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Forensic Loan Audit Loan Number: Current Servicer: John Doe and Jane DoeAddress Rateswire.com Predatory Loan Test Grade: FAILDisclaimer: Rateswire.com is not a law firm and this audit is not to be construed as legal advice. Rateswire.com makes no guarantee of any kind as to the usefulness or accuracy of results in this audit. Rateswire.com assumes no liability whatsoever for any incorrect findings in this audit. Rateswire.com Predatory Loan Test is an opinion of the auditor of the amount and degree of predatory lending acts apparent within oral and written documentation provided, with PASS exhibiting little to no predatory acts, and FAIL exhibiting the multiple or severe predatory lending acts. © Page 1 It is always the opinion of Rateswire.com thaat you s seek legal counsel for any legal questions and/oor legal problems arising in your loan. Parties Involved in Transaction (not comprehensive) “Borrower”: John Doe “Co-borrowerr”: Jane Doe “Borrowers”: John Doe and Jane Doe “Lender”: X Mortgage“Servicer”: X Servicing Company “Mortgage Broker”: N/A“Appraiser”: X Appraiser“Real Estate Agent”: N/A“Title Company”: X Title “Escrow Company”: X Escrow “Title and Esccrow”: X Title and XX Escroww “Seller”: Parents X and Y of John Doe © Page 2 General Description of Events: Seller wanted to sell their property to their son and his wife, borrowers. Multiple lending companies prudently turned down application for ...
Voir
Publié par
Langue
English
©
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as legal
usefuln
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uracy of re
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Page 1
ed
lity
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ng
e
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ur loan.
Parties I
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orrower
owers”:
der”:
icer”:
tgage Br
raiser”:
Estate A
Compan
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and Esc
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he opinio
ny legal
nvolved
r”:
roker”:
Agent”:
ny”:
pany”:
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on of Ra
questio
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John
Jane
John
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or legal
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Company
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nd Y of Jo
at you s
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ohn Doe
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ms arisin
nsive)
e
Page 2
al
ng
©
Gener
Seller
borrow
down
Lende
progra
Lende
Loan s
to Inc
Borro
repay
Servic
engag
modif
Borro
paying
Servic
borrow
that t
Makin
Servic
plan.
ral Descr
wanted
wers. M
applica
er agreed
am.
er made
subsequ
ome Rat
wers en
ment ag
cer told b
gement a
fication.
wers ca
g as agre
cer bega
wers Ma
heir loan
ng Home
cer refus
ription o
d to sell
ultiple l
tion for
d to mak
the loan
uently w
tio (DTI)
ngaged L
greemen
borrowe
and app
nceled t
eed.
n forecl
aking Ho
n owner
e Afford
sed to al
of Event
their pro
lending
borrow
ke loan
n while u
ent into
).
Lender/S
nt.
ers mult
ply for a
their rep
osure on
ome Affo
r never g
able loa
llow bor
s:
operty t
compan
ers to p
on a bus
unlicens
o default
Servicer
tiple tim
Making
payment
n borrow
ordable
gave the
an modif
rrowers
to their s
nies prud
urchase
siness ba
sed to do
t due to
to cure
es to ca
Home A
t plan th
wers, an
loan mo
em auth
fication.
to resta
son and
dently tu
e home.
ank stat
o so.
an exce
default
ncel rep
Affordab
hat they
nd denie
odificati
orizatio
art repay
P
his wife
urned
tement
essive De
through
payment
ble loan
had bee
ed
ion stati
n to do
yment
Page 3
e,
ebt
h a
t
en
ing
a
©
Preda
1)
U
m
s
d
in
c
2)
(
b
in
B
L
s
d
b
f
b
c
m
3)
F
le
p
d
f
o
atory Act
Unlicens
mortgage
seen in h
damaged
nterest c
charge.
Negligen
borrowe
ncome a
Borrowe
Lender’s
should h
default r
business
or insolv
borrowe
credit an
misrepre
Fraud. L
egally at
property
descripti
raudule
or seen b
ts and D
ed Activ
e loans
hyperlink
d by an a
charged
nt) Misr
r’s busin
and that
er was an
represe
ave kno
rate at th
bank st
vent, rec
rs. Borro
nd forecl
esentatio
ender k
ttach a l
y in state
on acco
ntly add
by borro
amages
vity. Len
in the st
k: www.
amount
d, which
epresen
ness ban
t borrow
n unsop
entation
own, but
he time,
tatemen
cently b
ower ap
losure re
on.
new it w
egal des
e. Lende
ordingly.
ded lega
ower. Bo
s to Borr
der’s wa
tate. The
.fakeurl
equal to
lender w
ntation.
nk statem
wer could
histicate
, which
t as evid
, Lender
nts shoul
ankrupt
ppears to
elated d
was unlic
scription
er attach
Lender
l descrip
orrower
rower
as not a
e expire
.com . B
o all cos
was nev
Lender r
ments s
d afford
ed borro
appears
enced b
did not
ld not be
t, and fir
o be suff
amaged
censed a
n to mor
hed a bla
is forec
ption no
appears
uthorize
d license
Borrowe
sts and o
ver licens
represen
hould be
paymen
ower and
s false. L
by Lende
t know t
e used a
rst time
fering o
d due to
and cou
rtgage su
ank lega
losing o
ot ackno
s to be s
P
ed to ma
e can be
r appea
ongoing
sed to
nted tha
e used a
nt.
d relied
Lender
er’s 60%
hat
as incom
home
ngoing
Lender’
ld not
ubject
l
n a
wledged
suffering
Page 4
ake
e
rs
at
as
on
+
e
’s
d
g
©
o
f
S
4)
E
b
c
u
t
le
s
b
a
a
b
a
h
w
t
d
im
m
a
L
B
ongoing
oreclosu
See attac
Excessive
borrowe
contract)
underwr
imes tha
enders i
specifica
bank sta
above th
adjustme
business
a special
have bee
was inso
hrough
destructi
mpendin
mortgage
appears
Lender’s
Borrowe
credit a
ure proc
ched De
e DTI (fa
r to eve
). Lende
riting is e
at of the
n the fie
lly show
tement
he 43% F
ents in e
bank st
unsoph
en given
olvent, fi
bankrup
ion of cr
ng loss o
e they s
to be su
lack of
er could
nd forec
ceedings
eds of T
ailure to
r receive
er’s gene
evidence
e 1% def
eld. Lend
wn in tha
loan at
FHA stan
excess o
tatemen
histicate
a loan a
rst time
ptcy. Bo
redit, im
of family
hould n
uffering f
care and
not affo
closure r
s on a fra
Trust as E
use rea
e benefi
eral lack
ed by a d
fault rate
der’s lac
at Lende
a debt t
ndard lim
f 50% of
nts, befo
d and fr
at such a
e homeb
rrowers
pending
y home d
ot have
from a f
d provid
ord.
related d
audulen
Exhibit A
sonable
its or ful
of reaso
default r
e for oth
ck of rea
er appro
to incom
mit. The
f borrow
ore taxes
ragile cla
a high D
buyers, a
s appear
g loss of
due to o
been gr
foreclosu
ding a mo
damage
nt Deed o
A.
e care)(in
lfill mor
onable c
rate ove
her prof
asonable
ved a bu
e ratio
loan ha
wer’s inc
s. Borrow
ass that
TI, as bo
and rece
r damage
f equity,
obtaining
ranted. B
ure due
ortgage
P
es from t
of Trust.
nability
tgage
care in
er sixty
fessiona
e care is
usiness
(DTI)
d payme
come on
wer was
should n
orrower
ently we
ed by
and
g a
Borrowe
to
that
Page 5
the
.
for
l
ent
s of
not
r
nt
er
©
5)
B
b
c
m
A
c
c
a
a
a
6)
(
in
S
n
B
s
S
M
a
Breach o
borrowe
cancel th
mortgage
Affordab
currently
credit da
and indu
agreeme
agreeme
Negligen
nstructe
Servicer
not appr
Borrowe
statemen
See servi
Making H
authoriza
of Contra
r on mu
he repay
e in orde
ble loan
y sufferi
amages d
ucement
ent) cont
ent and p
nt) Misr
ed borro
was in a
roved by
er was da
nt to can
icer’s sta
Home Af
ation as
act. Serv
ultiple da
yment pl
er to ap
modifica
ng from
due to fo
t to brea
tract. Se
paymen
epresen
ower to b
a positio
y investo
amaged
ncel his
atement
ffordabl
Exhibit
vicer spe
ates, inc
lan and
ply obta
ation ins
foreclo
ollowing
ach the m
ee borrow
ts on sa
ntation.
breach c
on to kno
ors for M
for rely
repaym
t that lo
le due to
C.
ecifically
cluding A
stop pay
ain a Ma
stead. B
sure pro
g Service
mortgag
wers rep
me as E
Servicer
contract
ow borro
aking H
ying on S
ent plan
an was
o a lack
y instruc
August 1
yment o
aking Ho
Borrowe
oceeding
er’s inst
ge (repay
paymen
xhibit B
r specific
with Le
ower’s l
Home Af
Servicers
n as abo
not eligi
of inves
P
ted
12, 2008
on the
ome
r is
gs and
ruction
yment
nt
.
cally
ender.
oan was
ffordable
s false
ve in 5.
ible for
stor
Page 6
to
s
e.
©
Notes
The cat
significa
of the p
s and Dis
egories ab
ant in any o
predatory a
sclaimer
ove repres
other way
acts above
rs:
sent audito
. Please co
.
or’s opinio
onsult your
on of what
r lawyer as
happened
s to the leg
P
d and are n
gal significa
Page 7
not
ance
