A Mortgage Audit is a complete examination of all loan documents, borrower fees and lender actions during the mortgage process.
The Mortgage Audit also determines if the loan is in compliance with RESPA, TILA, APR, HOEPA and other federal or state banking regulations.
In the majority of cases there have been violations and or a blunder and for that reason a lender wants to avoid a lawsuit thrown at them, they'll customarily offer a new rate that is better than anything you could have attained to begin with! Here Are 4 Common Facts About The Audit Industry:

• 45% of home-owners are due a refund that is more than $1,500
• 23% of refunds due stretch from $3,500 up to more than $10,000
• 11% of homeowners are owed a refund of over $10,000
• 70% of existing escrow accounts violate federal law by retaining excessive balances

What Does this Mean To You? It may appear from the facts we cited above that the only advantage is that you may be owed a substantial amount of money from your bank but really, this means a way more.
If a violation or inaccuracy is found even as minuscule as a $35 error within the Truth in Lending disclosure statement you can get around a foreclosure, delaying the process for months giving you a chance to get the money or to bounce back and afford your payments.
The biggest advantage is the bank will propose an offer bringing down your mortgage payments by enough that you can afford it again.