Mortgage Lending Expert in APR Calculation

Case Description:

A mortgage lending expert in APR calculation was needed for class action litigation alleging violations of the Truth in Lending Act, also known as Regulation Z. The plaintiffs were consumers who had taken out second mortgage loans. The defendant, an issuer of mortgage backed securities and other asset backed securities, purchased the plaintiffs' second mortgage loans from several lenders. Plaintiffs alleged that the Annual Purchase Rate (APR) used to calculate the interest on their loans was incorrect.

IMS ExpertServices was asked to find mortgage lending experts with knowledge of second mortgage loans. The selected expert was asked to opine on what charges are typically included when calculating APR interest on a mortgage loan, and to review HUD-1 statements regarding the second mortgage loans in question.

Experts Presented:

  • Mortgage Banking Expert

    This mortgage banking expert has over 25 years of experience in the industry with positions in originating, underwriting, loan service, and regulatory compliance. She is equally skilled in secondary markets and subprime lending and is a member of the National Home Equity Mortgage Association. As a consultant, she is frequently hired to audit and improve processes and to uncover or protect against fraud and noncompliance. This expert is a frequent presenter at regulatory meetings, lending conferences and attorney seminars. She is an experienced expert witness. IMS Reference #1216165

  • Residential Mortgage Expert

    This residential mortgage expert has more than 15 years of experience in mortgage lending. One of his initial efforts involved successfully originating salable FHA Title One loans. He has been a loan officer, supervisor, underwriter and consultant to the industry. This expert oversaw a program in which underwriters originated second mortgage loans that borrowers used for debt consolidation. He and his team calculated APRs on thousands of these mortgage loan applications. He has written guidelines for correctly calculating APRs for HUD and FHA compliance purposes. IMS Reference #5002220

  • Mortgage Lending Expert

    This mortgage lending expert has more than 20 years of experience in residential lending. She has worked for and consulted to regional and national banks and asset management firms. For one employer she was responsible for audits, workouts and the eventual sale of $680 million failed and seized savings and loan assets. This expert has designed training programs to deliver compliance training on conventional and subprime mortgage products to regulators and bank personnel. She is an experienced expert witness. IMS Reference #1413800

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