Our timely reviews can assist both pre-funding and post-closing requirements. We specialize in a variety of mortgage investigations to assist originators, insurers, investors and servicers who want to mitigate risk. Our desktop reports and field visits are fully customizable and tailored to make informed decisions.
MORTGAGE
Forensic & Fraud Reviews:
Our primary focus is to determine if misrepresentations exist, what false information was presented and by whom, and to prevent losses due to fraud.
Due Diligence & QC Audits:
Frasco offers a Quality Control Program that is precise, quick and cost-effective. We specialize in assessing the quality of loans to show whether or not they comply with program requirements, internal guidelines, policies and procedures.
Loss Mitigation:
Audit services can supplement any loan servicing department revealing misrepresentations, relationships, and information undisclosed during the loss mitigation process. We re-verify document accuracy in short sales, loan modifications, deeds-in-lieu and foreclosures.
Verification Services:
Verification services include employment, income, asset and credit verification. The mortgage risk mitigation team can review and verify your loans to meet pre-funding and post-closing turn times.
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Services
Forensic & Fraud Reviews:
Borrower Interviews
Obtain borrower interviews (or interviews of any relevant party to the transaction) and supporting documentation including signed statements and copies of original documents (not found in the origination loan file).
Employment / Income
Verify employment and income history.
Re-Verifications of Deposit & Source of Funds
Verify the reported assets and source of down payment.
Occupancy
Determine if the borrower intended to occupy as a primary residence or if a misrepresentation was made in their intention to occupy, including occupancy prior to, during and after origination.
Undisclosed Debt / Mortgages
Determine and secure evidence regarding mortgages and/or debts undisclosed at the time of origination.
Re-Verification of Origination Documents
Verify documents such as verification of rent, verification of mortgage and other letters of explanation.
Straw Buyers
Determine if the transaction was for a third-party not identified in the loan application. Interviews attempts include borrowers and true occupants.
Identity Theft
Verify the validity of borrower identity theft claims. If warranted, assist the victim in the proper reporting of the claim and investigate the identity of the perpetrator.
Audits Include Any or All of the Following:
Sample Selection
Forensic Fraud Review
Data Integrity Check
Re-verification of Critical Documents
Policies and Procedures Review
Fully Customizable Reporting
Services
Loss Mitigation:
Re-Verifications of Income & Assets
Verify income and assets used for qualification.
Confirmation on Hardship Reason(s)
Common examples include illness or injury, change of employment status, loss of income, natural disasters, divorce, death, and/or military deployment.
Evaluation of New Credit Report
Detailed review of credit history, including undisclosed accounts, repayment history and total debt.
Interviewing of Relevant Parties
Interview the borrower/seller, new buyers, real estate agent or third-parties.
Social Media Searches
Review social media profiles for misrepresentations.
Occupancy Verification
Confirm the borrower’s occupancy of the subject property.
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