I have a mortgage background and am no dummy, but I still lost $1000 to a Securitization Audit that a 3rd party company ordered from Certified Forensic Loan Auditors aka CFLA? I probably would have never known that their report was useless if a friend of a friend didnt happen to look at it. He explained some interesting things to me about CFLA so I wanted to make sure that people know what theyre getting from a CFLA or any of their affiliates for that matter. I did a lot of my own research and found everything he described to be true. So as you can imagine, Im a little ticked off.
1. CFLA offers a 2 days Certified Training Course. Certified by who exactly? It turns out, they certified themselves. There is no legislative body that licenses or certifies any person or company involved in securitization audits. CFLA also claim to be the only certified securitization auditor training course. Again, congrats on giving yourself a bogus certificate but it obviously means nothing if the data if my report is worthless.
2. If you search for it, youll easily find that they advertise their 2 day training courses all over the country. People with absolutely no experience in securitization attend these classes and after 2 days of training, theyre also Certified Securitization Auditors. Let me repeat: people with 2 days of experience are starting their own businesses and selling these reports as experts.
3. Dont take my word for it. Go to the CFLA website (http://www.certifiedforensicloanauditors.com/) and see a sample of their Securitization Report. Then, search the internet for securitization audit samples or securitization report samples - you will be amazed at how many reports look exactly like the CFLA report.in other words, that company took the 2 day certified class and immediately began to sell reports using the template that CFLA gave them. Sure, some of the fancy colors may have changed but cmon, Im not blind. When I saw a ton of variations of my report online, It made me feel like theyre just a report mill, trying to sell as many as they can while content isnt all that important. Isnt that how I got screwed by the banks in the first place?
4. The most important information in a securitization report is the identification of the Trust that supposedly bought your loan. Read the CFLA disclaimer on the last page carefully they GUESS the name of the Trust and claim no responsibility if the guess is wrong. CFLA calls their choice of the Trust an expert opinion but this is a matter of fact, not opinion. You should be given proof that the loan was sold.
5. How did I verify this for myself? I paid another company $700 to redo my report. The new report proved that CFLAs expert opinion was completely wrong I was given a long list of the mortgages owned by the newly named Trust and mine was highlighted clearly on the list. I asked the guy who I bought the CFLA report from if he was given that list of mortgages owned by the Trust? He told me that CFLA can offer that same service but only with their most expensive report. If I paid $1000 and didnt get that information, how much more would I have had to pay to get the actual facts? I dont even understand why you would offer a cheaper report that has someones crazy guess when you clearly have a way to verify the facts and provide proof? I might have even paid for it. $1500 for a report that helps me is still better than $1000 for a piece of crap. Mind you, I paid $700 to the other company and got exactly what I needed.
You get the point. I dont want to waste my day typing or yours reading my post. BUT - I would avoid any company that claims to be Certified Securitization Auditors. And ask to make sure that your report will have proof of your loan in the Trust. You should get a list like I did and you should be able to easily identify your loan. Also, ask for a sample of their report and if it looks like the sample on CFLA, Id be worried.
Like I said, dont take my word for it, do your own digging. Just remember, if it looks like a duck and quacks like a duck
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