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Testimonials |
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What is a Loan Examination? |
| A Loan Examination is a complete examination of all the documents you signed at the time of closing, such as the mortgage, the note, the loan application, etc.; in addition to the documents that were provided (or "supposed to be provided") to you at the time of closing, such as the truth in lending, the settlement statement or HUD1, the good faith estimate, right to cancel, and other legal disclosures. A loan examination identifies all the violations performed by the lender, their broker, or other parties, when you got financing to buy your home or refinance your existing loan. A loan examination analyses your loan documents to make sure that those documents complied with the requirements mandated by Federal Laws, such as Real Estate Settlement Procedures Act, Truth in Lending Act, HOEPA, etc. Loan Violations are serious offenses to Federal Consumer Protection Laws and lenders may face expensive fines and legal consequences for breaking these laws. If you are facing foreclosure, a securitization examination includes also a complete analysis of the basic concepts of the securitized trust, which is the plaintiff in your particular case. This entails an examination of the "Pooling and Servicing Agreement" that governs the structure of the Plaintiff in your case. The analysis of the trust is limited to the documents filed in the Security and Exchange Commission (SEC). Mortgage bankers, banks and servicers are run by business people. They understand the financial ramifications of their mistakes and usually want to avoid expensive litigation or risk being charged with large fines. When their money is on the line, these firms can often be persuaded to more easily reach agreement with their borrowers. |
Which Documents Do We Need to Examine Your Loan? |
1. Loan Application
2. Hud-1 Settlement Statement
3. Promissory Note
4. Truth in Lending (TIL)
5. Good Faith Estimate
6. Deed Of Trust/ Mortgage
7. Escrow Statements
8. Truth In Lending Disclosure Statement
9. Adjustable Rate Riders
10. HUD Brochures
11. Right to Cancel Notices
12. Variable Rate Disclosures
13. Payment Coupon
14. Business Affiliations Disclosure
15. "PMI" Private Mortgage Insurance Disclosure
16. Pre-Approval Letters
17. Broker's Agreements
18. Disbursal Disclosures
19. Prepaid Finance Charge Itemization Disclosure
20. Advertisements re Loan Rate
21. Equal Credit Opportunity Act Disclosure
22. Fair Housing Act Disclosure
23. Privacy Disclosure
24. Itemization of "Amount Financed"
25. Any other documents received at closing.
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