The Quality Control/ Risk Management aspects of lending institutions and title insurers deal primarily with complicated systems for documenting and verifying the existence of mortgage fraud or misrepresentations in loan files. Some mortgage lenders have a Quality Control / Risk Management and REO department to deal with mortgage fraud and/or foreclosure issues. With the current number of foreclosures and extent of mortgage fraud in the country, those departments are overloaded with loan files. Further, finding experienced personnel is difficult.
The smaller lenders or mortgage brokers often have limited knowledge or significant time constraints that prohibit proper investigation of alleged fraud before or after the closing and funding of a transaction. “The lenders or title insurers of any size benefit from our service because we can help in minimizing the loss while recovering the asset.” says President/CEO Michael S. Richardson. The www.preventmortgagefraud.com forensic services team will assist any lender, regardless of the size of the business, in evaluating their risk, quantifying their exposure, and identifing the potential participants in a fraud scheme. “The lender can then utilize the information obtained to adjust loss reserves and to make a more informed business decision about appropriate steps to resolve and minimize the losses resulting from the fraud scheme perpetrated against their company and resulting in a foreclosure on the properties” says Richardson.
Forensic Loan File Review service from www.Preventmortgagefraud.com will perform the forensic loan file review, to prove the existence of misrepresentations and/or fraudulent actions. Once the forensic loan file review is completed, we will find factual information that is needed to assess the actual value of the asset. Then preventmortgagefraud.com will perform the outside investigative services to support the forensic loan file review, obtaining the information that cannot come from documents retrieved from re-verifications or using internet tools to resolve outstanding issues. The forensic loan file review of payment information, unpaid principal balance data, foreclosure and REO data, background reports on parties to the loans, ordering of review appraisals, initiation of the SARS preparation, notification of industry partners per contractual obligation, preparation of flow sheets with data and desk review results, conducting preliminary contact with borrower(s), and other steps necessary to document any alleged fraud.
Forensic Asset Value Determination from www.Preventmortgagefraud.com will perform the physical inspections, including interior inspections of properties when available. The inspection of the properties is used to determine current condition of the property, livability of the property, marketability of the property, better value range of the property, and current occupancy of the property. The property inspections help determine cosmetic makeovers necessary to restore the property to marketable condition, such as painting, cleaning, etc. Our inspection will identify problems like rotting/deteriorating wood, damaged sheetrock, plumbing issues, electrical problems, mold covered with paint, cracked or broken windows, and other realistic resale value issues. Preventmortgagefraud.com will assist in determining the actual value utilizing review appraisal and the valuation of a highly qualified home inspector. The two reports combined will help determine if the funded properties were over-valued in the initial appraisal. This will enable the lender to reach a more realistic calculation of the loss exposure.
Preventmortgagefraud.com:
For additional information visit www.Preventmortgagefraud.com Contact:
Michael S. Richardson
303-238-6200
michaelr@preventmortgagefraud.com
