What laws does a Mortgage Securitization Audit
What is a standard Closed Loan Legal Securitization
Our Standard Securitization Audit is a comprehensive report detailing borrowers’ mortgage loan participants and the transactions between them. We have spent years developing and perfecting our audits, so that each party that utilizes the audit for reference, can have a clear and concise understanding of what rules, regulations or laws may have been side-stepped or even broken.
Our reports are designed to provide facts for law firms and other professionals, to utilize, while helping homeowners throughout the United States to protect their rights.
To complete an audit, our auditors check through available public and/or private databases to locate the pool, pools or group(s) of pools claiming to have ownership of the borrowers’ loan. We use each available resource to find an actual mention of the note, either through loan number, address, loan size, loan type or other loan specific details. Otherwise, we will use the Closing dates and Cut-off dates for the specific pools that the loan may be in. We search through the 424B5 Prospectus and the Pooling and Servicing Agreements. If a 15-15d Suspension of Duty to Report is filed we can provide that as well.
We find, on many mortgage loans, that there is no recorded and perfected Chain of Assignment. Nor, is there a proper chain of endorsements record in any Securitized Loan, or proper assignment history that goes from the lender, to the Sponsor, to the Depositor, and lastly, to the Trust, as required by most Pooling and Servicing Agreements.
Based on Pooling & Servicing Agreements, each securitized loan is required to have a minimum of three (3) endorsements if the loan was not sold directly to the Trust. Many times, we find no assignment of Beneficiary recorded when the transfers purportedly took place. This is why the lenders (inappropriately) designed and created MERS. The idea was to allow MERS to appear and the actual deeds would be kept in the name of MERS as “Nominee for the Beneficiary”. This allowed MERS to appear to be the Beneficiary and avoid the expenses of recording Assignments at each transfer, usually about $30 per recording. We have also found this is where many Attorney Generals have taken up a fight against MERS as well. The States have admitted that this process costs them over 3 Billion dollars in recording fees and hence the lawsuits they have initiated against MERS and many of the large Lenders across the United States. This is still appending issue that we are closely monitoring as of august 2011
Sometimes we see the original mortgage note, endorsed without recourse in blank by the last endorsee. Any Assignment of the Deed to the Trust will almost always occur after a Notice of Default is filed and the Assignment is made from the lender or MERS to the Trust. This is done to “establish” Beneficiary Rights in the mind of the Trust. It also tries to unite the Note and the Deed for Legal Standing to foreclosure. Our audits have generally been concluding there is a chain of ownership that has not been properly executed, and that any party trying to foreclose needs to present clear ownership and explain why they have a clear right to foreclose.
Regular Securitization Audit - Defined
· 40 Page Detailed Audit Report on the Securitization legal chain of title of a mortgage · Report is best used initiate a new lawsuit against a lender · Auditor researches all post-closing paperwork and recent court paperwork · Auditor researches State, Federal, Private and Public websites/ resources to locate best possible matches for your clients’ loan/ trust. · Report outlines all transaction participants in a clear manner · Audit Report language is tailored to laws in any of the 50 US states. · Hyper links to clink on search results · Attachments include PSA & Prospectus · Once audit is completed a 16-17 page affidavit from our head underwriter can supplement the findings and report
Expanded Securitization Audit and Affidavit **NEW PRODUCT**
This 47 page expanded Securitization audit and 20 page expanded affidavit is a large expansion to our current audit and provides an increased section focusing on fraud. We will supply everything listed above in our expanded audits with additional information as described below.
This expanded Securitization Audit and Affidavit Report is best used for open court case lawsuits against a lender with specific information to review and comment on from the attorney ordering the report. This is also the perfect report for any client interested in pursuing a post foreclosure resolution.
What is the difference between our two Securitization audits and when should each be ordered?
Simply put, if there is no lawsuit, foreclosure or other action in court then beginning with the normal Securitization audit is the most appropriate. You can have an affidavit done on this audit as well for further documentation if needed.
If you are working on a current case or a post foreclosure client then the expanded audit/affidavit is the product we recommend. This package is our most thorough package available on the market today!!
We have added an additional Notary / Signer Section to this audit. It will itemize & notate all notaries’ and signers on Mortgages, Notes and Assignments. This section will also expand the exhibits and property search results greatly. However it should be noted in some county searches we cannot access hard copies of the assignments that display the notary section on the document. Also some search results only show when assignments are executed / recorded but we cannot get an actual copy. This is the reason we request the client provide copies of any assignments they may already have at time of audit
Robo-Signer
Due to the recent revelations regarding Robo-Signer, the expanded audit will also have a section dedicated to pointing out known or potentially unknown robo-signers and/or invalid or inaccurate notary publics. We will research and try to verify if the loan documents or assignments contain any know or unknown robo-signers within the provided paperwork. We are constantly building and growing our own proprietary database of known robo-signers to assist our clients.
We do ask upon submission, that if anyone is made aware within the documents submitted to mention they may think the signer(s) may be robo-signers. Not that we need you to do our job, but more e of a courtesy that with how rampant this was for a few years that not all robo signers have been found and we ask you, our valued partner, to help us if you notice something irregular.
Expanded Securitization Audit - Defined
· 47 Page Detailed Audit Report on the Securitization legal chain of title of a mortgage · Report is best used for open court case lawsuits against a lender with specific information to review and comment on from the attorney and/or partner ordering the report. · Auditor researches all post-closing paperwork and recent court paperwork · Auditor researches State, Federal, Private and Public websites/ resources to locate best possible matches for your clients’ loan/ trust. · Highly detailed outline/ chart of the FMA research conducted through multiple public and private databases and how we conduct our conclusions & searches for a possible trust. This is designed to be easily understood by all parties including Judges, in a clear, concise and court ready manner · This report will outline 17 possible public data relationships to be tested/ matched with actual known pool loan data. The charts provided is designed to be easily understood by all parties including Judges, in a clear, concise and court ready manner. · A detailed Exhibit that outlines possible match by loan characteristics to been shown to all parties, including Judges, in clear manner. · Report outlines all transaction participants in a clear court ready manner · Hyperlink to click on search results · Attachments include PSA & Prospectus and detailed view of loan purported to be the loan in question if no direct match is found · Once audit is completed, the 18 - 20 page expanded affidavit from our head underwriter will supplement the expanded audit findings. Additional charts and information provided in this Affidavit is designed to be easily understood by all parties, including Judges, and presented in a clear, concise and court ready manner · Please Note: The Expanded Securitization and Affidavit product is not able to be separated.
Our Securitization audits will show all findings in a clear and concise manner and will have loan specific analysis and commentary on the Securitization status of the loan with suggested areas of focus and concentration for the borrower’s lawyer or adviser.
We have perfected our Securitization
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