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Overview
F.L.A.C. Consultant Corp. offers a wide array of Forensic Auditing Services to meet the needs of businesses and consumers alike. We have developed pricing options to address all situations ranging from mitigation support to investment review. Below are the different services offered by F.L.A.C. Consultant Corp. and to the left are the links for each service page.
Forensic Audit Overview
Basic Forensic Audit
With a Basic Forensic Audit we include a TIER 1 Analysis of a mortgage loan.
Tier 1 report includes: HOEPA, TILA understated only, RESPA, STATE & LOCAL Predatory State Regs, Exceptions and investor Custom, and a Manual Forensic Audit Report.
Purpose: Is to use the report to find deficiencies and variances that show violations in the regulatory environment Rules under the CFR Codes and USC Codes.
Benefit: This report is widely used by consumer to review mortgage documents & discrepancies that will help in their negotiation for a loan modification or term negotiations based on the findings.
Extensive Forensic Audit
Tier 1 report includes: HOEPA, TILA understated only, RESPA, STATE & LOCAL Predatory State Regs, Exceptions and investor Custom. Tier 2 report includes: HOEPA, TILA understated & overstated, RESPA, STATE & LOCAL Predatory State Regs, Exceptions and investor Custom, and a Manual Forensic Loan Audit with supporting documentation.
Purpose: Is to incorporate this report as part of the mitigation support of the violations and variances shown in both reports, that will have differences between tier 1 and tier 2 since one is a compliance based and the other is a compliance and forensic audit integrated as one reports.
Benefits: This report is done with the purpose of supporting a legal mitigation carried by a lawyer, modification company, lender or bank including a servicing company. This report is also recommended for consumers intending or in the process of mitigation with their loan company.
Investor Forensic Audit
Include: Tier 1 report includes: HOEPA, TILA understated only, RESPA, STATE & LOCAL Predatory State Regs, Exceptions and investor Custom. Tier 2 report includes: High Cost, TILA Tolerance understated & overstated , TILA ROR, State Rules, Licensing, OFAC, HMDA, GSE, Enterprise Rules, Others. Manual Forensic Loan Audit with supporting documentation, Additional Reports and test for secondary testing including geocoding, population data, comparison analysis and investor risk evaluation.
Purpose: To give a comprehensive report that include an investor level of risk grade and tolerance level, check for variances and discrepancies in the integrity of the information reported in each file doing quality control and quality assurance.
Benefits: Reduce investment risk and reflect risk tolerance with a grade; also is part of each loan as support for a quality control and secondary check points.
TILA & HOEPA Compliance Review
This test is call Stress test that is perform with the purpose of discovering overstated or understated that reflecting overages or shortage in the APR’s calculation prior and or at closing. TILA Violation , TILA Statutory Penalty, Monetary violation & TILA Violation including Lawyer cost and Legal fees under cover under 15 USC 1640 (a) . These test check for USC Code violations and CFR Code 12 CFR 226 violations as well for any other laws that are applicable under TILA Regulation Z 15 USC 1601. In Florida is also included Florida Statutes 501.