WHAT IS PREDATORY LENDING?
A predatory lending is defined as any of a number of deceitful, misleading, biased, or adverse lending practices. Majority of these acts are illegal, while some may be legal but is not in the best interest of the borrower.
At the Jameson Group, we make sure to check your Mortgage Contract and conduct a comprehensive investigation to ensure that possible predatory lending is addressed. Predatory lending comes in different forms and here are 8 abusive loan practices:
- Abusive Prepayment Penalties
- Breach of Contract
- Excessive Fees
- Kickbacks to Brokers (Yield Spread Premiums)
- Loan Flipping
- Mandatory Arbitration
- Steering & Targeting
- Unnecessary Products
WHEN SHOULD I GET A MORTGAGE LOAN AUDIT?
It is best to get a Forensic Loan Audit if your loan has an escrow account, if it has been sold or transferred to another mortgage company, if you have ever paid additional money to lessen the principal portion of your loan and most of all to rule out any errors or miscalculations on your loan leading to predatory lending.
WHY SHOULD I GET A FORENSIC LOAN AUDIT?
A Forensic Loan Audit will help you by checking errors, miscalculations or fraud in your Mortgage Loan. With a Forensic Loan Audit, we can uncover frauds and errors in your Mortgage Loan which will in turn help you in negotiating your loan modification and foreclosure.
MY MORTGAGE HAS BEEN SOLD BY ANOTHER MORTGAGE COMPANY; DO I NEED TO HAVE THAT LOAN AUDITED?
Yes you need to have your mortgage audited to reduce the risk of you being overcharged due to errors and miscalculations on your mortgage.
WHAT IS A MORTGAGE SERVICING COMPANY, HOW DOES IT DIFFER TO A MORTGAGE COMPANY?
The company where the loan originated or the company that broker the mortgage is a Mortgage company, while the company that keeps track your mortgage information through a computer and posts your payments is a Mortgage Servicing company.
HOW DO I GET A FORENSIC LOAN AUDIT?
In order for you to get a Forensic Loan Audit from an experienced Loan Audit Company we advise that the client perform “Due Diligence” prior to retaining the Jameson Group’s Services. We are confident that once you meet the Team at The Jameson Group you would at this point be educated and confident in moving forward resulting in the ability to make a decision based off your research of the Financial Audit, Loan Securitization and Financial Consulting Industry.