How To Become Certified As A Forensic Loan Auditor
Submitted by: TigerEye
If you enjoy working with laws and banks, there is a job waiting for you as a forensic loan auditor. This job is to find errors or downright violations in the laws covering loans. Take a look at this article and learn how to get certified in this growing field.
The recent debacle involving predatory lending in the United States and a few other places has activated a new category of work. Those who are able to study the law of loaning money on behalf of those who are about to lose their property are coming into demand. As the money increasingly gets tighter, more people are about to lose their homes. If this can be prevented by the use of a loan modification or by simply discovering that the loan is unenforceable, the home owner will benefit greatly. This is where you will come in. A forensic loan auditor will go over the mortgage contract of a home owner and discover telling facts about the contract.
To get started in this field of work, you will need to show your credentials. Getting certified is a perfect way to do that. The National Association Of Mortgage Underwriters or "NAMU" is known in the banking sector nationwide. They will be able to teach you how to examine loans carefully for State or Federal inconsistencies. You will be learning how to break down a loan document and related documents. You will find out how to know if the parties involved were truly authorized to enter a contract.
You will be studying about the "Truth in Lending" aspect of banking. This is an Act set in place as a part of the Consumer Credit Application Act. It is implemented by the United States Federal Reserve. It is a normalized process of information that helps the debtor against predatory lending practices.
You will also be learning about the "Right of Rescission". This is a special law allowing the debtor to cancel a contract within three business days of the date of a loan application. They will not receive a penalty for this action. This right is provided by the previous Truth In Lending Act.
There are a host of other things you will be learning. To prepare, you will want to attend a local thirty two hour course given by the National Association Of Mortgage Underwriters. It will cost around $2500 dollars. It lasts about five days and requires a professional career in law, real estate or mortgage industries. You will be given a criminal background check, including sex offenses. At the end of the class there is an exam by the National Association Of Mortgage Underwriters. If you pass you are awarded the title of Certfied Forensic Loan Auditor. This organization can be found at the link below.
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Word Count: 476 Date: Thu, 4 Feb 2010 Time: 1:31 PM
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