Mortgage Auditing FAQ

Frequently Asked Questions

Q: My mortgage has been sold to a different mortgage company, do I need to audit my mortgage?

A: Yes. Your mortgage may contain errors and miscalculations putting you at risk of being overcharged.

Q: When should I have my mortgage audited?

A: You need to have your mortgage audited:

• If your loan has been transferred or sold

• If your mortgage has an escrow account

• If you have an adjustable rate mortgage

• If you are currently paying or if you have ever paid Private Mortgage Insurance (for conventional mortgages) or

Mortgage Insurance Premium (for FHA and VA mortgages)

• If you have ever paid any extra money to reduce the principal portion of your mortgage

• To rule out any miscalculations, errors and overcharges

Q: What is the difference between a mortgage company and a mortgage servicing company?

A: A mortgage company is the party that originates or brokers a mortgage. A mortgage servicing company is the

party that services your mortgage, posts your payments and keeps track of all your mortgage information via

computer.

Q: How can I receive a mortgage audit?

A: Click here.

Additional Information

For more in depth information, including sample letters, forms, tips and step-by-step detailed information, please click here to reach our free publications page.