Frequently Asked Questions (FAQ)
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Q: Are securitization audits a scam?
A: If done properly, a securitization audit can be a homeowner’s or foreclosure defense attorney’s best friend.
Also, please see our page on Securitization Audit Scams for more information on how to spot a scammer. The process of auditing a mortgage loan for securitization fraud is real and unfortunately scams do exist. However, Paladin Securitization Auditors, offers securitization audits by industry experts with over 20 years of experience in the banking and loan industries. Our securitization audits are used repeatedly by attorneys across the nation in their foreclosure defense cases. For a brief listing of attorneys that have successfully used our audits to settle with lenders or have won their lawsuits using our product, click here.
Q: Are your auditors licensed or certified?
A: Currently no government agency or state agency offers any type of certification or licensure for securitization auditing. If anyone claims to be a licensed or certified securitization auditor, they are more than likely referring to a “corporate certification”. This is where the person in question has taken a crash course in securitization auditing offered by a commercial company – not a governement agency. These companies typically provide boiler plate templates for their audits, and their “certified securitization auditors” typically don’t have any real experience behind the scenes in the banking industry.
Q: Can you stop my foreclosure sale?
A: Paladin Securitization Auditors does NOT offer foreclosure prevention services. However, many times when we present the lender or trustee with the securitization audit, they will choose to either invalidate the notice of default or postpone the foreclosure sale. Each case is different and ultimately it is up to the lender or the trustee to make the decision based on the findings of the securitization audit. In any case, the homeowner should be prepared to move forward with litigation against the lender, using the securitization audit as evidence of fraud.
Q: What’s the difference in Forensic Loan Auditing, Foreclosure Audits, and the Securitization Audit?
A: A forensic audit of the mortgage loan will look for errors in the loan origination process. Typically these are Truth In Lending Act (TILA) or Real Estate Settlement Procedures Act (RESPA) violations and the fines for these violations are small in comparison to the value of the actual loan.
A securitization audit looks at the process of securitization. This is the bundling of hundreds and sometimes thousands of mortgage loans into what is called a “security”. This process, along with the buying and selling of these securities on Wall Street is subject to regulations from the Securities Exchange Commission (SEC). The SEC is a federal commission and ergo, violations are of a federal nature. The penalties for SEC violations l
A foreclosure audit is the process of reviewing the foreclosure proceedings. Deficiencies and violations are noted and illustrated within. Violations like those found in our securitization audits can be in the hundreds of thousands of dollars. This is why lenders and trustees will typically chose to invalidate the notice of default or postpone a trustee sale when they are faced with the findings of our securitization audits.
It should be noted that Paladin Securitization Auditors is the only company that currently includes a forensic audit supplement and a foreclosure audit supplement all for the price of the securitization audit.
Q: Are you compliant with Mortage Assistance Relief Services (MARS) and Senate Bill 94 (SB94)?
A: Yes. Paladin Securitization Auditors operates in full compliance with both MARS and SB94 regulations. Paladin Securitization Auditors does collect up front fees. However, we DO NOT offer foreclosure prevention services or mortgage assistance relief programs. Our product is the securitization audit which is considered legal evidence of violations of the securitization process as outlined by the Securities Exchange Commission.
Q: How long will it take to complete my securitization audit?
A: 5 business days.