What is a Mortgage Audit?

What exactly is a mortgage audit? The objective of a mortgage audit is to uncover any lender overcharges or miscalculations of the monthly payment, interest rate, interest charges, amortization and loan balance. 

A mortgage audit will also uncover hidden, illegal or excessive fees and violations of federal lending regulations including TILA, RESPA, HOEPA and predatory lending.  A mortgage audit or forensic mortgage audit can also benefit a homeowner who is facing a possible foreclosure or is seeking lender approval for a loan modification or short sale agreement. 

A mortgage audit is an independent, in-depth examination of lender disclosures, documents and loan statements to determine if a homeowner has overpaid on their mortgage or has not received credit for all payments made. 

All kinds of loans contain mistakes and should be audited including fixed-rate and adjustable-rate mortgages (ARMs), home equity loans, home equity lines of credit (HELOCs) 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 lenders. A mortgage audit should always be performed by an experienced, independent, third-party audit firm. 

After a mortgage audit is completed by a mortgage audit firm, the homeowner is provided with a detailed mortgage audit report and they’ll know right away if they’ve been overcharged by the lender. They should also receive an expert opinion letter with summary of audit findings, a notarized affidavit and a complaint letter that can be mailed to the lender.   

Loantech is a mortgage audit firm with 30+ years of experience that uses its proprietary technology to perform mortgage audit services. 

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