In the continuing battle to protect the public from fraudulent schemes, the State of California, at the urging of Realtors® and others, is now including Forensic Loan Auditors et al to follow the rules set forth for the lending industry as we try to clean up this mess.
Forensic Loan Auditing has become big business for the unscrupulous as they find yet another way to take money from an already vulnerable public during a time of crisis. Don’ t get us wrong; there are legitimate auditors out there. The unsavory have found a weak point in the regulations, and managed to slip under the radar. Well…no more. They are now included and named by group, and must follow the educational and procedural requirements dictated by law for persons or entities involved in the practice of working with or arranging home mortgages.
The DRE (California Department of Real Estate) has released a Consumer Alert Update regarding this issue. To read that alert click HERE.
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Mortgage Fraud Examiners exposed this problem of bogus forensic loan audits over a year ago in a press release: “Beware of the Latest Foreclosure Rescue ScamForensic Loan Audits.” http://www.docstoc.com/docs/51628348/Beware-of-the-Latest-Foreclosure-Rescue-Scam–Forensic-Loan-Audits
You are quite right Storm. This is not a new problem. I simple pointed ot that the State has published new laws regarding it.
Thank you for reading, and I hope you find more that catches your interest.
Michael McFarlane