Sample Triage Report Card - Diligence Group

BORROWER: JOHN Q.
BORROWER Date of TRIAGE: 06/19/2011

SSN - Borrower XXX-XX-4956 SSN - Co-Borrower XXX-XX- 2573 Audit Type INITIAL LOAN TRIAGE REPORT LOAN INFORMATION ATCLOSING Property Address 123 MAIN STREET City, State, Zip Code SEATTLE, WA 98112 Number of Units ONE Property Type SINGLE FAMILY - PUD Loan Purpose CASH OUT REFINANCE Loan Amount $ 931,000.00 Estimated Value $ 1,330,000.00 LTV / CLTV 70/% Borrower Empl / Inc. Co Borrower Empl / Inc. LENDER DID NOT CAPTURE DATA LENDER DID NOT CAPTURE DATA 1st Lien Application Date Closing Date 3/30/2007 Funding Date HUD REQUIRED 1st Pay Date 5/1/2007 1st Rate Change Date 4/1/2014 1st Pay Change Date NOTE REQUIRED Maturity Date NOTE REQUIRED Loan Product 1 YEAR LIBOR ARM Note Rate % 6.7500% Teaser Rate % N/A Rate Floor % 2.2500% Rate Ceiling % 11.7500% Max. % Per Change 2.0000% PAYMEN TCAP N/A 2nd Lien
CO-BORROWER: MIN NO:
JANE Q. CO-BORROWER 1st Lien RECOMMENDATIONS

1. MORTGAGE ANALYSIS
Additional Comments: The borrower's narrative is considered to be critical, to determine if he was the target of predatory financing based upon discrimination. The Underwriter asks that the borrower disclose how he came to use the services of Eagle Home Mtg., the type of loan he was seeking, details regarding his illness, and whatever treatments he might have been receiving, and the lender's level of awareness of his condition when the loan was originated and closed. The Underwriter needs to understand if the borrower received the loan type he
TRIAGE RESULTS 1. LENDER DID NOT CALCULATE BORROWERS INCOME TO DEBT RATIOS. 2. BORROWER MAY HAVE BEEN TARGETED FOR PREDATORY FINANCING DUE TO POSSIBLE DISABILITY. Note: While the underwriter feels that the comps used to value the subject property were not appropriate, the value reflected on the appraisal is supported, overall.
THIS TRIAGE REPORT CARD CAN BE FULLY CUSTOMIZED TO SUIT YOUR BUSINESS
Originating Lender EAGLE HOME MORTGAGE, LLC Original loan # Servicer
DOCUMENTS NEEDED TO PERFORM FULL ANALYSIS P&I Per Note / Max P&I 5,236.88 P&I (Fully Amortizing) Taxes / Insurance / HOA 1,324.00 Consumer Credit Debt $15,436.00 Lender Housing Ratio LENDER DID NOT CALCULATE Lender Back Debt Ratio LENDER DID NOT CALCULATE Actual Housing Ratio 6560 / 18000 = 36.44% Actual Back Debt Ratio 21906 / 18000 = 121.7% Assets LENDER DID NOT CAPTURE Occupancy PRIMARY RESIDENCE 1st Lien Loan Term Months 360 Loan Term in Years 30 Amortization Term NOTE REQUIRED TO DETERMINE Prepayment Penalty NOTE REQUIRED TO DETERMINE Hard / Soft / Hybrid NOTE REQUIRED TO DETERMINE Index Margin 2.2500% Fully Indexed Rate Rounding Factor .125% UP Look Back 45 DAYS PRIOR TO CHANGE Neg Amortization N/A Pay Option Feature N/A Interest Only Feature NOTE REQUIRED TO DETERMINE Late Charge % / # Days NOTE REQUIRED TO DETERMINE Your Company Name Here 1. NOTE 3. BORROWER NARRATIVE 4. COPY OF MORTGAGE 5. COPY OF FINAL HUD-1 6. 2ND LIEN DOCUOMENTS IF ANY.
originally sought; if the mortgage broker or loan officer "sold" him this loan over, a more stable product, if his closing fees were higher than he anticipated, or if there was any aspect of his loan product or closing that was a "surprise." The Underwriter seeks to know if the loan officer fully explained the loan product the borrower received, and the borrower's capacity to repay the debt over the course of time.
Your Address Your Phone Number Your Fax Number Your Email Address
THIS TRIAGE REPORT CARD MAY BE FULLY CUSTOMIZED TO INCLUDE YOUR COMPANYS INFORMATION, LOGO AND COLORS.
The TRIAGE REPORT CARD represents an initial review of a borrower's mortgage transaction. The purpose of the Triage is to determine if a borrower was targeted for a predatory financing
YOUR LOGO HERE
due to discrimination. The triage report card is designed to assist the borrower's legal representative to determine if a borrower is a potential candidate to lodge a FAIR HOUSING COMPLAINT with the US Department of HUD.
TRIAGE REPORT / BRIEF DESCRIPTION OF DOCUMENTED FINDINGS:

The results of this initial triage are limited due to lack of documentation. The auditor could not calculate the borrower's back debt ratios or determine several aspects of the terms of the Note as the document was not available for review. The documents used to perform the initial review were the Rider to the Mortgage, the TIL, the lender's underwriting approval and the loan application. Based upon an inspection of these documents, the reviewer was able to ascertain that the lender granted a loan totaling $931K without verifying the borrower's capacity to repay the debt. It is the understanding of the reviewer that the primary borrower was ill when the mortgage was originated. While the full extent of the borrower's illness is not known, the borrower may have been considered to have been "disabled" at the time the loan was taken out, and as a result, the borrower may have been targeted for predatory financing. It is clear that the lender based their credit decision upon factors that did not include a careful analysis of the borrower's employment, income or assets. Such a lack of due diligence is alarming, and gives rise to concerns that the lender, cynically, granted the loan to the borrower feeling that granting credit was a "win/win" situation, i.e., the lender or investor could always foreclose and make a considerable profit if the loan lapsed into default. Additionally, the "lender," Eagle Home Mortgage, LLC, originated the loan as a forward commitment. Per the Baylee letter provided in the credit file, the loan was intended to be sold to Countrywide upon closure. As the "lender" used funds from a warehouse line, and sold the loan before it even closed, the lender had no investment, whatsoever, in the loan's future performance. The loan was originated as in Interest Only ARM, whose payments were "fixed" for a limited number of years, and whose terms effectively shortened the actual amortization period of the loan from 30 to 23 years. The Rider to the Mortgage also reflects that the borrower's maximum interest rate could increase to 11.750%. If it is determined that the borrower was disabled when the loan closed, the borrower may have been subjected to discrimination, predatory targeting and bias.
An initial review of the borrower's appraisal was performed, in addition to a an on-line review of the home's most probable market value when the appraisal was performed. While the Underwriter feels that the comparable properties used by the appraiser may have been inappropriate, and the appraisal document itself appears to contain flaws, overall the final reconciled value at which the appraiser arrived, appears to be supported.
DISCLAIMERS: The Diligence Group, LLC is not engaged in the practice of law, does not provide legal advice, or provide modification, mediation , foreclosure defense or any related service directly to the consumer (distressed homeowner). Our Due Diligence Analysis reports are designed for the exclusive use by valid, licensed legal, institutional, mortgage, and foreclosure defense professionals. The Auditor who performed this initial findings report is not an attorney, is not engaged in the practice of law, offers no legal advice and performs no foreclosure defense, modification, mediation, or any other related service or activity directly to the consumer (distressed homeowner). Individuals who require these services are encouraged to seek the advice of a competent attorney, or other appropriate professional who is legally entitled to offer the services that the consumer requires. Neither the Diligence Group, LLC or the Auditor obtains or collects documents of any kind on the behalf of the borrower, the borrower's agents and/or representatives. This publication has been created to provide accurate and authoritative information relative to the subject matter presented; this publication has not been created by individuals licensed to practice law. This document is not a substitute for the advice of an attorney. The Diligence Group, LLC makes no representations and warranties of any kind and assumes no liability whatsoever, for any due diligence report findings including incorrect findings arising from incomplete data and/or documentation, inaccurate data, improper classification of data or erroneous interpretations of the loan data and documents submitted for review. Documents presented for analysis that are not "certified true correct" copies of the borrower's fully executed, notarized closing and credit package, obtained directly from the lender or servicer of record may not accurately reflect the documents that are considered to be genuine, signed by the borrower at closing, and which represent the borrower's contract with the Mortgagee. The Diligence Group, LLC, and the Auditor performs its analysis and creates it's reports in good faith, using all documents that have been provided. The Diligence Group, LLC and the Auditor performs it's analysis and prepares all reports based upon the assumption that the documents and data submitted for analysis are an accurate representation of the borrower's final, true, correct closing and credit package, or a portion thereof, and that the parties who are presenting the documents accept complete responsibility for the documents' authenticity.

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BORROWER: JOHN Q.

BORROWER Date of TRIAGE: 06/19/2011

CO-BORROWER: MIN NO:

JANE Q. CO-BORROWER 1st Lien RECOMMENDATIONS

Originating Lender EAGLE HOME MORTGAGE, LLC Original loan # Servicer

YOUR LOGO HERE

TRIAGE REPORT / BRIEF DESCRIPTION OF DOCUMENTED FINDINGS:

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