Hi
I have a general question about mortgage fraud. There are Mortgage Broker (Tom), Realtor (James), Appraiser (Linda).They are all friends and also a perfect team (CROOKS). When James has a buyer James leads buyer to Tom and Tom contact with Linda to have appraiser report. Looks fantastic! They are helping each other. But the problem is that if buyer is not qualified for loan Tom would make it work. (You know what I mean- Tax, income employment verification etc…) And if the property value is less than seller’s asking price Linda would be pleased to make it work. (Inflate a value of property.) This is typical mortgage fraud. My question is this. They always have used same Settlement company for closing (AAA Settlement company) over three years. May be they have a excellent relationship… But I reckon there are more reasons. Amusing thing is that people said Settlement Company doesn’t have power to cover those crooks butt. Then why they keep going to same settlement company? To make it simple I will give you one simple example.
There is a house asking price is 0K. James question buyer to buy the house 0K and apply for loan 0K. Buyer would say” Are you crazy? Why I pay K more than asking price." James goes "You can use K for 10% deposit. You do not need any money to buy this dream home. I have a capable Mortgage broker (Tom) who can handle this. Also as long as you see all this in HUD it is not illegal. After Tom and Linda took care everything they went to AAA Settlement Company. HUD showed everything and everyone was pleased. The problem was that AAA made two different HUD. One for settlement and one for lender. Lender’s HUD doesn’t show that money goes to buyer. This is one example why the crooks using same settlement company over and over. If someone thinks there are more reasons, please let me know.
Thanks
P.S. Someone who works for honest settlement company told me that there are more reasons. But he didn’t want to tell.
Why all the crooks go to same Settlement (Title) company.?
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The title compnay makes more money if they have a relationship/contract with this company. They are all getting paid. The underwriter should be the one with the most fault as he/she is the one who will give the final approval of a loan. I used to work as a laon officer and my underwriter would raise red flags if something was off. It’s all about money.