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Courts force banks to show math on mortgage loans amid rising feuds
Cases have established that where evidence raises a genuine dispute over how a debt was calculated, courts can require the bank's figures to be tested, reconstructed or independently audited.
Courts are increasingly scrutinising the calculation of disputed mortgage and loan repayments, requiring banks to explain interest, charges, payments, credits and balances.
In some cases, courts are also ordering formal taking of accounts or independent audits to establish the correct amount owed after disputes arise over interest variations, penalties, fees, charges and alleged overpayments. A formal taking of accounts is a judicial process where a court, auditor, or appointed official compels a fiduciary (such as an executor, trustee, or administrator) to present a detailed, verified report of financial transactions, asset management, and estate or trust administration.
