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Where does the fraud begin?

This document is meant to take the reader down a road they have likely never traveled. This is a layman’s explanation of what has been happening in this country that most have no idea or inkling of.

Where Does the Fraud Begin PDF

 

Why do I need an audit?

An audit can help determine if your loan has been securitized or if there have been possible violations of the following: RESPA, TILA, HOEPA, predatory lending, and underwriting policies.

 

What is Securitization?

Securitization happens when an asset is grouped with other assets to be sold by the original holder to another party. The assets can be grouped and sold several times over.

 

Why are assets Securitized?

Assets that are illiquid (long-term) are securitized so that they can become liquid (short-term). Once they are liquid, these assets are seen as “immediate profit” and can be used to get other things like more assets.

 

Who is involved in Securitization?

There can be several parties involved in securitization. The unwilling party is the homeowner. An audit is the most efficient way to track through the mire of endless financial jargon and to find the all parties involved.

 

What is RESPA?

RESPA stands for Real Estate Settlement Procedures Act. These are the rules set down by the United States Department of Housing and Urban Development. There are rules concerning Borrower’s Rights, Mortgage Servicing, and contact information for State and Local agencies.

 

What is TILA?

TILA stands for the Truth in Lending Act. It falls under Federal Laws & Regulation for Consumer Protection. It covers certain responsibilities of parties involved in mortgages and other transactions.

 

What is HOEPA?

HOEPA stands for Home Ownership and Equity Protection Act of 1994. “The law addresses certain deceptive and unfair practices in home equity lending.” – Federal Trade Commission

 

What is predatory lending?

Predatory lending can be described as a practice where the loan being made benefits the party who owns the loan more than the person who is the borrower on the loan.

 

What are underwriting policies?

Underwriting policies are the general guidelines that are used to gauge the ability of a party to pay or repay a debt when taking out a loan. Underwriting policies are also used in other industries such as home, auto, and life insurance.

 

Awareness of Mortgage Violations



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