forensic loan audit keeping thing simple. our commitment!...
TRANSCRIPT
Our Commitment!
www.rhombustechnologies.com
………………………………………………………………..............................................................
We are committed to doing the best forensic loanaudits. This information is invaluable to homeowners currently facing mortgage issues and those that have been victims of predatory lending. Knowing the facts and solutions is the homeowners first step in identifying affordable and safe solutions to keep families in their homes, with payments they can Afford.
1) What is a Forensic Loan Audit?2) What is predatory lending?3) How do YOU get a FORENSIC LOAN AUDIT?
What You Will Learn
01
What is Forensic Audit?
www.rhombustechnologies.com
………………………………………………………………..............................................................
• A process which determines whether or not there were any violations on your original loan Common Violations:– RESPA (Real Estate Settlement & Procedures Act)– TILA (Truth In Lending Act)– Individual State Violations
What is predatory lending?
Have you been a victim of Predatory Lending?
02
Predatory lending can be broken down to three categories – Mortgage Origination – Mortgage Servicing – Mortgage Collection and Foreclosure
It is unfair, deceptive or fraudulent practices during the loan process.
• Charging fees not allowed or for services not delivered
• Charging more than once for the same service
• Providing a low teaser rate that adjusts to a rate you cannot afford
• Successively refinancing your loan or “flipping”
• Steering you into a loan that is more profitable to the mortgage originator
• Changing the loan terms at closing or “bait and switch”
• Closing in a location where you cannot adequately review the documents
• Serving alcohol prior to closing
• Coaching you to put minimum income or assets on your loan so that you will
• qualify for a certain amount
Predatory Lending Practices in Mortgage OriginationExcessive Points
03www.rhombustechnologies.com
Predatory Lending Practices in Mortgage OriginationExcessive Points
• Securing an inflated appraisal
• Receiving a kickback in money or favors from a particular escrow, title, appraiser,
or other
service provider
• Promising they will refinance your mortgage before your payment resets to a
higher amount
• Having you sign blank documents
• Forging documents and signature
• Changing documents after you have signed them
• Loans with prepayment penalties or balloon payments
04www.rhombustechnologies.com
• Not applying payments on time
• Applying payments to “Suspense”
• “Jamming” illegal or improper fees
• Creating an escrow or impounds account not allowed by the documents
• Force placing insurance when you have adequate coverage
• Improperly reporting negative credit history
• Failing to provide you a detailed loan history
• Refusing to return your calls or letters Mortgage Collection & Foreclosure is
the
• process lenders use when you pay off your loan or when your house is
• repossessed for non‐payment.
Predatory Lending Practicesin Mortgage Servicing
www.rhombustechnologies.com
05
• Producing a payoff statement that includes improper charges & fees
• Foreclosing in the name of an entity that is not the true owner of the
mortgage
• Failing to provide Default Loan Servicing required by all Fannie Mae
mortgages
• Failing to follow due process in foreclosure
• Fraud on the court
• Failing to provide copies of all documents and assignments
• Refusing to adequately communicate with you
Predatory Lending in Collection & Foreclosure
06www.rhombustechnologies.com
Provide all the documentation needed!
1) All forms filled out and signed: Authorization (signed & dated), Financial Worksheet (fully completed)
2) Most recent 1 month of pay stubs
3) Most recent 1 month of Bank Statement (all pages )
4) Most recent statements supporting assets listed on pg 2 of Barrowers Asst. Form
5) Most recent tax return.
6) 4506-T
7) Proof of income for other household members living in the home (alimony, child support, pension etc.)
8) Proof of occupancy- recent utility bill in your name at the property address.
FORENSIC LOAN AUDIT
07www.rhombustechnologies.comwww.rhombustechnologies.com
9) If loan is non-escrow (taxes and ins not included)
• proof of payment of most recent taxes
• proof of payment of homeowner’s ins.
• proof of payment of HOA fees
• NON-OWNER OCCUPIED-
• rental income w/ copies of rental agreement
• PITI & Mortgage Holder(s) for Prime Residence
• Primary Residence Address
• * Additional documents may be required.
FORENSIC LOAN AUDIT (con)
08www.rhombustechnologies.com
Please provide the following:
1)Completed document checklist form
2)P & L Statement/ Audited or reviewed YTD Income statement
3)Most Recent last 2 yrs of Tax Returns or 1099’s
4)Last 4 months of complete business and personal Bank Statements
5)Most recent statements supporting assets listed on pg 2 of the Borrower’s
Assistance Form
6)Length of time of Business Ownership
7)Proof of income for other household members living in the home (alimony, child
support, pension, etc.) if you want such income considered for a loan workout.
8)Proof of occupancy- recent utility bill in your name at the property.
For Self Employed
09www.rhombustechnologies.com
Please provide all the required documents and let us do the rest. Find out where you stand and if you have been a victim of predatory lending! Get a FORENSIC AUDIT done.
REMEMBER….
www.rhombustech.net
10www.rhombustechnologies.com
• We work as your back office. The client would always think that we are your Forensic Loan Audit• Department.
• We collect the client's documents / information (on yourbehalf) required to conduct the Audit.
• We conduct the Audits using the best software with real time connectivity to government websites.
• We provide you with customized (if need be) Audit reports as per your requirement.
• We deliver you the Audit report which just needs to be acknowledged by your seal and sent to the client.
Recap on Things we do….………………………………………………………………..............................................................
Contact Us
Please contact us to discuss the pricing ….
Rhombus Technologies Inc.
82-36, 259th St., Floral Park, New York, 11004
Contact Person: Rekha Singh (Rebecca)Tel: 1-877-869-7950Fax: 1-800-309-6316Email: [email protected]: www.rhombustechnologies.com
www.rhombustech.net
11www.rhombustechnologies.com