Tag Archive for: fraud

Why President Trump NEEDS Fraud & Waste! Productivity Too!

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There is something the “cut-all-wasteful-spending-NOW!” crowd does not understand. Our economy depends on that spending and the resulting government borrowing – no matter where the spending goes (and it is NOT just because of the stimulus it provides). Last week, when everyone was screaming and yelling on X about all of the fraud and waste in government – and how we need to cut it all immediately – analyst Ed Dowd posted this in response:Read More

BEWARE of 11th Hour Fraud/Credit/Employment Check

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Today’s blog is about one of the biggest and costliest mistakes we see buyers make, which kills deals and sometimes puts very large earnest money deposits at risk. Borrowers mistakenly believe that once their loan is fully underwritten, with all conditions satisfied or easily satisfiable - they can stop worrying altogether about making sure they remain qualified for the remaining few days or weeks until their loan closes.Read More

Mortgage Banks Do Not Report to ICE, Homeland Security, IRS, FBI or Any Other Agency – Unless They See Obvious Fraud

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We unfortunately have a lot of nervous potential homebuyers on the sidelines because of what is currently taking place on the immigration front – with respect to deportations in particular. Hence, I am reminding blog readers that mortgage banks NEVER report anyone to any agency ever…unless they see blatant and obvious fraud.Read More

LOs Can Quote ANYTHING When You’re Not In Contract; Owner-Occupancy Fraud Alert! Hot Inflation = Higher Rates

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We lost a borrower during the pre-approval stage to another loan officer (LO) who quoted an “estimated” interest rate that was 1/4% lower than ours. We tried to explain to the borrower that LOs often quote below market rates to lure borrowers in before they’re in contract – but our borrower fell for the ruse. LOs get away with this because they know they don’t have to lock in the rate before borrowers are in contract. The LOs hope that rates will fall, that borrowers will have short memories, that they can tell borrowers rates went way up since the last quote, or that borrowers just won’t want to go to the trouble of going to a new lenderRead More

Loan Buybacks Are Surging and DANGEROUS!

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Russian Mobster Sending Me Lots of Business Around 2004, an agent referred a Russian gentleman to me for a purchase. He was very wealthy, very well-dressed, very polished, very serious […]Read More

Why We’re Seeing Fraud Claims Now & Will See A Lot More

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I knew and worked with a bunch of hard money lenders (who loaned money based strictly on equity) prior to the 2008 meltdown. Even though they were a bit cocky with their success and they lived like rockstars, they were all nice and honest guys for the most part. They solicited pools of funds from friends, family members, and outside investors – and then loaned out that money to homeowners and homebuyers who could not qualify for better financing.Read More