Mortgage Audit is an inquiry of mortgage transactions between a creditor and the borrower. Forensically conducted by professional auditors from the mortgage industry, it covers the full life-cycle of the mortgage obligation, right from the initial point of submitting an application to the end of the process. The whole exercise is approached as an exploration to uncover concealed and hidden information that strengthens the transactional transparency by appending to the evidence that augments the outcome.
Auditors with their profound knowledge of various principles like mortgage compliance and forensic accounting, effectively carry out the process with due diligence. Being responsible for the precision, they are aware of the discounting and compounding cash flows, along with the prevailing interest rates. With their thorough cognizance of the federal and state consumer-protection statutes, they analyze the proceeding in both letter and spirit. The analysis performed by them is acceptable by the court of law which could be utilized with discretion for the purposes of conflict resolution.
Mortgage Audits are understandably helpful for all the parties involved. While audits in the past were usually performed manually, they could consume an enormous amount of time and resources. Even after the monotonous exercise, the element of human errors could compromise accuracy. However, with innovative techniques the process has radically changed and improved to offer maximum convenience, which is attributed by highest accuracy and efficiency. Some of the primary advantages of Mortgage Audit Services which are benefiting the businesses today are discussed below.
By generating accurate statistical and graphical analysis, Mortgage auditing services help the business owners to track even the minuscule details of every single mortgage transaction. This eliminates the risks of conflicts arising out of transactional indiscretions, which most often than not, lead to legal disputes between the parties. The accurate analysis also helps businesses to improve their credibility in the eyes of the solicitors as well as their clients.
Auditors today have access to innovative reporting tools and techniques which help them in providing easy-to-understand reports. With fully customized reporting statements that are based on the requirements of all the parties involved, maintaining professional transparency is a much simpler and effortless way of reporting. In addition to cross-functional auditing solutions that create physical reports, online interactive dashboards can go a long way in providing vital information that is much more intriguing and impressive.
Auditors of yore had their operations performed in considerable confidentiality. However, there were trivial avenues through which classified information could be leaked out. This could be once again attributed to human erring or deliberate obscurity on the part of any of the involved parties. However, latest compliances in mortgage auditing have curtailed such fissures for good. The auditing measures today are carried out in utmost discretion. Considering every option, auditors inspect every detail to view the big picture following total conformance to secrecy. This makes businesses aware of their exact status as far as their mortgage deals are concerned. All the communication, be it oral or written, is carried out with utmost confidentiality.
Auditors will collect the payment information for the escrow accounts in the business portfolio and share it with authorized personnel. With contemporary procedures, they can directly upload the escrow information to the business’s in-house data system, saving time and resources. In addition, various other premium services, ranging from tax-data solutions to the full-fledged outsourcing of legacy tax functions, are delivered in accurate and efficient comportment.
While the extent of the analysis performed is based upon various factors, a standard mortgage audit covers such as Amortization Analysis, Lending Analysis, Fiduciary and Escrow & Account Analysis, etc., An open-end investigation is more intensive and prescribed on the demands of businesses choosing it. The extensive detailed narratives and documentary evidences form the integral part of the auditor’s conclusion report. They can go a long way in making the financial firm’s status much more credible and efficient, which qualify to be used as a core competency to tackle their competition and entice customers effortlessly.
- Forensically conducted by professional auditors, Mortgage Audit Services are essential for businesses and their stakeholders in several ways.
- Fully customized reporting-statements based on the requirements of all the parties involved can leverage professional transparency.
- Quality services incorporating tax solutions allow generating tax reports accurately and efficiently.