If your client's mortgage loan had violations, how would you know?

Our foreclosure defense process begins with a mortgage loan audit. This is generally designed to discover if a lender violated the Truth in Lending Act (TILA), made any other errors while preparing their closing documents, or neglected to properly disclose the terms of their loan.

AmStar's Forensic Loan Auditors also look for errors made by the lender that could indicate possible violations of the Real Estate Settlement Procedures (RESPSA), the Truth in Lending Act (TILA), the Home Ownership and Equity Protection Act (HOEPA), the Equal Credit Opportunity Act (ECOA), and the Gramm-Leach-Bliley Act (GLBA).

Are errors really that common?

Yes. Predatory Lending is unfortunately quite common as are Truth in Lending Act violations. In fact, according to the National Fair Housing Alliance, over 50% of borrowers who received high-cost subprime loans could have qualified for lower cost prime loans. And experts agree that over 80% of all audited loans revealed one or more errors.

How can this report benefit your client?

It can help stop or reverse the mortgage. In some cases, even a small mistake with calculating your client's annual percentage rate could be an actionable violation. The results of an audit can also help you negotiate with your client's lender for more favorable terms.