Since the housing market collapse, real estate note buying has changed significantly. Purchasing notes, and especially re-performing and non-performing ones, can be disastrous if not thoroughly scrutinized and analyzed to screen out the possibility of hidden problems. 
The mortgage industry’s predatory nature has been evident for years. Appraisal and broker fraud, errors, contract breaches, statutory/regulatory violations, standing and assignment problems, etc., are rampant. There are tens of thousands of these questionable loans now commonly grouped into portfolios and sold off to unsuspecting investors. And to exacerbate this problem, there are literally thousands of so-called "foreclosure defense" attorneys making "stall" arguments, to keep borrowers in their homes as long as possible without making payments; stretching out the foreclosure timeline and massively increasing costs to investors. With a multi-year foreclosure timeline in judicial states, and increasing foreclosure times in non-judicial states, it is neccessary and imperative to identify which of these NPLs have problems. ​

Even respectable names such as Fannie Mae, Freddie Mac, and Ginnie Mae have problem loan portfolio’s they purchased, and then resell to others. The Federal Housing Finance Agency found that out of 966 randomly chosen mortgage loans from two AAA rated securities from 2006 and 2007, 78% were not underwritten properly and resulted in the securities being rated CCC by 2011. So even Fannie Mae found out one has to look beyond the direct parties involved, into the actual origination of the loan to determine its quality. If they had done this sooner, it wouldn’t have cost the FHFA a hundred billion dollars in losses. 

This is where Mortgage Note & Portfolio Examiners's unmatched expertise comes in. As part of a litigation support company, our team of
 specialists has experience in reviewing mortgage files on behalf of mortgage brokers, lenders, investors, and law firms for the purposes of loss mitigation, legal proceedings, and transaction risk.

The 21st century examination we provide scrutinizes the total mortgage transaction, not just the underlying notes. Making these all-encompassing evaluations uniquely different,  and significantly more comprehensive than traditional due diligence.


Mortgage Note & Portfolio Examiners is part of a litigation support company that has been providing specialized advice for complex cases requiring novel approaches and litigation support to attorneys for almost forty years. A major and crucial part of this work is performing forensic examinations and analysis of legal documents and mortgage transactions. Due to the rising need to prevent losses before they occur on non-performing and re-performing loan sales, Mortgage Note & Portfolio Examiners was created to provide investors the edge they need to deal with confidence.​​​​​​

Staffed with experts in loan origination, appraisals, real estate law, and title work, we offer a range from basic to a thorough analysis of the mortgage transaction. We analyze documents for any inconsistencies that could invalidate your note and give rise to hidden costs. Simply put, the underwriting on these loan portfolios failed to properly analyze the mortgage the first time around, leading to massive amounts of default and losses to investors. It is financial suicide to buy blindly based on past underwriting that clearly did not identify the problems and risks involved. And while we do provide litigation support in recovering losses on past transactions, not having those losses in the first place should be everyone’s goal. We are here to help you mitigate and become aware of this type of loss before it even happens.



The process begins by first identifying which tier would give you the information you are looking for to achieve profitability. Depending on whether you are seeking to outsource your existing custom analysis, review potential portfolios for risk, an overall transaction for fraud, or simply to verify basic loan information. 

After you have selected which tier best fits your needs we will move forward in a timely manner to start the in house analysis you've chosen. 

All examinations are be done in-house, and all data will be secured and used for no other purpose. The analysis will be provided in Microsoft Word and/or pdf format explaining what was identified, as well as spreadsheets in Microsoft Excel format for easy reference. In addition, electronic copies of appraisal and title products obtained will be provided.

After our analysis is complete, including analysis of any initially missing paperwork that is provided in a timely manner, upon your approval we will destroy all data and archive the analysis and electronic copies of appraisal and title products

Also, as part of the litigation support services we specialize in is post-transaction relief; that is, analyzing transactions forensically for ways to recover losses due to fraud, breaches of the loan sale agreement, and other actions. Often, we are called in simply to make sense of failed transaction, and simply boil it down to facts, frauds, contract breaches, and reasons. Once you know the parties involved, it becomes far easier to filter who did what, why they did it, and what they were trying to accomplish or hide. Then it becomes clear who to sue, buyback, or recover damages from.


Mortgage Note & Portfolio Examiners gives you that much needed second opinion before acquiring mortgage notes or land trusts. They forensically examine the transaction to identify any problem areas.  Their in-depth analysis of the transaction and appraisal process can save you a lot of money. I highly recommend anyone who is the note business to call them. They have been instrumental in helping me make informed decisions before buying Non-Performing notes.
                                                  Isabel Perez
                                                                    IP Property Investment Group LLC

This group knows what to look for in notes! Years of successful experience. They recognize red flags' pretty quickly.  Bottom line, they just know what a good note is suppose to look like and can determine the risk involved! The report they prepare is concise and comprehensive. This enables you to make a good decision on the asset you are interested in purchasing. Their service can save you hundreds, no thousands, of dollars in your portfolio! I can't recommend Mortgage Note & Portfolio Examiners enough. 

                                                                                                                  Trish Williams
                                                                                          NOTEable Women, LLC

The founder of Mortgage Note & Portfolio Examiners has been able to utilize his extensive banking knowledge and experience to make a substantial amount of money for my company. He has minimized our losses and increased our profit margins.​​ Many individuals, companies & lawyers have benefitted from the skill and mindset he has. I've worked with Storm a couple of years now and highly recommend his services to banking institutions, note buyers, note sellers.

                                                                                                                  Robert Darcy
                                                                                          Superior Consultants



The analysis first looks at basic property information, to include taxes, ownership, property insurance, and if present, basic mod status of the notes. We then do a basic look for evidence the borrower is even willing to obtain a loan modification.

We review the Security Instrument to verify the legal description, and 
compare loan information and other pertinent documentation to verify that the notes being sold match up with the advertisements and Sales Contract. While examining the Sales Contract, we see if any obvious red flags for fraud or unreasonable terms appear.

Tier 1 is a more comprehensive and meticulous analysis of the note and transaction than the basic due diligence being performed.


(This includes Tier 1)

We analyze the Security Instrument in even more detail to see if it is free of apparent errors and is properly assigned to the Seller.

If loan modifications are present we analyze the mods executed in more detail, to include the modification start date and payments as per the servicer. 

If there are non-performing notes without loan modifications, we analyze the borrower's situation and try to reconcile what their income is, reason for default if any, and if a modification is feasible.

Analysis of cash flow, reconciliation of payments, credits,  pre-mod payments, and try to determine future payments of what we expect the loan to yield in future payments. 

This is highly recommended for the purchase of complicated or high cost notes; notes from servicers not highly rated, defaulted notes for potential modification, and checks to identify if any cash flow inconsistencies exist. 



(This includes all of Tier 1 and Tier 2) 

Verification of all notes to verify they were originated correctly, to include proper licensing, etc. An analysis of future interest rates on modified terms, and comment as to potential liability about those modifications.

We analyze the loan origination paperwork, to evaluate predatory and unfair lending, stated income fraud, stated asset fraud, broker fraud, etc.

​We do a rough foreclosure analysis using Fannie Mae's timelines and foreclosure costs by state assuming 10% loss at sale and 10% loss for unlisted costs to roughly determine last resort recovery.

This is highly recommended for buying subprime and the more exotic notes, defaulted notes for foreclosure offsets, and if any question of cash flow from pending modifications is present. 


TIER 4​ 
(This includes Tier 1, Tier 2 and Tier 3) 

Detailed examinations of single mortgage transactions with checks for appraisal fraud, contract breaches, violations of statutory/regulations, recoupment/setoffs, etc. Also includes information for detecting and defeating "stall" attorneys and their arguments.


PO Box 1332 

Ashburn, Virginia 20146