Mortgage Loan Audit: An Important Service to Protect Your Business

June 24, 2011 by  Filed under: Loans 

As an independent mortgage company or small business, you will need access to a reliable mortgage loan audit service to protect you and ensure that your interests are guarded in the event of a foreclosure. There will be times when your clients are unable to continue to make payments on their home, and a reliable mortgage loan audit service will ensure that all steps are managed in the process and keep all parties involved up to date on the status of the foreclosure process.

Your Time is Valuable

Any small business owner should be focusing the bulk of his or her time on revenue generating activities. For mortgage originators, those activities involve acquiring new clients, writing new loans, and generating referral and repeat business. Spending time on the necessary research and activities that come with a default loan is necessary but can be detrimental to your business. You can count on a reliable mortgage loan audit service to step in and take over these tasks so that your company’s progress and profits are uninterrupted.

What You can Expect

When your client first goes into default, your mortgage loan audit service will provide the necessary research into their background, as well as into the property, itself, to ascertain whether or not a mortgage modification is an option. They will work with the client, the bank, and the credit reporting agencies to get clear, up to date information about taxes, liens, income, and so on, to try to rectify the situation before it becomes a loss.

If the situation is too far advanced for this service, you can expect thorough research into these areas, as well as coordination with lawyers who represent the bank, the client, and yourself. They will schedule meetings, track deadlines, and send notices, ensuring that no steps are skipped or missed. There is a complex timeline involved in a foreclosure process, and using a professional mortgage loan audit service will ensure that all of the necessary steps are taken at no loss of business hours for you.

Working with Specialists

While you may only encounter two or three foreclosures in the life of your business, professionals specializing in mortgage loan audit work with loan defaults every day. They understand what needs to be done and what information must be gathered, as well as knowing where to find it. This is a resource that is on your side, and will perform research and analyses in order to protect you from unnecessary costs and fees. A default mortgage costs everyone involved, but a professional specialist can minimize the damage and help you keep your business alive through the process.

Finding the Right Mortgage Loan Audit Professionals for You

There are many online mortgage loan auditors available, and it is important to sift through the scams and find a reliable service. There are few key factors to look for. First, a reputable company will list a phone number and address; you should be wary of companies that only seem to exist in cyber space. Next, look for an indication that the company is affiliated with Dunn and Bradstreet or the Better Business Bureau; these can easily be checked. Finally, a reputable company will offer some form of guarantee or trial period so that they can prove their abilities before you commit. Once you have checked out these details, you will be ready to choose the right Mortgage Loan audit service for your company.

Mortgage Loan Audit helps mortgage brokers and bankers cut costs. There are many Commercial Mortgage Processing Services that cater to Mortgage Brokers and Lenders nationwide with a structured process to ensure success.

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