National Loan Auditors[TM] Alliance with SigniaDocs Adds eMortgage Functionality to US Court Audit[TM].
WALNUT CREEK, Calif. -- National Loan Auditors[TM] (NLA), the premier provider of forensic loan audits for attorneys and financial institutions, has formed a strategic alliance with SigniaDocs, an industry leader in providing electronic document preparation and quality control management solutions for the residential mortgage industry.
The alliance links US Court Audit[TM] -- a comprehensive third party analysis of loan files designed specifically for the bankruptcy process -- with SigniaDoc's state-of-the-art, secure, on-line paperless eMortgage processing platform. The result is a seamless mechanism for negotiating, executing and delivering legally compliant loan modification agreements electronically in final form.
NLA unveiled US Court Audit[TM] last month, anticipating the surge in requests for court-ordered mortgage "cram downs" resulting from the likely Congressional passage of legislation that will allow bankruptcy judges to modify the terms of residential mortgage loans as part of the Chapter 13 debt-restructuring process.
The audit provides a thorough and objective review of the loan and the underwriting process; identifies violations by the lender and improprieties by the buyer; includes a detailed property value estimate; and calculates a bottom-line recommendation for loan modification terms.
"Our goals in developing US Court Audit[TM] were two-fold," August Blass, founder and CEO of NLA, said. "To give bankruptcy judges and trustees a tool they can use to quickly evaluate loan modification requests and expedite the bankruptcy settlement process; and to encourage debtors' and lenders' counsel to negotiate loan modification agreements they can present to a judge for speedy approval."
The alliance with SigniaDocs advances both goals, Blass said. "It provides the technology engine that facilitates a collaborative effort among all parties and it streamlines the decision-making process for bankruptcy judges."
Even if the "cram down" legislation doesn't pass, Blass noted, "lenders/servicers and buyers will be dueling over loan modifications, and the independent, 100 percent factual analysis provided by US Court Audit [TM] will be an essential negotiating tool for both sides."
US Court Audit[TM] and SigniaDoc's paperless eMortgage platform are "a perfect match," Tim Anderson, President of SigniaDocs, said. "The bankruptcy courts are already accepting electronic files," he noted. "Our system allows US Court Audit[TM] to take advantage of that existing framework."
