So I’m sitting here in a continuing education today getting the credit for my eight hours that I needed for 2011. As of the time I’m writing this we are going through: THE NATION’S FAIR HOUSING ACT The certified instructor is talking about discrimination, rules, regs, American’s with disabilities, more rules, ECOA, more rules and more rules and the conversation digresses to fraud. He takes a time out to discuss the effect that these rules have had within lending and our housing industry. He … (56 comments)
mortgage fraud: Mortgage Fraud....ON THE DECLINE!
- 03/08/11 01:39 AM
It seems that every time you turn around there is another story about mortgage fraud or another guy getting arrested for scamming a client. I'm not sure how many people have actually put the two together. In other words....could there be high defaults within the mortgage industry because of so much mortgage fraud? That seems to be a great parallel. I don't get it. I want to make a buck as much as anyone. I keep telling God to give me patience, but damn it, give it to me now. In other words...I'm an impatient kind of guy. Anyway....I've always been … (8 comments)
mortgage fraud: When A Client Commits Fraud
- 05/21/09 12:50 AM
There's a client out there waiting to buck the system. Wants money, but doesn't want to or have the capability to play by the rules. I was notified by a builder yesterday that there's someone out there (they even gave me the name of the person) who is into scamming mortgage companies through fraud. The person gives false information. They give a legitimate social security number, but they give fraudulent documents, including W-2's and paystubs and bank statements. We'll pull the credit, run it through and automated underwriting system (AUS) and approve the loan. We'll go to closing and get the … (14 comments)
mortgage fraud: Countrywide gets sued again...
- 08/13/08 02:38 PM
The headline of Orginator Times today read....Countrywide Sued By Another State for Inducing Consumers to Take Out Loans They Couldn't Afford. Unfortunately, this was first seen when the attorney general of Illinois filded suit against CW. Illinois was the first state. Now West Virginia joins the ranks as well. The Attorney General for West Virginia alleges Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable. These loans exposed consumers to foreclosure and loss of their homes. Countrywide also used unfair and deceptive acts or practices to make loans and service loans. For example, Countrywide induced consumers … (16 comments)
mortgage fraud: Mortgage Fraud - Finally a message is being sent!!!!
- 06/19/08 03:10 PM
Every year we have more regulations, more tests, more certifications. While I do think that certifications are good, the real issue is the fact that the crooks keep getting away with it. I have always hated that. I really do. According to today's Chicago Tribune.....TODAY, the Feds came in and busted more than 67 people in Chicago. The Department of Justice, DOJ, arrested these people for mortgage fraud in a sting called Operation Malicious Mortgage. They busted mortgage brokers, loan officers, realtors, homebuilders and lawyers......Get this (I can say this b/c I'm a lawyer)...the lawyers now have to hire lawyers to … (6 comments)
mortgage fraud: Have all the people wearing white hats gone away? Mortgage Fraud
- 07/25/07 05:08 PM
It seems that every time you turn around there is another story about mortgage fraud or about the sub-prime market going asunder. I'm not sure how many people have actually put the two together. In other words....could there be high defaults within the mortgage industry because of so much mortgage fraud? That seems to be a great parallel. I don't get it. I want to make a buck as much as anyone. I keep telling God to give me patience, but damn it, give it to me now. In other words...I'm an impatient kind of guy. Anyway....I've always been persistant in … (10 comments)
1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.” (John 14:1-4, New King James Version)
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