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Bloomberg Terminal Shuts Down Loan Find Program That Many Mortgage & Securitization Auditors Rely On

Bloomberg Terminal Shuts Down Loan Find Program That Many Mortgage & Securitization Auditors Rely On

by WireService.coFebruary 6, 2013

Cheyenne, WY — As of Tuesday morning Bloomberg’s account managers have confirmed that the Bloomberg Terminal Loan Find program has been removed from the terminal options.

The Loan Find program had previously been sold to attorneys, forensic loan auditors, and mortgage auditing companies across the country. The program allowed members to search and identify the trust for securitized loans. This information is invaluable for foreclosure defense cases, as it will help determine if the party foreclosing has any right to do so.

Its speculated that several banks pressured Bloomberg to terminate the Loan Find Program but the official statement from account managers at Bloomberg to a Paladin Securitization Auditors representative, is that their information was being resold to non-subscribers of the program. Homeowners were getting information that proved their loans were still actively trading and that the trusts were not showing losses, at least not in the amount the foreclosure attorneys claimed.

The effect of the shutdown has sent waves through the mortgage auditing industry. By shutting down the Bloomberg Terminal’s Loan Find Program, many of the seminar-trained auditors have lost one of their main sources for obtaining trust data. For forensic loan auditors and mortgage auditing companies, this could very well throw a wrench in the production system.

There are still some mortgage auditing companies out there that used different systems to identify loans. For example, Paladin Securitization Auditors of Cheyenne, WY is capable of identifying loans through their own internal system. A spokesperson for Paladin stated,

“If you’re facing foreclosure and are wondering where to get a mortgage or forensic loan audit, be sure to look at the auditing company’s website to see if their main source of loan information was from the Bloomberg Terminal. If it was, you may want to consider other options.”

“Paladin Securitization Auditors uses a completely different system to identify loan trusts and is completely unaffected by the shutdown of Bloomberg’s Loan Find Program.”

Paladin Securitization Auditors is currently offering a free consultation to attorneys and homeowners to see if a securitization audit is right for your individual situation. They can be reached at (877) 848-8088 or you can also email a representative here.

Paladin Securitization Auditors offers trial-ready securitization audits to attorneys & homeowners. They also offer unchallenged expert witness testimony.

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