true cost of mortgage credit to the homeowner.” He went on to add “….it was shocking to see some lenders fail, in some federal or state category, over 90% of the time….”
Specifically, he said that the sampling of loans taken in August (of which 87% were 1st mortgages and 13% were 2nd mortgages, out of a total of 200 sampled audits):
· One lender had a 100% failure rate, and several lenders were over 90% failure rate.
· 58.4% of all loans sampled failed TILA, RESPA, HOEPA, State Regulations, or a combination of the four.
· 71.5% of Adjustable Rate Mortgages failed TILA, RESPA, HOEPA, State Regulations, or a combination of the four
Documentaudit.org said it is providing forensic mortgage loan document audits to check for violation of federal lending laws like TILA, RESPA, HOEPA, and excessively high debt to income ratios, income discrepancies, and other areas fraught with inconsistencies. The goal is to provide aid to attorneys who are increasingly being overwhelmed with requests for foreclosure defense.
It appears that there is a niche emerging in loan modification---the transition to foreclosure defense. Homeowners rejected for loan modification typically have no other options to save their home in times of distress. It seems that investment properties, second homes, and jumbo mortgage loans are turned down for modification almost immediately, in the absence of leverage against the lender, like a failing mortgage loan audit.
###
A company spokesman said “….The aggregated data from the forensic loan audits shows an egregious disregard for disclosure laws” “It appears that while the lenders may have provided most of the required disclosures---many of these documents contain misleading information on the true cost of mortgage credit to the homeowner.” He went on to add “….it was shocking to see some lenders fail, in some federal or state category, over 90% of the time….”
Specifically, he said that the sampling of loans taken in August (of which 87% were 1st mortgages and 13% were 2nd mortgages, out of a total of 200 sampled audits):
· One lender had a 100% failure rate, and several lenders were over 90% failure rate.
· 58.4% of all loans sampled failed TILA, RESPA, HOEPA, State Regulations, or a combination of the four.
· 71.5% of Adjustable Rate Mortgages failed TILA, RESPA, HOEPA, State Regulations, or a combination of the four
Documentaudit.org said it is providing forensic mortgage loan document audits to check for violation of federal lending laws like TILA, RESPA, HOEPA, and excessively high debt to income ratios, income discrepancies, and other areas fraught with inconsistencies. The goal is to provide aid to attorneys who are increasingly being overwhelmed with requests for foreclosure defense.
It appears that there is a niche emerging in loan modification---the transition to foreclosure defense. Homeowners rejected for loan modification typically have no other options to save their home in times of distress. It seems that investment properties, second homes, and jumbo mortgage loans are turned down for modification almost immediately, in the absence of leverage against the lender, like a failing mortgage loan audit.
###
Contact
MitiGroup, LLC
Jeremy Cohen
1-866-954-5999
www.documentaudit.org
Jeremy Cohen
1-866-954-5999
www.documentaudit.org
Contact
Categories