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The Difference Between a CFLA Expert and a Private Investigator
Learn the difference between hiring a CFLA Certified Mortgage Securitization Auditor or a Licensed Mortgage Compliance Investigator to prepare your securitization or forensic audit report.
By: CFLA, Inc
I have had several clients ask me the same question, and I feel the need to clarify as set forth below:
Licensed Private Investigators are an excellent resource for Attorneys, and even Non-Lawyers for the purposes of performing the following limited tasks: (i) operating background inspections, (ii) pulling your credit file, (iii) researching and following the activities of a person or corporation, and/or (iv) activities similar to what a Police Officer would do.
I have hired Private Investigators to work on tasks while employed in my own law practice as well as in other businesses. While their work is good, it is limited. I would not ask a Private Investigator to do my work, and I certainly would not expect to pay them the same wage that I receive.
The conventional price for any Private Investigator is $35.00 -$50.00 per hour, depending on experience and the complexity of the issues involved. To become a Private Investigator usually requires no formal education and a few hours on the weekend to get your license. A Private Investigator has very little formal education and training sufficient to perform complex tasks such as a Mortgage Securitization Audit, and a Private Investigator would certainly not qualify under the Federal Rules ‘Daubert Standard’ of Admission of Evidence.
Under the Federal Rules of Evidence Rule 702, entitled 'Testimony by Experts'
If scientific, technical, or other specialized knowledge will assist the trier of fact to understand the evidence or to determine a fact in issue, a witness qualified as an expert by knowledge, skill, experience, training, or education, may testify thereto in the form of an opinion or otherwise, if (1) the testimony is based upon sufficient facts or data, (2) the testimony is the product of reliable principles and methods, and (3) the witness has applied the principles and methods reliably to the facts of the case. (See Daubert at Endnote below) i
I. Is a private investigator qualified as an expert by specialized knowledge, skill, experience, training or education?
NO. A Mortgage Securitization Audit and/or a Forensic Loan Audit Report is a very highly technical and specialized report relating to Public Record Data, Securities, Mortgages, and both State and Federal Laws. Someone without an Executive Level Education (i.e. Law Degree) (i.e. Securities License) would not have the requisite skill to perform this advanced research, and certainly would not be allowed to educate judges and lawyers on these topics in a court of law, as required under the Admission of Evidence Standards in Federal or State Court.
If you have purchased a Residential or Commercial Mortgage Securitization or Mortgage Investigation Compliance Audit from a Licensed Private Investigator, please understand that it will likely be excluded in every court, as the affidavit accompanied therewith, and Affiant Declaring thereto, will be seriously lacking the requisite education and experience of a Qualified Testifying Expert. There are some Licensed Private Investigators with skills that may assist you, just be sure that their pay, if any, is commensurate with the level of professional (i.e. $35/hr -$50/hr).
III. What is the service offerred by CFLA and is it reputable?
CFLA has pioneered research and development of the Mortgage Securitization Audit and Full Bloomberg Securitization Audit, utilizing ABS NET and the Bloomberg Terminal. This cutting edge service includes (1) Identification of the Trust Vehicles claiming ownership of your mortgage through the Securities & Exchange Commission (S.E.C.), (2) Full Screenshots of the Identified Trust showing active trading data, loan modification data, remics, whether it has been sol, how many times, whether credit default swap insurance has been purchased and by whom, (3) a Full Chain of Title Analysis C.O.T.A., (4) Full Robosigner Analysis, (5) FRAUD Analysis, (6) Analysis of the Assignments and Transfers, (7) All publicly Recorded Documents, (8) Copy of the Pooling & Servicing Agreement (PSA) and/or Prospectus Supplement, and (9) A Court Ready Expert Witness Affidavit attesting to the finding of fact; this full 9 Point Audit Report is the most advanced Audit Report on Residential Mortgages in Existence, and brought to you by the Founders of this Industry, Attorney Owned & Operated, and A+ Rated with the Better Business Bureau.
Call us today to obtain samples of work product, including Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and to get more information about our Nationally Accredited and Industry Acclaimed Forensic Loan Auditor Training Certification Classes (3 days). The Nation’s Only Certification Training Class for Auditors in this industry!
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