When and if the government finally steps in and offers to pay some stipend to help homeowners then we will see some positive outcomes for the homeowner. Keep trying and be persistent because you will eventually get the ear of a person who will help you. good luck

Sad but true!

That has been the problem since I have been in the mortgage business on the operations side (25 years). What you experienced is typical, although there are companies that will prosecute to the fullest extent of the law. I have worked for both types and have always felt that only one instance of fraud should trigger a full investigation and prosecution. It has been said many, many, many times on this site that the lack of self-policing in our industry was one of the many factors in this current meltdown.

Paul – They are right, we do not have the manpower or time, we are exhausted and beat up. They are scum suckers, whether they are in my shop or someone elses’ shops. We do use tools to catch that stuff on my platform, but an eyeball is the best method I know of to date. Actually as weird as it may seem, when I open that kind of file ya just kind of know. Can not explain the reasons for that, but to date I am batting 100% on the fraud-o-meter. Must be that healthy professional skepticism and cynicism working over time.

Do I catch it all, probably not, do I catch the most egregious, most likely, rather transparent stuff. Do I get as angry as you, yes, is it well received (the anger), no. Read some of my articles – Moe appears to like to post them. Yeah I get real angry and sad, does it do any good, no. Do I feel betrayed, yes. Are we all betrayed as an industry and as consumers and as a community, yes. Leaves you feeling real empty, I am truly sorry for all of us.

I have a very sad story to share…

This week I was informed by one of wholesale lenders ( a very big player) that they discovered fraud with one of there brokers and would no longer accept loans from this broker …end of story!!!!!!!!

I said what did they do??? The broker submitted and closed 5 loans with the same ss# and credit report, but with different borrowers and properties. Clear cut Fraud!!!!! All this lender did was stop them from sending in new files……..I SAID WHAT!!!! I AM VERY PISSED !!!

I said, any charges filed?…….NOPE..
Did you report them to the FBI……..NOPE
Did you go after the borrowers who submitted and signed the applications….NOPE!
How did you not realize that you had 5 loans in your system with the same ss#???? We do not have that safe guard in our system!!! WHAT!!!!

Here is the kicker…WE DO NOT HAVE THE TIME OR RESOURCES TO FOLLOW-UP!!!!!…..I am speechless!!!!!!!!! This broker should be in jail, the LO should be in jail, fines paid, there name made public just for starters!!!!!!

If crime pays it will continue, so with all of these great ideas to disclose more,educating the LO, testing, bonding, fingerprinting, etc……who is watching the lender???????

I AM STILL SICK!!

Blue dust is a grand distraction of sorts. It only applies to people. If you try it on a dog or a horse, you might get bit. The leafy green substatnce just slows you down. This is much more potent.

I don’t know if you ever watched wrestling in the 80’s. There was a character called the Great Kabuki. When he was getting his ass kicked, out of nowhere he would reach into his magic pouch and blow dust in your face. It would temporary blind you and have you totally disorientated for a few minutes. Well in that time he would kick your ass “some good” and win the match. When the loser snapped out of it, the great Kabuki was gone with the win.

The cynicism is all we have until we find the total truth