Q01: What information do I need to audit my mortgage?

Q02: Will MortgageAuditProgram work with my mortgage and loan type?

Q03: I have a first and second mortgage; can I audit both of them?

Q04: I've had a mortgage for five years; can I go back and audit it?

Q05: Why can't I just use my Amortization Schedules to audit my loan?

Q06: How Long Does An Audit Take?

Q07: Are There Any Signs My Mortgage Is At A Greater Risk?

Q08: HOW DO I PROTECT MYSELF?

A01: There are three main components we need, in order to be able to audit your loan:

1.       Information on the type of loan you have

2.       A list of changes to the loan balance

3.       A list of interest rate changes (if any)

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A02: Customized to work with just about any loan type. A sample of the loan types that can be audited include:

1.      Variable Interest Rate Loans

2.      Principal & Interest Loans

3.      Fixed Interest Loans

4.      Lines of Credit

5.      Investment Loans

6.      Variable Repayment Loans

7.      Interest Only Loans

8.      Adjustable Rate Mortgages (ARMs)

9.      Options ARMs

10.    HELOCs

11.    Jumbo Loans

12.    Auto / Car Loans

13.    Student Loans

14.    Boat Loans

15.    Redraw Facilities

16.    Offset Accounts

17.    Split-Loans

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A03: Yes, there is no limit to the number of mortgages and loans that we can audit.

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A04: Yes, there are no limits when it comes to the age of your existing loan and mortgage information. With the correct dates and payments (no matter how old).

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A05: There are two main reasons why an amortization schedule cannot be used to audit your loan:

1.       Amortization schedules are estimates of what could happen, and not a record of what actually happened.

If your lender were to charge you the wrong amount, charge you twice, use a wrong index or interest rate, use the wrong balance, miss an additional repayment, use a wrong date, and so on, it would not be reflected in your amortization schedule.

We capture the historical information produced by your lender, allowing us to perform your audit on actual events.

2.     Amortizations schedules show a "fair estimate" of what your repayments should look like over the life of the loan. Assumptions are made when building your amortization tables (for example; a day count convention of 30/360, one fixed interest rate, payments & charges being calculated every 30 days, no additional repayments, and so on).

In reality the lender may use different parameters and calculation methods to those used by the amortization schedule, including a change in the day count, the compounding method, the payment frequency, the processing dates or they may have to allow for multiple interest rate changes.

We use sets default calculation parameters, which we can fine-tune on a per-loan basis so that the calculations match those of your lender.

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A06: Each audit is different. Depending on how quickly you get loan info to us. An audit can take anywhere from 1 to 2 days. However, the vast majority of audits are completed in less than 1 week. Be assured, we do everything possible to complete your audit in a timely manner while still preserving the integrity of your audit. Unfortunately, no audit can protect against future errors. For that reason, we suggest you should audit your bank statements at least once a year, but as frequently as monthly or bi-weekly if you have a complex loan with many transactions (for example, a line of credit mortgage).

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A07: Yes. Mortgages at a greater risk of having errors are Adjustable Rate Mortgages (ARMs) and Home Equity Loans (HELOCs and HELs). However, even fixed rate mortgages can have errors. Signs you should have your mortgage audited are:

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A08: A comprehensive Mortgage Audit by MortgageAuditProgram will provide you with the peace of mind that comes with knowing that your bank is not keeping your money when it should be in your pocket. After you have gotten your money back or know that you have not been overcharged in the past, the Mortgage Reduction Program will help secure one of the highest guaranteed rates of return anywhere. In addition, you will know that from now on, your Mortgage is continuously being scrutinized and checked for errors.  .

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