OUR PROCESS

PRELIMINARY TABLE AUDIT

Special Note: Our Company’s policy and effort is to assist people that believe that they have been or were basically cheated when it came to financing the purchase of a home or refinancing of their present home. We have highly trained Table Auditors and experienced Senior Auditors and a highly trained and experienced staff of Paralegals that take their time to do a Table Audit of your mortgage process and documents.

This process is to establish the amount of actual damages and determine if there was ‘Mortgage Fraud’ and ‘Predatory Lending’ in your mortgage; to assist in determining if there are enough damages to insure that it is worth moving forward with You, Lender Auditing Services and the Attorneys that accept the case(s).

LAS performs a “no charge” Table Audit. This is where we go through certain documents to establish the amount of damages disclosed in their Mortgage Documents to make sure it is worth fighting back against Predatory Mortgage and Predatory Lending practices. We ask what type of loan was explained and offered to you, specifically the loan terms i.e. fixed or adjustable rate, and what was the interest rate you were told compared to what interest rate you received at closing. All too common is that people are table closed. They are told one loan program and rate and receive something totally different at closing, without proper disclosure. Also Mortgage Brokers are well known for telling people not to pay the debts, 1st and 2nd mortgages, auto loans, credit card debts that they will be paying off in the refinance. When people go to closing and discover that they have a much higher interest rate and payment than they were quoted and they are in an Adjustable Rate Loan instead of a Fixed Rate loan, if they even discover this at closing, they are told by the Mortgage Broker that if they do not take this loan, their late payments will show up on their credit report and they will be lucky to get the loan they are being offered. Consumers then feel pressured since their bills have not been paid, they have spent the money instead of putting that money to the side incase this type of problem arose, and end up accepting loan terms that are not favorable to them.

This also takes place with debts to be paid off and where consumers wanted cash out. People are told one thing and it turns out totally different at closing without proper disclosure.

We then review their Good Faith Estimate. Were the Borrowers given a “GFE” within 3 days of making application? Often consumers do not receive this form which identifies the potential fees that are associated with the loan. If they do not, we assist consumers in obtaining the disclosure. If they did receive the GFE, are the fees the same as disclosed on the GFE they received at closing or were they increased without proper disclosure. On the GFE, if there were any changes, $35.00 plus or minus and an increase of more than 1/8% on a purchase or 1’4% on a refinance and if there were, was it disclosed 3 days before closing?

Were the consumers charged Discount Points paid to the Mortgage Broker? When someone buys down their interest rate they do it through the Lender, not the Mortgage Broker. This is a favorite place where Mortgage Brokers hide additional fees that are not properly disclosed. If the consumer did buy the interest rate down through the Lender, where is the disclosure stating the cost and the benefit?

We then review the GFE for an YSP, Yield Spread Premium and or Bank Credit, and were they properly disclosed. An YSP or Bank Credit is where a borrower does not have the money to close the loan and the Mortgage Broker or Lender can offer to pay the closing cost by increasing the interest rate and disclosing what the cost per month, per year and over the Term of the Loan will cost. 99% of the time the YSP is just another non disclosed fee to the borrowers that does not make financial sense because the Borrower would have been able to add the fee to the Mortgage Broker fee or the Origination fee, if they would have known about it, thus costing them 2 to 3 times the fee rather than 10 to 25 times what the YSP will end up costing them.

If there interest rate was increased from what the Borrower was originally told, we calculate the increase cost of the higher interest rate per month, per year and over the Term of the Loan.

In the case of a refinance, we find out what type of loan did the Borrower have and calculate if there was a benefit to refinance into a new loan and loose all their past payments made on the old loan. If they had a fixed rate of interest, were they put into an Adjustable interest rate loan with a low teaser rate to show a false benefit and a false savings? Was it properly disclosed that the interest rate would continue to rise to a much higher rate of interest rate than the borrower originally had and the much higher payments that the Borrower would have to pay?

Were the Borrowers put into a “Neg Am” Negative Amortization Loan without properly disclosing the loan? In a Neg Am loan the Borrower starts out paying a low teaser rate around 1.25% which usually increases by .60% every year until it is fully indexed at 9.950% or higher. Was it explained to the consumer that any payments paid below the indexed rate of interest would make them go backwards in their loan to the point where they could end up owing up to 125% of what they borrowed. Were the Borrowers put into this loan to deceive them and show the Borrower a false savings?

Were the Borrowers given the Preliminary TILA disclosure within 3 days of making application showing the APR, Finance Charge, Amount Financed and the Total amount of payments? If there any changes on the Final TILA as far as the APR, the Finance Charge or the Amount Financed and was it properly disclosed 3 days before closing?

We then review at the Final Truth-in Lending disclosure to discover any there were any changes that were not disclosed properly and if the schedule of payment is accurate. We do run a calculation by following the interest rate disclosed on the Adjustable Rate Note and Rider. We insert in the correct numbers to create a true and accurate TILA disclosure and discover if the Finance Charge and the APR is understated and by how much.

Were the debts to be paid off for the borrower actually paid off? If not, was this properly disclosed to the Borrower?

If the borrower was to get cash out, did they actually get that amount? If not, was this properly disclosed to the Borrower?

Was the Borrower charged by the Mortgage Broker for signing up for a Mortgage Savings Program? If they were charged, did the Mortgage Broker say the consumer could pay this non disclosed amount at closing out of the cash back they were supposed to receive? Did the Mortgage Broker then instruct the Title Company not to give the total amount of the cash back to the Borrower because they did not want the Borrower to get the money and change their minds about paying? Did the Mortgage Broker then instruct the Title Company to cut to different checks, one to the Broker and one to the Borrower without permission from the Lender or properly disclosing this amount on the HUD-1 Settlement Statement?

On the Application, was the Borrower allowed at closing to go through the documents in the application to make sure what was stated was accurate or were they just instructed to sign the 4th page of the application which is the signature page.

Was the interest rate on the application the interest rate they were promised. Was the Loan Program, 15 year or 30 years correct, was the interest rate a Fixed rate or Adjustable rate and what were they promised. Was their incomes inflated without their knowledge to make the loan work. Was the appraised value inflated without their knowledge? Having the consumer’s income and appraisal inflated is not doing something positive for the Borrower; it is locking them into a loan that they will not be able to refinance because of the inflated income and property value, especially when home values are going down. Essentially, the Borrower is being locked into typically an Adjustable interest rate loan that will only keep increasing and the Borrowers will be lucky if they can make the payments without being foreclosed on or being driven to Bankruptcy.

We look at the HUD-1 Settlement Statement to calculate if the charges on the HUD-1 are the same as disclosed on the GFE. Are there junk fees? Were the Borrowers charged an Origination fee, a Mortgage Broker fee, a Discount fee without actually buying down their interest rate, was there an Application fee, an Administration fee, a Processing fee and was there a non disclosed YSP all from the Mortgage Broker? Were there back property taxes charged and did the Borrower actually owe back taxes?

The issues on a purchase are similar. We discover if the purchase price is the amount financed plus the closing what they were promised. Was the purchase amount and the appraisal inflated so the Builder could rebate back enough money after the closing to help the Buyer/Borrower pay the first several years of payments?

In the case of a refinance, did the Borrowers each receive 2 copies of the Right to Cancel and were the dates properly disclosed and were they the accurate dates.

We discover if the Borrowers qualified for a Conforming loan but were put into a Sub-prime Adjustable rate loan so the Mortgage Broker could charge larger fees along with a larger YSP, or so the Mortgage Broker could refinance the consumers in 2 to 3 years to collect fees again.

We discover if the Borrowers were required to provide their W2’s and pay stubs for a full Doc loan, but when the Mortgage Broker or Lender discovers that they do not qualify for the loan they change the loan to a Stated Income, low Doc or no Doc loan to falsely qualify the consumer for a loan that they did not qualify for.

We go through each document the consumer received from the time of making application to the closing. We also interview each Borrower to discover how they met the Mortgage Broker or Lender. Was the Borrower steered to them and how did they meet them.

How many times have they refinanced and are they a victim of Loan Flipping?

LAS auditors then develop a violation letter setting out every violation with exhibits each violation of the Truth in Lending Act, (TILA), Real Estate Settlement Procedures Act, (RESPA), the Home Ownership and Equity Protection Act (HOEPA), the Home Mortgage Disclosure Act (HMDA) and any State Mortgage Broker Acts. We set these violations out in exhibits and explain how, where and why these violations occurred.

We then provide this violation “only” to the Borrowers Attorney.

LAS provides Paralegal services to the Attorney’s. LAS also sends the Auditor to trial so they may testify as to each and every violation. LAS also provides Expert “witness if necessary.

Step One: When contacting Lending Audit Services please have a copy of as many mortgage documents as you possibly have. If you have limited or no documents, we will assist you in obtaining a copy from the mortgage broker, lender or title company. You should have a copy of your Uniform Residential Loan Application, the Good Faith Estimate(s), HUD-1 Settlement Statement, the Truth-In-Lending Disclosure (both preliminary and final) documents and the Right to Cancel documents, if your loan was a refinance. If you have an Adjustable Rate Loan, you need a copy of your Adjustable Rate Note and Adjustable Rate Rider including the Handbook on Adjustable Rate Mortgages. We will ask when you received the different documents to establish if the documents were properly disclosed to you.    

 Step Two: Once we have established the actual damages and if there was fraud, non-disclosure or improper disclosure in your mortgage and mortgage process, then we will be in a position to assess the actual damages. At that point we will discuss Lender Auditing Services’ fees and the attorney fees that accept the cases. If you have your own attorney, we will work with them as long as we feel that they are willing to go the distance to get you the best award or settlement humanly possible.

 We have a specialized staff of Paralegals that assist each and every attorney on cases from start to finish, in no way do we offer or provide legal advice to any person; our legal department solely works with attorneys and attorneys only. Please note we are not a referral program, all attorneys who decide to take a case take it on independently of us, our company simply provides direct specialized legal support to each and every attorney who decides to take on your case.

Step Three: Contact us on our contact page. Fill out the information section and email it to the proper department. We will contact you within 48 hours. Please have as many of your mortgage documents as are available to you when we contact you as this is the information that will enable us to assess whether you have been a victim of mortgage fraud or predatory lending.

Important Note: If you are looking for a fast and easy way out of your Mortgage or for Mortgage Elimination, we are not the company to contact. There is no such thing as Mortgage Elimination or an easy way out of paying your Mortgage unless you hit the lottery and pay off the Mortgage. This is not a process where you pay Lender Auditing Services and the attorney and we call you after winning the case to pick up your money. You have to be determined to go the distance with Lender Auditing Services and the attorney. It is our vision that your attorney will go to battle in State court or Federal court with the lender, mortgage broker, title company, appraiser and the loan officer to make them pay as much as humanly possible for the damage they did to you and your family.