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A forensic mortgage audit is an independent review of your mortgage and related documents signed by the borrower on the day of the closing. These audits are being offered by for-profit companies that charge a fee. Auditors claim they focus on factors such as violations of federal and state law and errors in various calculations made at the time of the closing. Auditors claim their audits may prove helpful to borrowers facing foreclosure, or who find they are over-mortgaged, struggling to make payments or who think now they should check up on their mortgage transaction.
Any borrower interested in these services should be very careful about choosing a company to do the audit. It can be expensive and is yet another venue for scammers. Also, a borrower who has defaulted on their mortgage rarely succeeds in keeping the property and lowering their mortgage obligation. After spending money on an audit, the borrower may need to hire an attorney to take the matter to court if violations are found. Borrowers who are losing their homes because they can't afford the payments don't usually have the funds necessary to wage a legal battle against the lender.
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3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
Differences between audit plan and audit program?
difference between audit program audit & note book
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
What is audit committee?
Audit Committe enhance communication between Internal Audit, External Audit and CFO. Audit Committe assist directors to avoid litigatio risk.
Who performs a forensic audit?
The best place to receive a forensic loan audit is at the Lighthouse Consulting Group in Santa Ana, CA. Brian Head, a certified forensic auditor, will be able to answer any questions you might have. I have used Lighthouse Consulting Group before and I would definitely recommend them to my friends and family. The team at LHCG is especially helpful when answering questions and putting your mind at ease.
What is audit record?
An audit record, also known as an audit log, is a chronological record of events, actions, or transactions that occur within a system or process. It captures details such as the time of the event, the user involved, the action taken, and the outcome. Audit records are essential for tracking compliance, enhancing security, and facilitating forensic analysis in case of irregularities or breaches. They help organizations maintain accountability and ensure transparency in their operations.
Are forensic audits real?
NO! The majority of forensic audits are scams. I haven't ran across a single one that isn't fraud! I would never consider this as an option and most banks will put in the agreement that they will NOT modify your loan. Research the person offering this service and ask for records of successful modifications. BE AWARE!, this is a major fraud in most situations, so don't fall into the forensic audit trap.
What is the process of preparing an audit?
Forensic audits follow five key steps. First, planning establishes objectives, scope, and secures legal permissions. Second, evidence collection preserves physical and digital data (emails, ledgers, devices) while maintaining chain-of-custody. Third, data analysis uses specialized tools like ACL, or Tableau to trace transactions, detect duplicates, and identify patterns. Fourth, interviews with staff, vendors, and management to verify findings. Finally, a court-ready report documents the methodology, evidence, and recommendations. This approach helps make sure the findings are solid enough to hold up in court and clearly show whether any financial fraud or misconduct took place. If you are eager to gain more knowledge of audit, you can definitely have a check on CA Tushar Makkar's sessions on auditing and also how you can get placed in audit domain
How do you evaluate the internal areas of financial positions that can be improved?
A audit should be done at the end of the business fiscal year. The report will provide areas of risk and recommendations to resolve these issues are usually also provided. A forensic audit would be more costly but also very indepth to identify and resolve areas of concern.
Client machine and audit logs will be maintained for at least?
Client machine and audit logs will be maintained for at least one year to ensure compliance with regulatory requirements and facilitate effective monitoring. This retention period allows for the analysis of user activity and security incidents. Additionally, maintaining logs for this duration supports forensic investigations if needed.
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
How does an audit manager write up a letter to the audit partner?
How do I write a audit letter about concerns on an audit
Has anyone had luck with a Forensic Loan Audit?
I recently received a notice of default. I had no idea what that was so I turned to google. In the end I was able to hire an attorney so that I could go through litigation. In the end my attorney suggest that I perform forensic loan audit. Not only did I have no idea what a forensic loan audit was, I had no where to turn to. Thanks to the magic of the internet, I stumbled upon a small consulting firm in Santa Ana, CA called Lighthouse Consulting. By reading more on them, I decided to give them a call. Lighthouse Consulting was able to uncover TILA violations, RESPA violations and Predatory Lending. I hope my attorney will be able get me money based on the damages they have done. If you need help like this or are looking for more information do not hesitate to call Brian Head or Jeff King, both men were able to help me. 714-486-0652
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
Differences between audit plan and audit program?
difference between audit program audit & note book
Difference between audit plan and audit program?
an audit program may contain several audit plans
