Debt collectors can come calling years after a mortgage default

If Bankruptcy is in the future this is a good reason why to wait to file Last Minute!

IT IS IMPORTANT TO LIST THE “REAL” CREDITOR/LENDER/INVESTORS!

The banks have plans… YOU should too!

PIN THEM DOWN!

By Jim Wasserman The Washington Post
Saturday, March 27, 2010

Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars — and that a collection agency is coming after them to get it.

That’s because lenders have been quietly selling second mortgages and home-equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim.

If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even to garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney.

“The only relief a consumer will have is entering into a debt-negotiating plan or filing for bankruptcy,” said Sylvia Alayon, a vice president with the Consumer Mortgage Audit Center. The firm provides mortgage analysis to lenders, advocacy groups and attorneys.

The phenomenon suggests an ominous, looming echo of the recent real estate collapse. As debt collectors seek at least partial repayment of millions of dollars in unpaid home loans, some say renewed financial stresses on tens of thousands of consumers could dampen economic recovery.

“I think there will be a lot of unhappy people when it hits,” said CoBen. “We saw this in the ’90s. This is not really new. Just when you think you’re back on your feet, you’re making money and the economy’s good, they hit you with this.”

Alayon said most people are so stressed out and exhausted by trying to save their homes now that they are unaware they could face another hit later. And many who are losing homes don’t get the advice necessary to prevent future fallout, say loan counselors at nonprofit organizations.

“You’ve got tens of thousands of people in California who have this hanging over their heads who don’t even know it,” said Scott Thompson, principal at for-profit Mortgage Resolution Services in California. He fears a new wave of bankruptcies might affect people just starting to recover from losing their homes.

“So many of these are people with 750 or 800 credit scores who made a bad decision,” said Thompson. “Or they’re people who suffered income cuts. These are people, in terms of the economy, whom we need to participate.” But an entire industry is gearing up to buy their debt at deep discounts and collect what it can, Alayon said.

“It’s a big business, and investors are coming out of the woodwork. It’s a very lucrative business,” she said. Real estate insiders and financial players know it as “scratch and dent.” One of the biggest players in the business, Texas-based Real Time Resolutions, did not respond to an inquiry on the subject from McClatchy Newspapers. Neither did Bank of America, which holds many defaulted loans made by its Countrywide affiliate during the real estate boom.

Banks made many “second-lien” loans, including those used to finance 20 percent down payments during the housing boom. A separate category of “seconds” includes home-equity loans and home-equity lines of credit. Nationally, about 3.4 percent of those loans are currently delinquent, according to Foresight.

Owners are generally, but not always, on the hook for the second loans left over from a foreclosure or short sale. Most investor mortgages, too, leave the borrower liable for potential unpaid debt.

In many short sales, experienced real estate agents or attorneys can negotiate away debt obligations for the second-lien loan. But many inexperienced borrowers don’t know that, and they sign final-hour agreements giving lenders the right to pursue them later.

“Seek advice,” counseled Doug Robinson, spokesman for national nonprofit mortgage counselor NeighborWorks America. He said nonprofit counselors can help.

“Often when you work with a real estate agent, they’re not really equipped to handle the repercussions. They’re set up to make the sale,” he said.

A new Obama administration short-sale program aims to prevent banks that hold second-lien loans from pursuing collections from homeowners after the short sale. It goes into effect April 5 and works this way: Sellers will receive notice that their servicer has steered part of the sales proceeds to secondary lien holders “in exchange for release and full satisfaction of their liens.” But this release would apply only to short sales done for people through the Home Affordable Foreclosure Alternatives program.

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No Penalties for Mortgage Company with Worst Loan Mod Backlog

by Paul Kiel, ProPublica – May 28, 2010 1:53 pm EDT

Jeanenne Longacre said she received a letter from Saxon Mortgage saying she was approved for a loan mod, but the final terms never came. She says she lost her home because of Saxon's errors.
Jeanenne Longacre said she received a letter from Saxon Mortgage saying she was approved for a loan mod, but the final terms never came. She says she lost her home because of Saxon’s errors.

Last week, the government released data [1] showing that there’s a big problem at Saxon Mortgage, a subsidiary of Morgan Stanley. Of all the mortgage companies participating in the administration’s mortgage modification program, Saxon has the largest proportion of homeowners caught in modification limbo.

The program, which provides incentives for mortgage companies to modify loans to an affordable level, has been plagued by delays and disappointing results. About 1.2 million homeowners have begun a “trial” modification, which is supposed to last three months. But less than a quarter of them have emerged with a real, lasting modification. (Here’s our backgrounder on the program and problems with it [2].)

As of April, about 265,000 homeowners [3] were caught in trials that had lasted more than six months. Nowhere is that backlog worse than at Saxon, a mid-sized subprime servicer based in Texas that was acquired [4] by Morgan Stanley in 2006 and has had long-running customer service problems [5].

Few of Saxon’s trials have converted into lasting modifications. As of the end of April, Saxon had put 40,000 homeowners into trials, but only about 11,000, or 27 percent, had received a permanent modification. Far more had either been dropped from the program (16,000) or were still waiting for a final answer after being in the trial for longer than six months (10,000).

The Four Mortgage Servicers with The Biggest Trial Backlogs

Servicers Est. # “Aged” Trials % of Active Trials that are “Aged”
Saxon Mortgage Services 9,839 76%
JPMorgan Chase 85,678 72%
U.S. Bank 2,064 58%
CitiMortgage 26,375 48%
Total for Program 265,015 42%

A close look at Saxon provides a window into problems with the program itself, in particular a glaring lack of oversight from Washington. While the government set up the program, it relies on mortgage companies to actually perform modifications. So far Washington has shied away from penalizing those servicers that have failed to follow the program’s rules or underperformed. Indeed, despite widespread problems [3] among mortgage servicers and frequent tough talk [6] from Treasury officials, who have often threatened penalties, the government has yet to issue a single one.

A spokeswoman for Saxon said that the company has been regularly audited, as have other participants in the government’s program, and that the reviews had uncovered no “material issues.”

For homeowners, on the other hand, the consequences of servicer problems can be all-too-real. Some homeowners say they lost their home because of errors by Saxon.

The country’s largest mortgage servicers are attached to the biggest banks like Bank of America, JPMorgan Chase and Wells Fargo, but a number of mid-sized servicers like Saxon are stand-alone companies or subsidiaries of other banks. As of 2008, Saxon serviced over 340,000 loans.

According to the Better Business Bureau, Saxon Mortgage Services requests that consumers with a complaint contact Robin Chrostowski, Assistant Vice President of the Customer Solutions and Innovation Team, at 817-665-7862 or email CSIteam@saxonmsi.com to resolve the issues prior to filing a complaint with the Better Business Bureau.

 

The company already had problems before the administration launched its mortgage modification program in April 2009. As the Wall Street Journal reported last July [7], Saxon ranked last among 20 servicers in a Credit Suisse analysis of how many subprime loans each had modified. The Better Business Bureau had given the company an “F” [5] rating, based on a profusion of consumer complaints.

But the company was among the first to sign up for the government program when it launched in April, 2009. In the first few months, Saxon put tens of thousands of homeowners into trial modifications. In a November press release, Saxon CEO Anthony Meola boasted [8] that Saxon was leading all other servicers in the number of trials it had begun.

The Treasury Department had set the rules of the program [9] to encourage servicers to rapidly enroll homeowners. Servicers were allowed to accept homeowners on the basis of their “stated” income, what a Treasury official described [9] as “a wing and a prayer.” The financial information would be verified later, after the trial began. While well-intentioned, the policy resulted in an enormous backlog of trials—homeowners who had been given temporary modifications and were waiting months for a final answer — and Treasury changed the program rules this spring to require verified income information up front.

Consumer advocates say that homeowners who are denied modification after making several months of trial payments are often worse off than if they’d never started the trial at all [9], because the process damages their credit and they’re prevented from saving for the possibility of foreclosure.

At Saxon, many homeowners seem to be caught in that limbo because of mistakes and delays at the company. John Riggins, the CEO of the Fort Worth Better Business Bureau, said that the biggest complaints about Saxon are that the company has misapplied payments or lost documents sent as part of the modification process. Saxon employees often blame computer problems or a lack of staffing, according to the complaints, which number 208 in the past year.

Jennifer Sala, a spokeswoman for Saxon, said the backlog was not caused by a lack of capacity, but resulted from a “careful review process” that “can take a considerable amount of time.” She added, “We want to afford our customers every opportunity to avoid foreclosure.”

Saxon has hired about 330 new full-time employees in the past year, she said, increasing the staff by 50 percent. Riggins of the Better Business Bureau said that the complaint volume had improved since last year, but that major problems remained. Saxon has improved only from an “F” to a “D-.” rating [10].

There are other signs Saxon has been struggling to handle the volume. In April, it transferred the servicing rights [11] for about 38,000 loans to Ocwen, which specializes in servicing troubled loans. “Normally the reason for selling loans to Ocwen is you don’t want to hassle with them anymore and they’re delinquent,” said Guy Cecala, the publisher of Inside Mortgage Finance. Some of the loans transferred were in the middle of the modification process.

Sometimes the communications from Saxon can be bewildering. Barbara Niederstein of Fayetteville, Ga., said she has twice received letters saying she was being dropped from the program. Both letters cited missing documentation as a reason, but she says she was never told it was missing. Saxon has threatened to pursue foreclosure. Niederstein says that hours spent on the phone with a housing counselor and Saxon employees has at least postponed that for a month, even if the confusion has yet to be cleared up.

 Jeanenne Longacre and her husband Robert.

Jeanenne Longacre and her husband Robert.

Jeanenne Longacre says she lost her home because of Saxon’s errors. She says Saxon wrongly set the trial payments at a level Longacre and her husband could only muster for a few months, and then booted her from the program when she couldn’t keep up the payments. Her house was ultimately sold out from under her after she says she received an assurance the sale would be delayed.

For months, her husband had been struggling to find steady employment when Longacre lost her job with California Blue Cross in February 2009. They were behind on their mortgage payments and faced foreclosure.

The pair, in their 50s with grown children, had been in the house for 10 years, but had refinanced in 2006 into an adjustable-rate loan with New Century, the now-defunct subprime lender. The Longacres were underwater on their mortgage, with their Los Angeles home worth about half as much as they owed.

Longacre says Saxon’s first error with her modification came with the level of the couple’s payments. The modified mortgage payment was set at $3,400, about $1,400 lower than the couple’s payments had been, but at a level they could maintain only with the help of temporary severance she was receiving. That severance would run out in August, just two months after her trial began in June.

Sala, the spokeswoman for Saxon, said she could not discuss Longacre’s case because company policy prohibited discussing customer information.

Trials are supposed to test the homeowner’s ability to make the reduced payments for a prolonged period of time. But Longacre says she always knew they would be able to make the payments only for a few months. By the time August, September came around, we started struggling,” she said. “It’s ridiculous paying that kind of money when you don’t have it.”

Still, Longacre kept paying. After August, the third month of the trial, came and went with no news, Longacre began calling Saxon regularly to find out what was happening. For months, she says she couldn’t get an answer. She was occasionally asked to send in a new document, but then the wait would continue.

Finally, she spoke to a negotiator in January this year, the eighth month of her trial. He told her she’d be approved for a permanent modification and that the payment, based on her family’s verified income, would be much lower, just $1,300 a month.

“I was so excited,” Longacre said. “I thought a miracle had happened.”

But her excitement was short-lived. She received a letter from Saxon in early February [12] saying she’d been approved for the modification, but the final terms never came. When she called to ask about that, she says she was told she had to make the trial payments for January and February or she’d face foreclosure.

The couple had missed those payments because their money had finally run out, she says. But even though Saxon had set their permanent modification at a level far below her trial payments, she was dropped from the program for not making all of her trial payments.

In March, she received a notice that Saxon would auction her home on April 1. She hired a lawyer to negotiate on her behalf, and it seemed like foreclosure had been temporarily avoided when a Saxon employee said the sale would be postponed until May in order to provide more time to work out another solution.

Longacre thought the auction had been deferred until a man knocked on her door in early April, saying that he represented the new owners of her home and was offering her money to vacate. The home had sold for $302,000, less than half of what the Longacres owed on the mortgage.

“That home was the only thing we had. I put it everything that I own into that home.” She currently lives in an apartment with her husband.

As we reported earlier this month, mistaken foreclosures can result from a lack of communication within the servicer itself [13]. In Longacre’s case, she says she was not provided a denial letter or given an opportunity to otherwise avoid foreclosure, as the federal program’s guidelines require.

Consumers advocates say the program does not offer an effective recourse for homeowners to redress servicer wrongs. Treasury officials say [13] that homeowners in Longacre’s position should call the HOPE Hotline, which is staffed with housing counselors, for help. Advocates say that’s been ineffective, and have long complained [14] about the lack of a formal appeals process for homeowners.

Longacre’s case also reflects on a problem faced by the hundreds of thousands of homeowners who’ve been caught in prolonged trials: whether they must keep paying after the three-month period expires, and whether mortgage companies can deny modifications if homeowners miss payments while they’re in limbo.

The Treasury Department has given conflicting answers for that question.

The program’s guidelines say [15] that borrowers remain eligible for a permanent modification “regardless of whether the borrower failed to make trial period payments following the successful completion of the trial period.”

Despite that apparently clear meaning, a Treasury spokeswoman told ProPublica homeowners were required to continue the payments “even if the period was extended to allow additional processing.”

Cohen, of the National Consumer Law Center, said that’s not how consumer advocates have understood the program’s rules. “The program rules are clear: a homeowner is required to make trial payments only until the effective date of the permanent modification, which is three months after the beginning of the trial period.”

Four other Saxon customers told ProPublica that they’d been disqualified for missing the extended trial payments. Sala, Saxon’s spokeswoman, said the company follows the program’s guidelines. It’s unclear if there will be any consequences for Saxon for any errors or rule violations. The Treasury has hired [16] Freddie Mac [17] to audit the servicers participating in the program, and so far, as Saxon’s spokeswoman has said, auditors have not flagged any “material issues” at the company. The Treasury spokeswoman said some information from the compliance reviews will eventually be made public, but none was available now.

 Write to Paul Kiel at paul.kiel@propublica.org

Things to Consider in a Loan Modification

Exactly Who Is Doing The Modifying?

  1. The borrowers will think they are modifying their current loan when in fact they are starting all over again.
  2. The Foreclosing entity which lacks standing to bring lawsuit, is not authorized to modify anything since they are not the owner of the loan in question.
  3. Since the real parties in interest are nowhere to be found, they are taking it upon themselves with the help of their lawyers to steal your property.
  4. The borrower is actually getting a new loan which may enjoin borrower from rescinding new transaction.
  5. The foreclosing entity is STILL not using their own funds to modify (new loan) loan. They are getting funds to lend borrowers through Federal bail outs, insurance proceeds and believe it or not Investors. [same process]
  6. Their lawyers are not acting in a lawyer’s capacity but as BROKERS; [middlemen] they are getting paid commission on every new loan they help brokered.
  7. What Does Loan Modification Mean?
    A modification to an existing loan made by a lender in response to a borrower’s long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default.
  8. Why would they need to re-qualify if they claim they would make the borrowers payments and rates to be less?
  9. The borrower took the loan out with lender “A” but an unknown lender “B” is trying to modify it.
  10. When the modification is said and done, the borrower will have lender “B” as the lender. What happened to lender “A”????
  11. Exactly what is in the waiver they ask you to sign if any?

FORENSIC MORTGAGE AUDITS AS TOOLS TO SAVE FORECLOSURE HOMES

Author: nikoalexopoulos

I wanted to post this great info that I have found from the truth in lending auditors, about forensic mortgage audits and if used properly how they can help you save your home and get a total new reset of your loan at the terms you ask instead of the terms the banks want to force down your throat.

FORENSIC LOAN AUDIT

Why do you need forensics?

You’ve been denied a loan mod. You short sale has been denied. You’ve been told you do not qualify. Your lender has a policy against modifying. You can’t prove a hardship. You make too much money. You can’t hold on any longer waiting on your lender. Your lender refuses to modify your investment properties. You are still current on your payments and can’t get help. Your lender has claimed he can make more money foreclosing on your home.

What is a Predatory Loan?

A Predatory Loan put you on the road to foreclosure the moment you signed the loan documents. It consumes too much of your income. It can or it will wipe you out. Most sub-prime loans are predatory. Most stated income loans are predatory. Most adjustable rate loans are predatory. But that does not mean that a 30-year loan with a fixed rate where you provided documentation is not predatory.

Loan Modifications.

Loan mods where supposed to be the solution to helping homeowners stay in their homes. Billions of dollars were given to the banks by tax payers (that would be you) to “help” keep homeowners in their homes. Homeowners (you) are not getting the help they were promised. But there were some really nice bonuses paid to the Bankers.

Why Won’t Your Lender Help?

Lenders are Bankers. They are about making money-they are not about “help.” They will modify your loan if it will make them money. They will choose some other way to get their money, if you are too great of a risk. Foreclosure is a great way to get money. Selling your loan to another lender is a great way to get money. An insurance policy that may pay out if you default on your loan is a great way to get money.

The Lender Wants Money:

Does your home still have equity? Have you missed far too many payments? Can your loan be sold to another lender? Is your loan violation free? Is there an insurance premium to collect? Are you still current on your loan? A “YES” to any one or a combination of these means that you are not necessarily going to get a loan modification. After all, there is a much better chance of getting money if you are REMOVED FROM THE EQUATION or (if current) IGNORED.

Forensics Save Homes There are many federal laws that lenders must follow when they issue loans. Predatory loans do not follow those laws. It is the lender’s responsibility to handle and resolve any violations of TILA, RESPA, HOEPA, ECOA and to address and resolve FRAUD when they are found in loan documents. Their licenses are at risk if they don’t address the matter.

FRAUD AND FEDERAL VIOLATIONS:

Think about it: Would you buy a loan from a lender if it had a report on file of fraud and federal violations? Nope. You’d stay away from that because you don’t want to inherit another man’s mess. How about that insurance premium? Forget that-it’s more than likely null and void now that the loan is fraudulent or violation heavy.

FORECLOSURE OFTEN ILLEGAL:

If the loan documents show fraud or violations of any of the federal laws, then that lender is going to have a very hard time making a foreclosure stick. If you are in a foreclosure the forensics can and have stopped it. If you’re headed toward foreclosure – the forensics can and have prevented it.

STILL CURRENT ON YOUR LOAN?

The facts: Lenders can’t afford to lose your revenue. It is in their best interest to keep collecting your monthly payment while you churn and burn in the system – hoping for help. More than likely, you’ll be denied because you don’t really have a hardship. You’ll be told that they are getting around to you, but first they have to handle the people with foreclosure auction dates. You’ll be told there is no help for you until you start missing payments.

INVESTMENT PROPERTIES CAN BE SAVED:

They are not exempt from federal laws. It is the in house policy of the lender that has you losing your investment properties. It is amazing how fast those policies can be changed when the lender is shown the laws that have been broken.

THE LAWS ARE ON YOUR SIDE:

Unfortunately, your lender is not going to call or write letting you know that your loan has violations. “Hello Joe. Hey GREAT news, we just found out we broke several federal laws when we issued you that loan. So we are going to fix this whole mess for you. Hey, you know, one of the laws we broke, well it turns out, you get free title of the place. Is that just terrific or what? So we’ve got that title coming to you in the next couple of weeks.” Sadly, you are never going to get that call – where’s the money making – in that?

IF YOU USE THE LAWS:

“Hello can you put me through to Mr. Loan Shark?” “Hello Mr. Loan Shark, this is Joe and I got some GREAT news. We just found out you broke several federal laws when you issued us that loan. So we just need you to fix this whole mess. Hey, you know, we still want our house and let’s just negotiate some new terms. We’ve got a truth in lending auditor (TILA) representative on the job – they’ll talk the talk with you. Is that terrific or what? So we are really looking forward to your offer now that we can all honestly come to the negotiations table together.

We are not a loan modifications company. We are not on the lenders payroll. We are not on the government’s payroll. We are an audit company. We investigate your loan.

We then use these forensics to negotiate any one of the following for you absolutely free.

Loan Mod/Loan Restructuring, Short Sale or Short Refi, Short Payoff, Deed In Lieu.

TRUST… Who can you trust?

Your lender tells you that he wants to help you and then denies you and sends you foreclosure papers…(it seems you paid him to take your home.) Boston Globe reports that lenders don’t want to modify loans; they find no profit in helping the distressed. The president tells you that your tax dollars, if given to the lenders will help save your home – only it turns out that same lender just send you the foreclosure papers… And a little web search shows news articles revealing the facts: the bailout was about keeping the lenders in business, not helping the homeowners.

THE ONLY GUARANTEE:

The only thing your lender guarantees is FORECLOSURE. Temp mods – don’t always result in permanent mods. The lenders have canceled permanent mods. Many mods raise the payments to astronomical levels – home goes back to the bank AFTER they collect a few more payments. Short sales have been denied – often after they were approved. Month after month the foreclosures rise to record – high numbers in cities across the nation.

“Yah, but my lender says…”

I don’t need anybody to help me…they will help me modify my loan for free, they even send me a letter in the mail to warn me away from professionals who may try to help me. I shouldn’t trust any professional that wants to charge me money to modify my loan…you know, ‘cuz they’ll do it for free. I’m not sure, but I don’t think they want me to investigate them either…they wouldn’t actually come right out and say….

WHO ISSUED THAT LOAN?

Why on earth would you trust or listen to a company that issued you an illegal loan while telling you how good it was…you know, the loan that is wiping you out now? Why on earth would you think they, who initiated the first lies, are not lying to you now?

WHY DO YOU NEED AN EXPERT?

We are the expert at forensic loan review. We work as your hired gun to show the lender all the violations in “his” loan. If you had a cavity, would you drill the hole yourself, or go to the dentist? If the Judge told you that didn’t need a lawyer, he would listen to your case for free, would you do it? How could you conduct your own investigation and get the lender to accept it as a professional review? Even attorneys get lawyer to represent them in court.

If you don’t get help…

You may be ok. You may be one of the very few who actually get a modification. Or you may be one of the thousands who loses their home, or continues to give the bank far more in monthly payments than you can honestly afford until the bank finally gets your home.

To date every single loan the bankers have issued and we have investigated has been full of violations; you don’t have to believe us, you don’t have to trust us, you only need to get your loan investigated.

 

MAJOR WIN FOR HOMEOWNERS IN NJ SUPREME COURT; SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. A-2634-08T2

02-01-10 COPY APPELLET RULING CFA2 022010. We hold that a series of standardized agreements to cure default between a non-debtor mortgagor and the mortgage servicer are covered by the Consumer Fraud Act, even when executed post-foreclosure.

 

 

 

From: nikoalexopoulos

As a lot of you have come to realize LOAN MODIFICATIONS have not solved anyone’s problems but to put more money into the bank’s pockets and have the homeowner eventually wind up back where they were before the loan mod, but this time with the bank arguing that although they tried to help the homeowner the homeowner fell behind again, therefore they need to finish the foreclosure. The bank also argues that if they were any discrepancies or infractions on the original loan, well by the homeowner agreeing to a LOAN MODIFICATION the original loan is null and void and the terms on the loan modifications are in effect. They also argue that the homeowner basically signed away their rights to the original loan and are bound by the loan mod terms. However the bank still maintains theirs and will seek to foreclose on the homeowner. Well, the judges are beginning to see what we have been saying all along. BE AWARE if fraud was committed in the original loan ti does not make it go away because the bank gave the homeowner a loan modification and it puts the homeowner in a position to seek legal and financial compensation from the bank. GOD BLESS
Here is the detail info:
SUPERIOR COURT OF NEW JERSEY
APPELLATE DIVISION
DOCKET NO. A-2634-08T2

This is why getting a Forensic Loan Audit is much needed. This is not something an amateur should attempt leave this to the professionals who have the keen eye for understanding complexities to address all applicable regulatory compliance requirements as well as any Federal and State violations. 

 

Expert Forensic Loan Audit’s for Attorney’s & Borrowers: FORENSIC MORTGAGE INVESTIGATION CORP.

Forensic Mortgage Investigation Corp, (FMI) located in South Florida, is a leading provider of automated and manual loan regulatory compliance audits to Law offices, mortgage industry’s largest originators and investors, as well as medium and small size companies. Using the latest technological audit software, along with easy to understand language, we address all applicable regulatory compliance requirements as well as any Federal and State violations.

Contact: FMI vc@fmi-audit.com (English-Spanish-Portugese) FMI Corp. are not attorney’s.

An extremely valuable tool for attorney’s and individuals who are overwhelmed and do not know where to begin. This Forensic Mortgage Loan Audit exposes red flags and concealed federal & state violations beginning with the initial borrowers loan application (form 1003). Owner has over 20+ years in the banking industry, understands the lending process, branch manager of a key sub-prime lender and was a former member of the board of directors at the International Bank in Washington D.C.