Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

Forensic loan Audit - Money Advice Center

VIEWS: 0 PAGES: 5

  • pg 1
									                TERMS AND CONDITIONS FOR FORENSIC LOAN AUDIT
THIS AGREEMENT FOR A FORENSIC LOAN AUDIT (this "Agreement") is made and entered into as of
the date executed by all parties by and between PRIORITY ONE MORTGAGE OF SOUTH FLORIDA
INC. (hereinafter "Priority One") whose address is 5475 NW Saint James Drive #188, and the business
customer by submitting payment (hereinafter "Customer").

   A. WHEREAS Priority One is in the business of providing an analysis of whether a closed mortgage
      loan complies with the Real Estate Settlement Procedures Act (“RESPA”), Truth in Lending Act
      (“TILA”), Home Ownership and Equity Protection Act (“HOEPA”), Equal Credit Opportunity Act
      (“ECOA”), Gramm-Leach-Bliley Act (“GLB”), and certain other applicable Federal & State statutes
      and guidelines (together the “Statutes and Guidelines”); and

   B. WHEREAS Customer wishes to engage Priority One to review their client’s closed loan and
      determine if there were any Federal or State violations of the Statutes and Guidelines; Now,
      therefore, the parties agree as follows:

   1. Services to Be Provided by Priority One. Priority One shall perform a review of the loan
        documents supplied by Customer/Lender, to determine if the closed loan complies with the
        Statutes and Guidelines (the “Forensic Audit”). The findings and determinations of the Forensic
        Audit will be based on and limited to information contained in the documents supplied by the
        Customer/Lender. Priority One will supply a Forensic Audit report to Customer detailing
        violations, if any, discovered and a description of statutes related to such violations. Priority
        One does not and is not obligated to collect documentation on the closed loans for the
        Customer. The results of the Forensic Audit will be limited to the information that can be found
        in the actual documents supplied by the Customer/Lender.

   2. Documents to be provided by Customer/Lender. The Customer shall provide copies of the
        documents specified in Exhibit A attached hereto. Customer understands that failure to provide
        copies of all documents specified in Exhibit A may limit the scope and accuracy of the Forensic
        Audit.


   3.   Fees for services. Fees are payable in advance prior to the commencement of work on
         customer’s loan audit. Funds must clear and/or post to Priority One’s account prior to the
         commencement of work. Additional fees, may apply to a Second (HELOC, piggyback, or
         subordinate) Lien. All pricing is based on the same subject property and the same borrower(s).
                                                      st
         Pricing is as follows: Forensic Loan Audit 1 Lien = $1195.00 Additional lien are subject to an
         additional $250.00.



   4.   General Provisions. This Agreement contains the entire agreement between Priority One and
         Customer. Priority One makes no warranty, recommendation or legal opinion, express or
         implied, as to the actionable viability of the violations described in its loan audit for the
         Customer. Except for cause, Customer unconditionally waives any right of action against
         Priority One, its' officers, directors, employees, agents and assigns, at law, equity or any other
         cause of action for any reason, directly, indirectly, or proximately believed to arise out of this
         Agreement, for any damages of any nature whatsoever that Customer may incur by reason of
         Customer using the audit report produced by Priority One.

        (a) This Agreement shall be governed by and construed in accordance with the laws of the State
            of Florida, without giving effect to conflict of laws. Any action brought by either party against


Priority One Mortgage     Office – (772) 924‐0061   Fax – (888) 217‐3650                              Page 1 
           the other party to enforce or interpret this Agreement shall be brought in an appropriate court
           seated in the County of Saint Lucie, Florida.
       (b) If any provision of this Agreement is held by a court of competent jurisdiction to be illegal,
           invalid or unenforceable, such provision may be modified by such court in compliance with
           the law and, as modified, enforced. All other terms and conditions of this Agreement shall
           remain in full force and effect and shall be construed in accordance with the modified
           provisions as if such illegal, invalid or unenforceable provision had not been contained in this
           Agreement.


       (c) Captions of the paragraphs of this Agreement are for convenience and reference only, and
           the words contained therein shall in no way be held to explain, modify amplify, or aid in the
           interpretation, construction, or meaning of the provisions of this Agreement. The language in
           all parts of this Agreement, in all cases, shall be construed in accordance with the fair
           meaning of that language as if that language were prepared by all parties and not strictly for
           or against any party.

       (d) Time is of the essence of every provision of this Agreement that specifies a time for
           performance

       (e) I understand that this Forensic Loan Audit is not FORCLOSURE DEFENSE, OR GOING TO
           STOP COLLECTION ACTIVITY OF MY MORTGAGE IF I AM IN DEFUALT. I further
           understand that :

            MY MORTGAGE DEBT MAY CONTINUE TO ACCRUE INTEREST UNTILL
           THESE MATTERS ARE RESOLVED AND THAT CREDITORS MAY
           IMPOSE OTHER PENALTIES AS A RESULT OF DELINQUENT
           PAYMENTS, INCLUDING BUT NOT LIMITED TO:

           (1) FORWARDING THE ACCOUNT(S) TO A THIRD PARTY COLLECTOR
               OR LAW FIRM IN ORDER TO COLLECT ON YOUR DEBT; AND/OR

           (2) THE REPORTING OF ADVERSE INFORMATION TO CREDIT
           BUREAUS; AND/OR

           (3) INCREASING THE ANNUAL PERCENTAGE RATE ON YOUR
           ACCOUNTS; AND/OR

           (4) THE FILING OF A LAWSUIT TO FORCLOSE THE CREDITORS
           INTEREST IN THE
           MORTGAGE AND SUBSEQUENTLY TO PURSUE AND AMOUNT OF
           CLAIMED TO BE DUE AFTER THE FORCLOSURE OF THE MORTGAGE
           AND SALE OF PROPERTY; AND/OR

           (5) IF THE PROPERTY IS NOT YOUR PRIMARY RESIDENCE, YOU MAY
           BE LIABLE FOR FEDERAL AND STATE TAXES ON THE AMOUNT YOUR
           DEBT IS REDUCED, AND CLIENT HAS BEEN PROVIDED WITH THE
           OPPORTUNITY TO OBTAIN INDEPENDENT TAX ADVICE REGARDING

Priority One Mortgage     Office – (772) 924‐0061   Fax – (888) 217‐3650                            Page 2 
           THE SETTLEMENT OF YOUR MORTGAGE DEBT; AND/OR

           (6) PRIORITY ONE MORTGAGE HAS NOT ADVISED YOU TO PROCEED
           WITH THIS SERVICE IN LIEU OF MAKING YOUR MORTGAGE
           PAYMENTS.




       (f) Any notice provided for in this Agreement must be in writing and must be either
              Personally delivered, mailed by first class mail, or sent by facsimile, or sent by electronic
              mail:

               Priority One Mortgage
               5475 NW Saint James Drive #188
               Port Saint Lucie, FL 34983
               (772) 924-0061 OFF
               (888) 217-3650 FAX

       If to Customer: At the address, fax, or email supplied by Customer.




       ___________________________________                                         ________________
       CLIENT SIGNATURE                                                            DATE

       ___________________________________                                         ________________
       CLIENT SIGNATURE                                                            DATE

       ACCEPTED BY:

       __________________________________
       PRINT NAME


       __________________________________                                          ________________
       SIGNATURE                                                          DATE




Priority One Mortgage     Office – (772) 924‐0061   Fax – (888) 217‐3650                            Page 3 
                                                EXHIBIT A
Documents Needed
You may scan and email or if sending physical, please only send copies (All documents will be
shredded after the audit is complete). Please try to fulfill the list of needed documents below as
complete as possible. The findings in the audit are based upon the information provided by the
Customer.

1. Initial and Final Truth in Lending Act Disclosures (TILA).
2. HUD 1 or HUD 2 Settlement Sheet and Addendums from closing. (Estimate and Final).
3. Mortgage Note with Endorsements, Modifications, Attachments, Riders (if applicable), Addendums, etc.
4. Mortgage/Deed of Trust/Security Instrument.
5. FNMA 1003 - Mortgage Application or Uniform Residential Loan Application, form closing.
6. FNMA 1008 - Uniform Underwriting and Transmittal Summary.
7. Notice Of Right To Cancel (refinance loans and second loans only ALL COPIES)
8. Prepayment Penalty Rider or Addendum (if applicable)
9. Last Monthly Mortgage Statement, front & back
10. Notary Page of Recorded Grant Deed (or any notarized exhibit that discloses the signing date)
11. Lenders Instruction to Escrow (only those pages that contain numbers)
12. Arm Program Disclosure
13. California Adjustable Rate Disclosure or Variable Rate Disclosure
14. California Insurance Disclosure "no lender can require"
15. Credit Score Disclosure (must include credit scores)
16. Fair Lending Notice or Anti-Discrimination or Equal Lending Notice
17. Right to Copy Of Appraisal
18. California Title Insurance Disclosure
19. Privacy Pledge or Right to Privacy or Privacy Policy
20. Balloon Payment Addendum or Disclosure (if applicable)
21. Servicing Transfer Disclosure or RESPA Servicing Disclosure
22. Furnishing of Negative Information or Credit Reporting Disclosure
23. Domestic Partnership Addendum or Disclosure
    If the loan originated through a Mortgage Broker, please complete the following checklist.

A. Broker's Truth in Lending Statement or Disclosure
B. Broker's Good Faith Estimate
C. Broker's Original Loan Application
D. Broker's Fee Agreement
E. Right to Copy of Appraisal
F. Fair Lending Notice or Anti-Discrimination or Equal Lending Notice
G. Servicing Transfer Disclosure or RESPA Servicing Disclosure
H. Is the property in foreclosure? If "Yes" please complete the following checklist.
i. Notice of Default
ii. Notice Of Sale (if date has been set)
iii. Notice Of Assignment Of Trustee
iv. All other notices you have received relating to foreclosure or your default on the loan

Priority One Mortgage     Office – (772) 924‐0061   Fax – (888) 217‐3650                        Page 4 
Note: If more than one loan (including HELOC) is being audited, above applicable documents are
required for each loan.




Priority One Mortgage     Office – (772) 924‐0061   Fax – (888) 217‐3650                         Page 5 

								
To top