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NJ Homeownership Society Employs National Loan Auditors for Workout Assessments

New Jersey's ""Society for the Preservation of Continued Homeownership"":http://www.spoch.org (SPOCH), a non-profit group which facilitates favorable mortgage loan workouts, has selected Walnut Creek, California-based ""National Loan Auditors"":http://www.nlaudit.com (NLA) to administer forensic loan audits. NLA is a ""newly formed"":http://www.dsnews.biz/index.php/home/search_results/Blass/0/1 loss mitigation company assisting attorneys and loan modification professionals with loan auditing solutions nationwide, providing quality control, pre-close, and post-close auditing, risk assessment consulting, and fraud prevention to the mortgage and banking industries.
""After interviewing many companies, I felt that NLA offered the greatest value, convenience, and customer service,"" said David Petrovich, executive director, SPOCH. ""My objective is to negotiate favorable modification terms for homeowners. We are an advocate for NLA’s forensic loan audits as a tool to help homeowners compel their uncooperative lenders' approval of favorable workout terms, thereby enabling homeowners to save their homes.""
According to the ""Mortgage Bankers Association"":http://www.mbaa.org (MBA), nearly 1.1 million subprime loans were reset in the first half of 2008. Of those 1.1 million, 91,000 have been modified as of October 2008, NLA said.
""NLA’s in-depth risk assessment and compliance management solutions address concerns amidst a growing default market segment,"" said August Blass, CEO of National Loan Auditors. ""Market conditions show a dramatic demand for loan modification workouts. However, with such a small percentage of actual modifications completed, there is a greater need for assistance with these transactions. As defaults rise, financial institutions will continue to lose billions of dollars and consumers will have fewer options available.
According to Blass, NLA is experiencing a growing demand from hedge funds, servicers, and other investors to analyze and expose underlying compliance issues that may have an impact on their portfolios. Blass said that by assessing compliance risk through an in-depth analysis, institutions can make immediate adjustments on how to value their assets. ""The days of performing a five-second compliance review are gone, and it’s going to take years to clean up the mess,"" said Blass.
""In 2009, I plan to continue using NLA’s forensic loan audits as a tool in my approach to lenders, because the deck is really stacked against the consumer during a loan modification negotiation,"" said Petrovich. ""Through all the smoke and mirrors with government programs, there is a concentrated rush to get the consumers to waive their legal rights rather than pursuing lenders for predatory practices. It is important that the consumer explore their legal rights before they rush into a band-aid solution.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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