American Mortgage Auditing Poised to Clean Up The Mortgage Industry

It's no secret that American homeowners are overcharged between $8 and $10 billion each year because of mortgage lender mistakes. Studies by the Resolution Trust Corporation and the General Accounting Office have revealed error rates from 20% to 80% depending on the type of mortgage and which lender was used. Now Boston-based American Mortgage Auditing (www.AMAuditing.com) is aiming to cash in on the plague of errors that infects the mortgage industry.
   
According to American Mortgage Auditing CEO Tim Bourgeois, "millions of homeowners have been overcharged on their mortgages and we're on a mission to find those errors and help people get the refunds owed to them." Although this is not a new problem, most homeowners have been unwilling to spend the $149 to $249 that most companies charge for a mortgage audit because not every note contains errors.

"Until now it has been a gamble for homeowners: you paid for an audit with no guarantee of a refund," says Mr. Bourgeois. "What we're doing is offering mortgage audits with a no-risk pricing policy. If we don't find an error and get you a refund, you don't pay for the audit."

To ensure successful operations, American Mortgage Auditing needed the ability to target mortgages that were at a high risk for containing errors. Through its web site, American Mortgage Auditing launched LoanStream, an online software tool that analyzes loans for error risk levels and other opportunities to save money on mortgages. LoanStream is available free on the company's website, www.AMAuditing.com. After homeowners complete a brief questionnaire, the system quickly analyzes the inputs and communicates the likelihood of mortgage errors and suggests alternative money saving opportunities.

Mr. Bourgeois is pleased with the early results of operations: "It looks like one of our more popular products is going to be Equity Plan, an automated biweekly payment plan that reduces interest expense for homeowners. When LoanStream analysis reveals that significant savings can be realized using Equity Plan, our system communicates exactly how much we can save homeowners and how we are going to do it." On a typical $100,000, 30-year mortgage at 8.5%, for example, American Mortgage Auditing can save a homeowner $61,027 and slash 8 years off the life of their mortgage through Equity Plan.

According to Mr. Bourgeois, "Since our launch in May of 2002, LoanStream has proven to be an exceptional lead generation tool. The proprietary system allows us to offer a great service at a lower cost to customers and it saves everybody time because customers know before hand whether we can help and how we can help them."
About American Mortgage Auditing

Located in Boston, Massachusetts, American Mortgage Auditing is a leading provider of mortgage and loan savings solutions. The firm is dedicated to helping homeowners save money, build equity, and decrease debt without refinancing. Using its proprietary LoanStream software, American Mortgage Auditing analyzes loans and instantly identifies strategies to help homeowners save thousands of dollars, cut years off their loan, and acquire refunds when lender errors occur. The firm can be reached online at www.AMAuditing.com or toll free at 1-877-578-0231.




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