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16-Oct-2017 09:01

An audit by itself is not some magical way to make everything go away; it’s just the beginning, adds Dean Mostofi, the founder of National Loan Audits in Rockville, Md. “Any claim for rescission must be brought within three years of consummation of the transaction or upon the sale of the property, whichever occurs first…”). 1.) In addition, “residential mortgage transactions” are excluded from the right of rescission. or equivalent consensual security interest…created…against the consumer’s dwelling to finance the acquisition…of such dwelling.” Thus, Plaintiffs fail to state a claim for rescission under TILA. However, the court notes that if Plaintiffs were successful in their bid to rescind the contract, they would have to return the proceeds of the loan which they used to purchase their Property. A federal jury in Alexandria, Va., awarded Nigh about ,000, or twice the financing charges he had paid, in May 2001. “Borrowers who contact lenders with an audit don’t get too far,” he says. According to the loan documents, the loan closed in December 2005 or January 2006. As for Plaintiffs’ request for damages, they acknowledge such claims are normally subject to a one-year statute of limitations, typically running from the date of loan execution. Bank’s argument on this point persuasive: non-judicial foreclosures are not “actions” as contemplated by TILA. Bank’s choice of remedy under California law effectively denies Plaintiffs the opportunity to assert a recoupment defense. As other courts have noted, TILA contemplates such restrictions by allowing recoupment only to the extent allowed under state law. For these reasons discussed above, Plaintiffs have failed to state a claim under claim because they “do not allege what [**21] money or property they allegedly lost as a result of any purported violation.” (Mot. Bank next offers that Plaintiffs’ mere recitation of the statutory bases for this cause of action, without specific allegations of fact, fails to state a claim. at 10.) Plaintiffs point out all the factual allegations in their complaint are incorporated by reference into their claim. Bank that the pleadings failed to put them on notice of the premise behind Plaintiffs’ In their final cause of action, Plaintiffs seek to quiet title in the Property. Koons appealed to the 4th Circuit, which affirmed, and then to the Supreme Court, which likewise affirmed on liability but capped the TILA damages at

An audit by itself is not some magical way to make everything go away; it’s just the beginning, adds Dean Mostofi, the founder of National Loan Audits in Rockville, Md. “Any claim for rescission must be brought within three years of consummation of the transaction or upon the sale of the property, whichever occurs first…”). 1.) In addition, “residential mortgage transactions” are excluded from the right of rescission. or equivalent consensual security interest…created…against the consumer’s dwelling to finance the acquisition…of such dwelling.” Thus, Plaintiffs fail to state a claim for rescission under TILA. However, the court notes that if Plaintiffs were successful in their bid to rescind the contract, they would have to return the proceeds of the loan which they used to purchase their Property. A federal jury in Alexandria, Va., awarded Nigh about $25,000, or twice the financing charges he had paid, in May 2001. “Borrowers who contact lenders with an audit don’t get too far,” he says. According to the loan documents, the loan closed in December 2005 or January 2006. As for Plaintiffs’ request for damages, they acknowledge such claims are normally subject to a one-year statute of limitations, typically running from the date of loan execution. Bank’s argument on this point persuasive: non-judicial foreclosures are not “actions” as contemplated by TILA. Bank’s choice of remedy under California law effectively denies Plaintiffs the opportunity to assert a recoupment defense. As other courts have noted, TILA contemplates such restrictions by allowing recoupment only to the extent allowed under state law. For these reasons discussed above, Plaintiffs have failed to state a claim under claim because they “do not allege what [**21] money or property they allegedly lost as a result of any purported violation.” (Mot. Bank next offers that Plaintiffs’ mere recitation of the statutory bases for this cause of action, without specific allegations of fact, fails to state a claim. at 10.) Plaintiffs point out all the factual allegations in their complaint are incorporated by reference into their claim. Bank that the pleadings failed to put them on notice of the premise behind Plaintiffs’ In their final cause of action, Plaintiffs seek to quiet title in the Property. Koons appealed to the 4th Circuit, which affirmed, and then to the Supreme Court, which likewise affirmed on liability but capped the TILA damages at $1,000. Additionally, in this age of securitization, many banks don’t own the loans they originated, but, says Leventhal, this is not a defense. “If they don’t own the loan anymore, they are going to have to get in touch with the servicer who does,” he says. If the lender didn’t care about the borrower’s income, then we look further for other signs that it might be a predatory loan.” According to August Blass, CEO and president of Walnut Creek, Calif.-based National Loan Auditors, a forensic loan audit is a thorough risk assessment audit performed by professionals who have industry and legal qualifications to review loan documents and portfolios for potential compliance or underwriting violations, and provide an informative, accurate loan auditing report detailing errors or misrepresentations. 2.) On October 3, 2008, a Notice of Trustee’s Sale was recorded on the Property. Plaintiffs seek rescission, restitution, statutory and actual damages, injunctive relief, attorneys’ fees and costs, and judgments to void the security interest in the Property and to quiet title. Some elements of a forensic loan audit, says Blass, should include: a compliance analysis report based on data from the actual file; post-closing underwriting review and analysis; and summary of applicable statutes, prevailing case law and action steps that the attorney or loss mitigation group may chose to act upon. TILA’s statute of limitations extends back three years, so most people who end up on their lender’s doorsteps are people who financed or refinanced during the boom period of 2005 through early 2007. at 4.) A Notice of Default was recorded on the Property on June 30, 2008, showing the loan in arrears by $ 14,293,08. If serious violations are discovered, the borrower can move to have the mortgage rescinded. 1 (“DOT”) at 1.) The loan was secured by a Deed of Trust on the Property, which was recorded around January 10, 2006.

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An audit by itself is not some magical way to make everything go away; it’s just the beginning, adds Dean Mostofi, the founder of National Loan Audits in Rockville, Md. “Any claim for rescission must be brought within three years of consummation of the transaction or upon the sale of the property, whichever occurs first…”). 1.) In addition, “residential mortgage transactions” are excluded from the right of rescission. or equivalent consensual security interest…created…against the consumer’s dwelling to finance the acquisition…of such dwelling.” Thus, Plaintiffs fail to state a claim for rescission under TILA. However, the court notes that if Plaintiffs were successful in their bid to rescind the contract, they would have to return the proceeds of the loan which they used to purchase their Property. A federal jury in Alexandria, Va., awarded Nigh about $25,000, or twice the financing charges he had paid, in May 2001.

“Borrowers who contact lenders with an audit don’t get too far,” he says. According to the loan documents, the loan closed in December 2005 or January 2006. As for Plaintiffs’ request for damages, they acknowledge such claims are normally subject to a one-year statute of limitations, typically running from the date of loan execution. Bank’s argument on this point persuasive: non-judicial foreclosures are not “actions” as contemplated by TILA. Bank’s choice of remedy under California law effectively denies Plaintiffs the opportunity to assert a recoupment defense. As other courts have noted, TILA contemplates such restrictions by allowing recoupment only to the extent allowed under state law. For these reasons discussed above, Plaintiffs have failed to state a claim under claim because they “do not allege what [**21] money or property they allegedly lost as a result of any purported violation.” (Mot. Bank next offers that Plaintiffs’ mere recitation of the statutory bases for this cause of action, without specific allegations of fact, fails to state a claim. at 10.) Plaintiffs point out all the factual allegations in their complaint are incorporated by reference into their claim. Bank that the pleadings failed to put them on notice of the premise behind Plaintiffs’ In their final cause of action, Plaintiffs seek to quiet title in the Property. Koons appealed to the 4th Circuit, which affirmed, and then to the Supreme Court, which likewise affirmed on liability but capped the TILA damages at $1,000.

Additionally, in this age of securitization, many banks don’t own the loans they originated, but, says Leventhal, this is not a defense.

“If they don’t own the loan anymore, they are going to have to get in touch with the servicer who does,” he says.

If the lender didn’t care about the borrower’s income, then we look further for other signs that it might be a predatory loan.” According to August Blass, CEO and president of Walnut Creek, Calif.-based National Loan Auditors, a forensic loan audit is a thorough risk assessment audit performed by professionals who have industry and legal qualifications to review loan documents and portfolios for potential compliance or underwriting violations, and provide an informative, accurate loan auditing report detailing errors or misrepresentations. 2.) On October 3, 2008, a Notice of Trustee’s Sale was recorded on the Property. Plaintiffs seek rescission, restitution, statutory and actual damages, injunctive relief, attorneys’ fees and costs, and judgments to void the security interest in the Property and to quiet title.

Some elements of a forensic loan audit, says Blass, should include: a compliance analysis report based on data from the actual file; post-closing underwriting review and analysis; and summary of applicable statutes, prevailing case law and action steps that the attorney or loss mitigation group may chose to act upon.

TILA’s statute of limitations extends back three years, so most people who end up on their lender’s doorsteps are people who financed or refinanced during the boom period of 2005 through early 2007. at 4.) A Notice of Default was recorded on the Property on June 30, 2008, showing the loan in arrears by $ 14,293,08.

,000. Additionally, in this age of securitization, many banks don’t own the loans they originated, but, says Leventhal, this is not a defense. “If they don’t own the loan anymore, they are going to have to get in touch with the servicer who does,” he says. If the lender didn’t care about the borrower’s income, then we look further for other signs that it might be a predatory loan.” According to August Blass, CEO and president of Walnut Creek, Calif.-based National Loan Auditors, a forensic loan audit is a thorough risk assessment audit performed by professionals who have industry and legal qualifications to review loan documents and portfolios for potential compliance or underwriting violations, and provide an informative, accurate loan auditing report detailing errors or misrepresentations. 2.) On October 3, 2008, a Notice of Trustee’s Sale was recorded on the Property. Plaintiffs seek rescission, restitution, statutory and actual damages, injunctive relief, attorneys’ fees and costs, and judgments to void the security interest in the Property and to quiet title. Some elements of a forensic loan audit, says Blass, should include: a compliance analysis report based on data from the actual file; post-closing underwriting review and analysis; and summary of applicable statutes, prevailing case law and action steps that the attorney or loss mitigation group may chose to act upon. TILA’s statute of limitations extends back three years, so most people who end up on their lender’s doorsteps are people who financed or refinanced during the boom period of 2005 through early 2007. at 4.) A Notice of Default was recorded on the Property on June 30, 2008, showing the loan in arrears by $ 14,293,08. If serious violations are discovered, the borrower can move to have the mortgage rescinded. 1 (“DOT”) at 1.) The loan was secured by a Deed of Trust on the Property, which was recorded around January 10, 2006.

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Forensic loan auditing companies have since sprouted up like weeds, and many advisors are now advocating the program as a best practice and the first step before bringing a lawsuit against the lender to get a “bad” mortgage rescinded or force a loan modification. It started with banks that bought loans from small correspondents, and when those loans were going down, they would look for anything in the loan documentss to put it back to the person they bought the loan from. Now you have borrowers going to the banks to see if they have all their documents in place; they want their own get-out-of-jail-free card.” In some regards, lenders should be worried, as a swarm of potential lawsuits could fly in their direction.

But, he adds, there is an exception: the plaintiff in this kind of lawsuit has to essentially buy back the loan, which means the plaintive (borrower) has to get new financing.