Representative Engagements
California Department of Financial Protection and Innovation (DFPI, formerly DBO) Per Diem Interest Audit
Assisted a large mortgage lender defend allegations by the Department of Business Oversight that it had not properly computed per diem interest on California loan closings. The lender engaged CrossCheck to perform an audit of a sample of loans selected by the DBO and recompute the per diem interest. Our findings and insights helped the lender favorably resolve the allegations with the DBO, improve their processes and avoid significant fines.
Client Type
Mortgage Company
Law Firm
Service Type
Compliance Audit
False Claims Act Lawsuit
Realtors, on behalf of the federal government, brought a False Claims Act lawsuit against one of the largest mortgage servicers, alleging they had not properly performed HAMP modifications. CrossCheck reviewed and responded to the realtors’ allegations, providing expert testimony that helped the client achieve a favorable settlement.
Client Type
Mortgage Servicer
Law Firm
Service Type
Expert Testimony
HAMP Class Action
A plaintiff brought a class action regarding HAMP modifications against one of the largest banks. Counsel engaged CrossCheck to review the mortgage servicing files. We prepared an expert report and provided deposition testimony, which resulted in denial of class certification.
Client Type
Large Bank ($50 billion + in assets)
Law Firm
Service Type
Expert Testimony
HAMP Expert Testimony
Counsel for a top-five bank engaged CrossCheck on several cases to review plaintiffs’ declined HAMP modifications. We prepared an expert report and provided deposition testimony, resulting in favorable settlements for the bank.
Client Type
Large Bank ($50 billion + in assets)
Law Firm
Service Type
Expert Testimony
Mortgage Servicing Review
One of the nation’s largest banks, serving as trustee on various mortgage-backed securities, wanted to assess the performance of the servicer of the trust’s loans. CrossCheck performed this review, allowing the trustee to have a reliable understanding of the servicer’s performance.
Client Type
Large Bank ($50 billion + in assets)
Law Firm
Litigation Support Firm
Service Type
File Review
Predatory Lending Litigation
A borrower sued the client, a national mortgage lender, alleging that the lender engaged in predatory lending and loan flipping. CrossCheck reviewed the underwriting of the subject mortgage loan and provided expert opinions on the quality of the underwriting (including the borrower’s ability to repay), benefit to the borrower, and suitability of the type of loan. As a result, the client was able to achieve a favorable settlement of the case.
Client Type
Mortgage Banker
Law Firm
Service Type
Expert Testimony
Review of New Products and Services
A fintech company sought consulting services to assist them with a review of its home equity line of credit (“HELOC”) program documents by counsel licensed in 48 states. CrossCheck Compliance utilized its relationships with financial services law firms to source local counsel in each of the states with the expertise to perform the state specific reviews and managed the process including negotiating the services/fees of local counsel on behalf of the client, providing instructions for the reviews, responding to questions, tracking status, deliverables, and managing the invoicing/billing of the client. As a result of this engagement, the client was able to quickly and cost effectively roll out its HELOC program nationwide with a built-in network of legal counsel to support future needs.
Client Type
Fintech
Law Firm
Service Type
Compliance Consultation
RMBS Investor Litigation
Mortgage-backed securities investors, including government-sponsored enterprises regulated by FHFA, have filed actions under the Securities Exchange Act of 1933 and various state investment acts. Defendants’ counsel has retained CrossCheck to provide loan file review and expert testimony on many of these cases. We review the mortgage loan files underlying the security to evaluate the original underwriting and due diligence process. We determine the consistency of the loan portfolio’s attributes with security offering documents. CrossCheck has utilized its experience with loan products and underwriting standards to provide evaluations relevant to the historical context in which the loans were originated. Our work has culminated in expert reports, deposition testimony, and trial testimony.
Client Type
Large Bank ($50 Billion + in assets)
Law Firm
Litigation Support Firm
Service Type
Expert Testimony
