I would like to know the wholesale company that does the lending, not the broker.
I currently have some very good government rates. We are also a lender, not a dreaded broker.
If you would like more information, please contact me directly at timothy.kazee@americanhm. com and we can talk.
I bought a house last year.Seller was my friend and also a mortgage broker . She wanted to sell her house to me with reasonable price. She also wanted to be a mortgage agent on this loan.
So I did fill out the loan application(1003form)with her -she was acting like an interviewer -and she (seller &mortgage broker) hired appraiser. After 15 days ,loan was approved by wholesale lender and the settlement was completed.
About two months later I found that the seller asked appraiser to inflate the value of the property, over $100,000.00 than the actual value.
What should I do . PLS I need your opinion on this.
Q&A
1 Seller and mortgage broker at same time -conflict of interest?(I didn’t know)
2 Neither seller nor buyer can not contact the appraiser.
3 I received original loan application from the lender- it was not the one that I filled out. The seller eventually forged my signature and changed few informations regarding my income & misc.
4 Why I signed on wrong information at the settlement? – there are hundreds of papers that you have to sign at the settlement and the settlement lawyer would not explain every single documents. So you would not have sufficient time to review every documents to see if everything is correct. That’s why I did not realize that there was a wrong info. on my loan applicationl. For your information, the seller and the title lawyer was a very close friend. And the buyer should choose the title company – which I did not know – So the title company was chosen by the seller.
5. When we had the settlement, the notary public was not present.
6. Buyer be aware – I am not complaining about the condition of the house. I am complaining about the process of the loan which was done fradulently.
Thanks
You have the BIGGEST case of loan fraud that I have ever seen on Yahoo Answers.
However, that isn’t true that the seller nor buyer can contact the appraiser….there is no law against that and that isn’t considered a conflict of interest….b/c the appraiser is supposed to remain objective.
I guarantee the loan officer/seller ran the loan through the wholesale lender under someone else’s name in the office (look at the final 1003 that you signed at closing on the bottom and see if her name is on it…I bet it isn’t).
NO BANK would fund that loan as that is a ROUTINE audit when the loan IS IN PROCESSING (prior to closing) to see if the broker/seller are related to each other and in this case, one in the same person.
Here is who you call:
The BANKING COMMISSION of your state. You can get the phone number from the Secretary of State’s office.
The Banking Commission issues the LICENSES of all Mortgage brokers and loan officers in a state….and they have the SOLE authority to revoke it.
You won’t need an attorney b/c the BC will take care of everything for you…they have zero tolerance for something that obvious.
She can NOT ONLY lose her license and be forever barred from working in the industry, she will be forced to buy the house back make you whole and they can forward the case to the DA for criminal prosecution.
You have NO IDEA of how serious of a crime she has committed and there will be a paper trail a mile long to prove it…ESPECIALLY if your name was forged on any of the documents (which is easily proven).
I would also file a complaint against the appraiser with your State Appraisal board….they can easily research the appraisal by having one of their guys to "rework" the appraisal using the values that were acceptable in the market at the time the original appraisal is done
It’s hard to prove $10 or 15,000 on an expensive home…but $100K is easy as pie.
Hi
Min Woo Kim is a mortgage broker. Last year I purchased house. Mr. Kim took loan Application from me and he applied loan for me. I was approved by one of the wholesale lender. Couple months later I heard lots of rumor about Mr. Kim (Unethical manor.dishonesty.mortgage fraud, etc…)
I was suspicious about my loan and I requested lender to send me a original loan application (The loan application which I signed when I applied loan through Mr. Kim) I was shocked. Mr. Kim lied about everything- My income, tax, rental property income (I had no rental property), etc…. and Mr. Kim even forged my Signature. I started to investigate Mr. Kim and I found more violation on Mr. Kim.
He has been using two different social security numbers over couple years. Mostly he used two different social security number to obtain a loan. Now he has 14 houses. For example-Min W Kim with xxx-xx-2222 and Min Woo Kim with xxx-xx-3333.
Here is my question.
1. One person uses two social security number improper way. Is this crime? How bad and serious.
2. Someone forged Signature on loan application. Is this crime? How bad and serious.
Please tell me what to do.
Thanks
I would pull your credit report.. www.annualcreditreport.com <= where you can get it for free.. and to see exactly the damage he did.
Then I would get in contact with the bank, and the police. He needs to go right to jail for fraud, and what he did to you was and is extremely illegal.
I would also get a lawyer and sue for damages to your credit.
Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from the Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?
P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.
Thanks.
BB&T must be retail lenders not wholesale lenders. Wholesale lenders would be mortgage brokers who don’t lend money, they just find banks who will. Look at the chart on this link and you can see who does what.
Hi my name is Jane and I am living in Virginia.
I purchased a house in Woodbridge VA in Dec/2004.Tom was my mortgage agent. I made 10% deposit. (Contract amount was $535,000.00)
US Express Mortgage Company approved first and second mortgage (1st $374K and 2nd $107K). About two months after settlement I received check book from BB&T Bank (3rd lien – Line of Credit $125,000).
I called Tom (Mortgage Broker) and asked about the check from BB&T because I had never applied or asked Raymond to open a Line of Credit for this property. He said "Jane, you did not need a loan application and you didn’t have to sign anything because you have a good credit and your Woodbridge house had an immediate equity right after you closed the deal. So BB&T approved the loan based on your excellent credit and equity of your house.
By the way I did not close the account and unfortunately I used the money.
December, 2008, the house was foreclosed (by 1st lien holder) and 3rd mortgage lender; BB&T Bank filed a lawsuit against me in the amount of $125K. I received complaint by mail in 01/15/2009.
* Right before foreclosure I requested all the documents regarding this loan to the entire lender including BB&T. (I was not sure what they have but I tried.)
Shockingly enough, there was a Loan Application which I have never seen and someone forged my signature.
BB&T Bank was not a wholesale lender. (BB&T had a wholesale department but I am not talking about them)/I didn’t know at that time because Tom and Bank loan officer were acting like they are…/The loan officer had to contact with borrower directly but it didn’t happen. Someone forged my signature in Loan Application, Credit Line Agreement, and Credit Line Deed of Trust (Notary Public? I don’t know who she is and there was no seal)
So they foreclosed my house and also asked me to pay. Yes I did use the money. If I have to pay then I have to. But how about a FRAUD. (Forgery and violation of lender’s liability…
Q #1. What should I do? Do I have to pay them and bury that fraud?
#2. We have 2 years of statute of limitation for fraud in Virginia. Someone told me that when I received the checkbook from BB&T Bank I should have known that it was a FRAUD (He said this is common sense). What do you think? I confirmed fraud when I saw someone forged my signature on Dec.2008–My deference is –“Jane you did not need….. your excellent credit and equity of your house.”
#3.Can I fight with the lender for anything like-Breach of Contract or Fraud or Lender Liability… I don’t know.
Thank you so much
P.S. Just for your information, Mortgage Broker and the loan officer are in federal prison committing Bank Fraud, money laundry etc. But not for my case.
Your question is almost completely incomprehensible, so you’ll have a hard time explaining it to the government.
With respect to foreclosures … one thing you can do, if you had the loan for awhile and it changed hands, you can halt or slowdown the procedures by asking to see the original documents you signed and then claiming "if you can’t even show the original paperwork I signed, how can you hold me responsible for this loan"?
These banks have been handing these things around left and right and have been shredding documents/etc. … so depending on the situation, this may provide you a bit of process help that may help you to restructure or exit things.
I’ve been hired in for an inside sales manager position for a small whole sale mortgage lender. I’m looking for scripting, training material, i.e. any information, which may assist in the success of my new Account executives.
yah…so you can talk english….
Excerpts:
This bailout was a terrible idea. Here’s why.
The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk.
Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.
This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they were ill-equipped to handle.
The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.
Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of businesses that remain profitable.
In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy’s allocation of its financial resources.
http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html?iref=mpstoryview
Why is this not considered as being an option? Why must the taxpayers foot the bill for bad decision making?
Hmmm . . . I feel a long, rambling post coming on. Here is my answer to your question:
I wholeheartedly agree that government policies caused this crisis. The videos of hearings where Republicans are trying to get to the bottom of the problems and the Democrats are insinuating racism are immediately apparent. Why McCain has not been making more of this I’ll never know. I thought he wanted to win!
So we are where we are. And I think the Democrats have no one but themselves to blame for losing the vote on Monday. After years, if not decades, of decrying "corporate welfare," "trickle down economics" and "tax cuts for the rich," how can they say that this is a great bill and then blame the Republicans for being ignorant to vote it down? Many Democrats voted "no" also.
Here’s what I would do, when and if I am installed as dictator (LOL!): I would approve of legislation that allows the government to PURCHASE these loan assets, and the properties on which they are based, to hold for eventual resale at a profit. I would also make re-regulation of credit part of the deal. I would re-introduce the novel idea that ONLY PEOPLE WHO CAN AFFORD LOANS ARE GIVEN LOANS. And I would review some other applicable SEC, accounting and banking rules as well, to eliminate the perverse incentives that created this crisis and lessen the impact of any "moral hazard." I would NOT fund ACORN or pet "green" projects in such a bill.
Here’s what the Democrats will do, if given the chance: continue to demagogue populist and race-baiting themes to get votes ("the Republicans don’t want people of color to own houses"), continue taking huge contributions and lucrative jobs from many of these corporate entities, and blame the Republicans for everything. They will also take advantage of any economic turmoil, and perhaps even enhance it, to get Obama elected. They will then "fix" the things that were right about the financial system, and leave broken the things that were wrong. The economy will then tank further, and unless the Republicans finally grow a spine (you know, like those two weeks after Palin was nominated), the Democrats (with the help of the media) will use the bigger mess they have created to say they need even more control of the government and the economy, and the voters will give it to them. Hey, it worked for FDR!
No one is considering letting the banks go bankrupt because there is a serious risk of credit tightening up, putting the economy into a real tailspin. But there’s a toxic political context in which this is all taking place that prevents worthwhile debate, much less a rational legislative response to the situation, from occurring.
Sorry to be a downer. But I’ve been here before. I actually was a volunteer for the Carter campaign in 1976 and the parallels between him and Obama are frightening. (Then again, Carter wasn’t fond of crushing the First Amendment as Obama appears to be. So much for "dissent being patriotic.") I learned my lesson, eventually; I fear this new generation has not. And with our enemies working furiously to obtain nukes, maybe a lot of this won’t matter much anyway.
I’m glad I’m not a younger man. <sigh>
PS Take this screed with a grain of salt. I work in the financial industry and will probably be out of work. But I’ve been there before. And when I get very discouraged I do take comfort in the fact that our side is eager to call upon God for His blessing and guidance while the other side prefers to mock and deny Him. Not that we have God on our side, or that He always tells us what we want to hear. But we do ask, and listen.
Take care.
PPS The more I hear about this, the more I see that many people I respect are against the bailout plan. So in the end I don’t know just what to do. I am not too sure that anyone does. We may disagree on details – this plan, or any plan, among them – but I think we share the same general principle: that the government caused this mess in large part, and that free-market economics, not more government, is the long-term solution.
I put a lien on this guys house for 50K and since then he will lose his house in 9 days. WILL I EVER GET MY MONEY BACK given the situation… Please see detail….. The sellers mortgage lien on the property was $476,000 with America Wholesale Lenders. The property went to the Sheriff Sale in April of 2008. The property was purchased at the Sheriff for $391,500 with MERS (Mortgage Electronic Registar Services). The sellers have a six month redemption period after the Sheriff Sale (end date 10/10/08). If the sellers cannot bring to the table the balance of the mortgage lien within six months, at that point the bank/lender will own the property.
That’s the risk of being in second position; if the senior lien defaults, you lose. You will never see it unless you want to pursue a court case. Hire a good attorney, get your paperwork in order and maybe you can win that way. Now collecting is a different matter.
Good luck.
I want anyone looking for a commerical loan to stay away from this company. TX Southwest Business Solutions in Allen, TX is run by Richard and Maria Orozco (214-715-2777). They are loan sharks, who pose as commercial wholesale lenders who ask for $500 deposit — and say (in the application) they will return your deposit if they cannot secure a business line of credit. They are referred business by other wholesale lenders in Texas and Colorado — if you work with Maritime Commercial or anyone else, ask them FIRST to whom they refer business, if at all.
I have filed complaints with the BBB of Greater Dallas, FTC, and Consumer Protection Agency. They have not responded to multiple attempts by the BBB. Now, I am filing with the State Attorney General and State Office of Consumer Affairs.
Don’t let these people delay the start of your business or run away with your money.
Good to know. Thank you for passing on the information. As if it’s not hard enough to start your own business, to have dishonest people posing as legitimate is despicable. Good luck in your pursuits!
***http://www.erinmichael.com/ ***
I am a first time home buyer and just started looking at home loans.
I can go to bankrate.com and see what are today’s rate for 30 yr fixed. When I get quotes from most of the lenders today they all give the same rate ( .025% around).
Lets say the bankrate.com has the 30 yr fixed at 5.25% today, when I get the quotes most of the lenders quote between 5.20% – 5.35%
1)So what is the advantage of going with any particular lender unless he is giving less compared to others ?
2) Does lenders always give today’s prevailing rates only ?
3) Will there be any lenders who can give less than .25% from the market rate ? without buying any points ?
4)I thought some wholesale lenders or big banks who already have some rate locked at 4.75% few weeks ago can give us rates for about 4.90% today ? Does it work this way ?
First off, rates jumped a ton last week. As a Loan Officer, I have had to explain to many clients that their Realtor is an idiot when he said I am "over charging" because he "just did" a client that got a 5%, when it was 6 months ago, and I am buying the rate down and taking a bath on fees just to get him 5.5%.
Rates are pretty much the same for everyone right now. A good broker is going to do better than your bank, a bad broker is going to do worse. "In House" lenders for Realtors ALWAYS suck. In house lenders for builders are usually good, but don’t trust a word they say. They can give you a good deal because they make so much on the house, but they will lie more than any other LO.
Just like anything else, you get what you pay for. If someone is super cheap, there is a reason, and if it’s a good one, you can get a great deal, if it’s a bad one, it could cost you the house of your dreams.