Forensic Audit Question- Indymac mortgage - Mortgage Forum

BBH545 · 01-31-2010, 09:53 AM

Hello-

I am new to this forum and must say that I am forever grateful for not only the information being offered here by so many, but also to work with one another by sharing information, stories and solutions which can help us all.

I downloaded Moe's e-book and am very interested in performing the forensic audit. My mortgage is with Indymac.

My mortgage was secured in 2005. I began to review my documents - which I had not looked at since the day I signed, and noticed that on the "Good Faith Estimate"- as well as the uniform Residential Loan Application- that my interest rate was stated as 7.0%. My actual mortgage is 7.62%. The hardship I suffered would not have made a difference one way or the other. However, is this the kind of thing which an audit relies upon in terms of helping to secure a modification?

I also see where they list the present market value of my home at the time as $750,000, when I distinctly remember the appraisal coming in at $650,000. The amount of my mortgage was for $450,000 and was a refi.

I used the services of a mortgage broker who then placed the mortgage with Indymac.

Would anyone be able to tell me if this is the kind if thing which makes the audit help the Modification process along much sooner and easier?

Thank you- and I look forward to sharing all of my experiences with this forum in the hope that all can get the opportunity to keep their home.

Bryan

juskilentime · 01-31-2010, 10:23 AM

The good faith estimate is just that--an estimate and it probably has the word "estimate" written on it 30 times.

when mortgage brokers take your application, they probably input the day's current interest rate into the application (which is subject to change without notice). Do you recall if you locked in the rate immediately or was it days or weeks after the initial application? Also, the APR on a fixed loan is always higher due to closing costs but the rate is the rate. Is the truth in lending form the one with 7.62?

Same thing goes with the market value of your home. At application, they have no way of knowing the value until the appraisal is back but must put a figure in the box (perhaps the property appraiser website?) at application.

BBH545 · 01-31-2010, 10:40 AM

Quote:

Originally Posted by juskilentime

The good faith estimate is just that--an estimate and it probably has the word "estimate" written on it 30 times.

when mortgage brokers take your application, they probably input the day's current interest rate into the application (which is subject to change without notice). Do you recall if you locked in the rate immediately or was it days or weeks after the initial application? Also, the APR on a fixed loan is always higher due to closing costs but the rate is the rate. Is the truth in lending form the one with 7.62?

Same thing goes with the market value of your home. At application, they have no way of knowing the value until the appraisal is back but must put a figure in the box (perhaps the property appraiser website?) at application.

Good point. I just checked the truth in lending statement and the rate is listed as 7.137%. This and all documents were all signed the day I closed- including the Good Faith Estimate. So, to answer the question... No. The rate I am paying, which is 7.62% is not on the Truth in lending statement.

This is all new to me- so I am learning as I go. Thank you for pointing that out.

juskilentime · 01-31-2010, 01:59 PM

Did you receive a rate lock agreement from the mortgage broker? When I locked in my loan rate, I requested a signed copy of it so that at closing, I would not get a little surprise.

BBH545 · 01-31-2010, 02:20 PM

Quote:

Originally Posted by juskilentime

Did you receive a rate lock agreement from the mortgage broker? When I locked in my loan rate, I requested a signed copy of it so that at closing, I would not get a little surprise.

Unfortunately, I was not as astute as you. I did not request a signed rate lock.