A mortgage audit is an in-depth multi-point examination of lender disclosures and statements that is performed to uncover lender overcharges that are caused by miscalculations of interest charges, monthly payments, amortization or loan balance. Mortgage audits also uncover hidden, illegal or excessive fees and violations of federal lending regulations including TILA, RESPA, HOEPA and predatory lending. Mortgage audits can benefit homeowners concerned about overcharges, miscalculations or illegal fees or are facing foreclosure or seeking a loan modification.
Homeowners can use the audit results to obtain refunds from their lender for any overcharges, miscalculations or other violations of federal lending regulations.
It is important to emphasize that all types of mortgages can contain errors resulting in overcharges. These include fixed-rate and adjustable-rate mortgages, home equity loans and reverse mortgages.
A mortgage audit is a fast and easy way for homeowners to get peace of mind about the accuracy of their lender’s calculations and can help them to successfully "win their case" and get refunds from their lender for any overcharges. The homeowner receives the detailed audit report and they’ll know right away if they’ve been overcharged.
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