I started in the mortgage industry as a telemarketer for mortgages. Aside from learning mortgage advertisement rules and regulations the most important thing I learned was that people really do need help at times and to understand their story.
After a telemarketing I began processing loans and working as a loan officer around 2001. This included learning guidelines and regulations throughout the industry for lenders, appraisers, title and escrow, and real estate. I learned FHA, VA, conforming, subprime, ALT-A, appraisal standards, and many other loan guidelines and lending laws. I managed the lender and loan selection process at a mortgage broker branch office. Finding the perfect lender and loan for a family was my goal. It was always my passion and duty to audit the documents in detail to find that perfect fit. From 2001 through 2009 I closed a large amount and variety of different loans through different lenders. I was in the heart of the mortgage industry learning how and why things happen.
In 2008 through 2010 we closed a large amount of loan modifications for clients. We realized that often it was required to perform a predatory loan review and prove a loan was predatory to a lender to obtain a loan modification through a swamped lender. Some real estate agents I worked with also found proving a loan was predatory greatly sped up short sale negotiations. These forensic mortgage audits were designed for obtaining a loan modification or short sale.
However, we found that many lenders simply do not have staff trained to deal with predatory loans. Lenders also typically hold fraud insurance and buyback provisions on their mortgages and can simply foreclose and collect any losses from their fraud insurance. Due to this, you may not even want to show a lender the full results of your predatory review. This is why throughout this site I state that my mortgage litigation support and forensic mortgage audit is not designed for a loan modification or a foreclosure rescue scheme. Providing one of my audits may result in a lender deciding to foreclose on your property and collecting fraud insurance on your mortgage.
We found that in a lot of cases our clients were backed into a corner. Their only option was to sue..
In 2009 I began loan analysis for the purpose of lawsuits and working with lawyers. I have worked on behalf of both borrowers and financial institutions that purchased fraudulent loans on the secondary market.
In order to do the full reviews we wanted, and to properly exhibit and write up what we found, it takes more hours than a loan modification fee or short sale commission is worth. We found ourselves spending up to a hundred hours in research and reviewing files up to 8” thick including multiple mortgages to figure out what happened, how to prove what happened, and how damages to our client occurred. This isn’t simply a predatory lending audit. This is a full examination while working with a lawyer to determine how to obtain relief for a client.
We found that full reviews are worthwhile, as full reviews I worked on resulted in lawsuits with millions of dollars in judgments and settlements.
I go the distance for those also going the distance and who are ready, willing, and able to sue the parties responsible for mortgage related losses.
