False Claims Act Litigation Support – Mortgage Servicing
CrossCheck provided litigation support in a False Claims Act lawsuit involving HAMP mortgage servicing allegations against one of the largest mortgage servicers. The engagement included review of the relators’ allegations, analysis of HAMP servicing and loan modification practices, and expert testimony in support of the client’s defense. CrossCheck’s work helped the client evaluate servicing-related claims and supported a favorable settlement.
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Loan Modification Expert Witness and Litigation Support
Counsel for a top-five bank engaged CrossCheck in several cases involving denied HAMP loan modifications. CrossCheck reviewed the underlying servicing files, prepared an expert report, and provided deposition testimony that resulted in favorable settlements for the bank.
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Loan Modification Expert Witness Support
In a class action regarding HAMP loan modifications against one of the largest banks, counsel engaged CrossCheck to conduct a mortgage servicing file review, prepare an expert report, and provide deposition testimony. CrossCheck’s expert witness support contributed to the defense’s successful opposition to class certification.
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Mortgage Servicing Review
One of the nation’s largest banks, serving as trustee for various mortgage-backed securities, engaged CrossCheck to perform an independent review of the servicer for the trust’s loans. The review provided the trustee with a reliable understanding of servicer performance, servicing controls, and overall servicing effectiveness.
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Mortgage-Backed Securities Expert Witness and Loan Review
Mortgage-backed securities investors, including government-sponsored enterprises regulated by the FHFA, have filed actions under the Securities Act of 1933 and various state investment acts. Defendants’ counsel have retained CrossCheck to provide loan file review and expert witness testimony in many of these cases. We review the mortgage loan files underlying the security to evaluate the original underwriting and due diligence process and 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.
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Predatory Mortgage Banking Litigation and Underwriting Review
A borrower sued the client, a national mortgage lender, alleging 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 loan product. As a result, the client was able to achieve a favorable settlement of the case.
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RMBS Third-Party Review and Settlement Evaluation
CrossCheck partnered with a major litigation support firm to provide a third-party fairness opinion on a proposed settlement between an RMBS issuer and various investor groups. CrossCheck supervised the review of several thousand loans sampled from multiple RMBS trusts to evaluate the proposed settlement amount. The work resulted in approval of the proposed settlement.
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