A Mortgage Audit is a broad review and examination of all documentation related to an existing real estate loan.
The loan audit also determines if the mortgage is in compliance with RESPA, TILA, APR, HOEPA and other federal or state banking rules.
Overcharges on rate adjustments range from $700 to $38,000 or more. You may have been overcharged if your lender selected the wrong index value, looked it up on the date or in the wrong publication, applied the margin incorrectly, rounded the figures incorrectly or improperly credited extra principal payments.
You should be especially concerned if your original lender sold the loan or is now out of business, if the loan has a rider/addendum or if the balance just seems too high.
The most common violation during the pre-closing and settlement process is the understatement of prepaid finance charges and in many instances a mere $35 error within the Truth in Lending disclosure statement could entitle the borrower to a refund of all finance charges, closing costs and interest payments made since the inception of the loan.
In most cases there have been violations and or a mistake and for that reason a lender does not want a lawsuit thrown at them, they will frequently offer a new rate that beats anything you could have attained to begin with!
!b>Here Are 4 Common Facts About A Mortgage Audit:
Article Directory: http://www.articletrunk.com
To Learn More About A Mortgage Audit To Lower Your Monthly Mortgage Payments, Visit Mortgage Audit Company Today! 1-888-266-7680
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
Powered by Article Dashboard