DALLAS, Nov. 15 /PRNewswire-FirstCall/ — First American First Lien Outsourcing, a member of The First American Corporation family of companies, announced today that it has partnered with National Bankruptcy Services (NBS), the nation’s premier provider of bankruptcy administration and vendor management services, to jointly provide default management and administrative outsourcing services to mortgage lenders and servicers.
“NBS provides deep domain knowledge and subject matter expertise in bankruptcy,” said Ty Miller, chief operating officer of First American First Lien Outsourcing. “Partnering with a firm known for its expertise in and proficient approach to default management provides enhanced value to First American and the clients we serve in the mortgage default space.”
The partnership combines First American’s foreclosure outsourcing expertise and default technology, including its automated default workflow solution VendorScape, with NBS’s national bankruptcy outsourcing services to provide a seamless solution for complete default management.
“First American’s VendorScape technology complements NBS’ existing proprietary bankruptcy tracking software and provides clients with additional transparency at the loan and portfolio levels,” said Larry Buckley, executive vice president of NBS.
VendorScape will also be used to streamline the bi-directional communication between the parties and local bankruptcy attorneys.
First American First Lien Outsourcing partners with mortgage servicers across the nation to implement creative default management solutions designed to reduce costs, enhance efficiencies and ensure regulatory and legal compliance. These solutions include timeline and data management, as well as information exchange among clients, vendors and attorneys.
NBS provides a total bankruptcy solution to mortgage servicers and consumer lenders from the inception of a case through its conclusion at discharge or dismissal. NBS manages the administration of bankruptcy portfolios with advanced technology that drives workflow, manages court dockets and payment data from multiple sources and coordinates required legal activity on cases at the local level. The NBS solution includes aggressive loss mitigation strategies in bankruptcy that can significantly reduce loss severity.
About The First American Corporation
The First American Corporation is a FORTUNE 500(R) company that traces its history to 1889. With revenues of $8.5 billion in 2006, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. More information about the company and an archive of its press releases can be found at
The non disclosure clause is useless. The transfer records of most counties are public records (some now available online) and show both sales price and assessed value. Mortgage recordation is also a public record showing face amounts of all recorded liens.
This all sounds like that guy in Cape Coral, Florida.
See the posts “trouble for the famous guy in the Cape”
Check out this link:
http://blog.mlive.com/annarbornews/2007/08/HRACUcase.pdf
Keep up the fight on this site. We need to get rid of BAD lenders (read Countrywide), BAD builders (read Gulfstream) and BAD gurus (read RW)
JG
Builders also profit by forcing homebuyers to use their mortgage company in order to qualify for any incentives the builder may be offering. Buyers pay higher rates and fees when they do not hae the complete freedom to shop for the mortgage that fits them rather than the builder.
This also sounds like that famous guy from the Cape (Cape Coral, Florida)
This all sounds like that guy in Cape Coral, Florida.
See the posts “trouble for the famous guy in the Cape”
Check out this link:
http://blog.mlive.com/annarbornews/2007/08/HRACUcase.pdf
Keep up the fight on this site. We need to get rid of BAD lenders (read Countrywide), BAD builders (read Gulfstream) and BAD gurus (read RW)
JG
There are several Mr. Builders in Florida, too bad this article came out too late.
I am in the Inland Empire of Southern California. There is a Mr. Builder on every corner and now they are offering $100k-$200k incentives and 8% co-ops.
Wasn’t long ago when there was lines for these homes and no co-ops with outside agents. You must use their lender, yada, yada, yada.
Hell, they are still building these homes.
Amazing, the world we live in now.
This happened to me and my family, except we lost 20%+ in 6 short months. Same situation, builder owned the mortgage broker/lender. The appraiser was a “builder appraiser” which was owned by a joint subsidiary of the builder/lender. Builder also withheld material facts upon purchasing the house (new subdivision, they owned all the info) from us. Let’s not even talk about the fraud I discovered on the loan on the part of the broker. But then again, he was simply the broker for the builder and needed to move the inventory. His involvement was “riskless” if the loan went bad. We have had to “walk” on the house like so many of our neighbors. It is now all a matter of mathematics – we will never recover from the drop in the value of the house of 35%+ after owning it approx 1.5 yrs. We were victims of the “Perfect Storm” of fraud. Our story has so many layers – much, much, more and is very interesting. I have learned so much. We are currently seeking an attorney, but cannot find one that knows anything about appraisals, loans, builders…..
As an Independent Fee Appraiser I watch Aprriasl Management Companies that are owned by the lender harrass appraisers on a regular basis. I am proud I have been blacklisted by Lenders that have asked me to break USPAP and been blacklisted for refusing to do so. However I am watching as the Mr. Builders have folded up thier tents and the appraisers have been prosecuted. The lenders have for the most part played carpet bagger and the new legislation requiring everyone to disclose everything and for all financial people to be licensed and bonded is a good thing. I have advocated that the State set up a fee panel system which could pay for itself and clean up the industry but then I also believe appraisers need to unionize also. They pick on the appraiser because they are easy targets. If you have a problem with an inflated appraisal that you recieved turn in a complaint at the Appraisal Board of your State. If your conclusion that there is colusion is correct the appraiser will loose his license and can face Federal Prison for loan fraud.
I is truly amazing how these builders( Woodbridge Homes) worked. In our neighborhood the builder sold 3 properties to one investor and told all the other homeowners all the homes are sold to only non investors.. the same investor had 2 friends also buy 2 properties each. ..so far we have 7 REO’s out of 62 homes built..Guess what all the bad loans are with Countrywide…3 more REO’s coming soon..The same investors also bought properties in the builders other 2 projects…What a scam…
YOu are incorrect. The only transfer amount is the amount for the lot, thus the improvements are not part of the sales price….at least in Michigan
I have seen this for years from the sidelines as I am an “outside lender.” I would NEVER buy a home from a builder and have NEVER sought to become a “inside” lender. what happened to RESPA.
In California, the transfer tax on the grant deed WILL show the final sales price for the property, including improvements, but will not show what the property was initially for sale at before incentives.
I bought a house in March 2006, in Florida, 3/2, moved from California. My builder just DROPPED the base price $30,000 !! I work in mortgage banking, well, did, and I have 75/25% financing. Will I lose? Well, yes, and then again no, but I do want to hang on to the house if I can. I know eventually it will go up, but the only problem for me is finding work. I can deal with the “deflation” of the value, based my plans to stay.. But it ticks me off that my payments are about $400 more due to that stupid $30,000.
Youneed to contact a real estate attorney.
I’m an “outside” lender as well. I worked for about a year as a “preferred lender” for a builder. I removed myself because I felt it was a real conflict of interest, who are you serving? The borrower or the builder?
I felt my alligence was with the borrower but I’m sure the builder wouldn’t have seen it the same way so I don’t work for builders anymore.
Mr. Builder and His House of Scams
Are builders in on the scam? Of course they were! This is a series of posts I will be doing that gives people a behind the scenes look at the mortgage industry that most people never get to witness.
Contributed by Poppy from Arizona:
Hey, how about the appraiser that decided he could not come to value (fancy that), who in his infinite wisdom decided to alter/raise the sales prices for the comparables on the top of the grid and adjust from there……he sure was able to bracket and support the value he derived for that subject property and a few others too. Now the comparables’ sales prices did not match the recorded/actual sales prices on the MLS or in Public Records, but hey, what’s a few fifty thousand or hundred thousand here or there.
My favorite “builder logic” is when they tell the consumer they are “free” to use any lender they want but theres offers “incentives”. I have seen builders pay over $60,000 in incentives if you use their lender. What kind of a choice is that? Through some twisted logic they don’t consider this steering though. They also don’t see a RESPA issue either. Kind of hard to feel sorry for some of them now that things aren’t so good.
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In Florida the latest appeal against Judge Gordon’s decision in MERS case allows the banks to foreclose if they ar the “holder” of the note. the problem is that the complaints to foreclose and the supporting material filed in court state that the Plaintiff is the “owner of the note and mortgage. Foreclosure Forensics research shows many of the notes being registered with the SEC and then sold on Wall Street. This creates another problem for the banks. Was the Note “lost” before or after the it was registered and sold on the street. If so, what did the investors on Wall Street buy? If it was “lost or stolen after the registration and sale, what was the earlier owner doing with it? Was the required bond for “lost” notes in place? Did the document custodian make a record of the Note having been lost? Was the Lost Note reported to the police or the insurance company? No? Why not? the Government National Mortgage Assoc. requires all of the above – including an affidavit that spells out a variety of details the banks do not want to expose…. for more info on the fraud taking place, go to youtube.com and type in foreclosure forensics. Listen to the seven minute clip..
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