Should You Trust Forensic Loan Audit Software?
More and more I see forensic loan audit software popping up, with upstart loan modification companies peddling the latest digital elixir. I have a stern word of warning: Buyer beware!
Our real simple philosophy is no computer, no robot, no software program of any kind will ever perform a loan audit as well as human eyes can. Some of these companies simply scan in your mortgage documents and tell the software program to search for violations. Unfortunately, machines can fail. And they only do what you tell them to do. So if you ask the software package to search for the big problems it will likely find them. But what about the small problems?
The best, most comprehensive, most accurate forensic loan audit in the world is done by human eyes. As it should be.
It’s not that there isn’t a place for computers or software programs in the mortgage industry, or loan modifications, but they can’t replace humans. It’s a lot like sending a robot in to court to make your arguments for you. Who do you think would win?
This information should not be construed as legal advice. It is FOR INFORMATIONAL PURPOSES only.