If You Ain't Cheating, You Ain't Trying

By
Mortgage and Lending with San Diego VA Home Loans/858-777-9751

How is baseball like applying for a home loan?  Read the title.

I am thoroughly amazed at how normal, sober, upstanding members of the community purposefully commit mortgage fraud.   Like baseball, they don't cheat alone; they have plenty of help.  Lazy Realtors and shady mortgage brokers will gladly "go the distance". 

The buyers were encouraged to lie on their loan application.

READ ON AT AMERICA'S MORTGAGE BROKER
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Comments 57 New Comment

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Rainer
184,112
George Tallabas
Idaho Real Estate
RE/MAX Advantage

Great post Brian...Unfortunately we live in a "Me Society" in todays world.  By this I mean that the majority of people have a "Me Attitude" and will do what they want to do, when they want to do it whithout regard to how it will affect the people or situations around them. Very sad but very true.

July 14, 2007 04:35 PM
Rainmaker
299,082
Brian Brady
VA Home Loans/San Diego
San Diego VA Home Loans/858-777-9751

And I stopped watching baseball when free agency went into effect

Linda, that's a whole 'nuther post BUT  for fun, how, as a Republican, could you dislike free agency?  It breaks the "union" mentality that permeated baseball for years.

It ain't only baseball and mortages, but goes all the way to the top, just look at our leaders, lied us into a war were not only houses and loans, but our young sons and daughters lives are at stake

I'll disagree with the illustration, Michael, but certainly stipulate that the leadership of our country has lacked moral fiber since 1988.

Let's just all keep working to improve the situation and not give up.  Play ball :-)

Attagirl, Carole.  You don't have to throw the baby out with the bathwater.  We can still do business honestly and enjoy a Little League game.

It's sort of like pirating software - they don't get it, don't care and try to make you feel like you are the one doing wrong when you say "no".

Great example, Christine.  I was a serial MP3 down loader until I realized that I was stealing intellectual property .  Gosh, it's only .89/song.

If it is wrong, don't do it.  That simple

Exactly what I expect form Robert Ashby. 

It's like Alice in Wonderland.

And, with that, John, I'll end my comments.  It's like Alice in Wonderland. 

July 14, 2007 06:46 PM
Rainmaker
458,851
Alexander Harb
Dallas, Texas Real Estate Investing
Knights Investing

YOU GO BRIAN!!!

ETHICS AND GOOD BUSINESS....... they go together!!

Nice post.....I can see why you got a star!!

=-)

July 14, 2007 08:52 PM
Rainer
47,758
Tony Gallegos
Cognicorp Mortgage Banking Advisory
Brian - Another great post and title that grabs you. You should have worked on Madison St instead of Wall Street. In all seriousnes, you post hit the nail on the head!
July 14, 2007 11:35 PM
Rainer
84,775
Carol Williams
Wenatchee Real Estate
Nationwide: Self-employed Real Estate Copywriter, Blogger, Photographer and Real Estate Mentor

Mortgage fraud is being taken seriously these days.  It's a matter of who is going to get caught and when.

July 14, 2007 11:42 PM
Rainmaker
337,556
Gary Bolen
CRS - Lake Tahoe Real Estate Information
McCall Realty

I didn't know they was steroids! I didn't know the hurricane was going to be that bad! I didn't know I needed to disclose that! I didn't know about teacher loans. It's all the same BS.

But I understand it all better now, because Dubya told us yesterday that we are all suffering from war fatigue, and it affects us psychologically. "I understand that," he tells us. If he would just get Barry Bonds to replace Antonio Gonzales, we'd all be better off.

July 15, 2007 12:06 AM
Rainmaker
299,082
Brian Brady
VA Home Loans/San Diego
San Diego VA Home Loans/858-777-9751

Mortgage fraud is being taken seriously these days.

I don't know, Carol.  The problem is that it is so prevalent that the "little" frauds, like misrepresentation on loan applications are being shoved aside. I hope you're right because I'm feeling too much like a Boy Scout.

July 15, 2007 12:56 AM
Rainer
53,549
Art Blanchet
Stranger in a Warm Land
On the Outside Lookin' In

Thanks Brian,

Fraud in lending - I have seen too much of it and it's not the media-feeding sacrificial Brokers, either.  The Big Dogs - banks and Top 5 lenders.  Worst part is, the fact they get it done by breaking the law leaves the legitimate lender looking like a fool, truly adding insult to injury. 

But I'm with you - can't change my stripes. 

Art Egg-on-his-Face Blanchet

July 20, 2007 10:22 PM
Ambassador
550,989
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc.

Ricky...

As you know Fraud is rampant in our area right now. We just dealt with one of these fraudulent offers. Funny thing is until the government itself steps in this will continue. I think it was Ines Garcia that tried to report a fraudulent transaction she was told that Florida does not have enough man power to handle the cases that get reported every year. That kind of puts our backs to the wall. We both know that someone out there is going to accept the kind of offer that just went across our desk even if we did let our dog crap on it Friday :)

Okay. I am not done. I forgot to say the players involved the kind of offer we received will eventually steal first base and Yell "SAFE" when they get paid. And they probably will be safe. For now :)

TLW...ROAR!

July 15, 2007 11:02 AM
Rainmaker
136,149
Kaye Thomas
e-PRO, Manhattan Beach CA
Real Estate West
Brian- Wish I could say I was stunned by the info in your post.. but of course I'm not... appalled YES.. stunned No.. Not one state requires tough rules to become either an agent or a lender.. take a quick test,  pay your money and You be a Professional.. As a society we condone taking the easy way.. we worship at the alter of fame and money.. no matter how morally corrupt or stupid..  I'm not smart enough to be crooked.. you have to remember too many lies..
July 15, 2007 01:16 PM
Ambassador
735,428
Brad Andersohn
ActiveBrad 707.646.1876
Zillow - Nat'l Outreach Mgr & Dir. of Zillow Academy
Brian - great information, and I bet you didn't cheat putting this all together!!  LOL!  You are definately "Americas Most Opinionated Mortgage Broker!" and you should be proud!  I"m sure glad you are a resource to myself and other rainers. Thanks Brian.
July 15, 2007 01:40 PM
Rainer
95,961
Brande Bradford
Realtor
Keller Williams

Brian great post!  As a fairly new agent, I find that I just need to be more knowledgeable on the loan side of things. I do have enough sense that when asked to something by a loan officer, I run to Chris for advice.  Normally, to find out that I dont want any part of it.

I had a closing a couple of weeks ago, where the lender showed up demanding $1400 more for closing. He didnt do this on the HUD, he waited for us to show at closing, and then wanted to add it. Well, my sellers werent going to budge, then they mentioned it coming out of my commissions.  Well, they got the look.  Then they offered a solution and we told them that it wasnt legal, he said of course it is.  We told him we would do it if the attorney said it was ok.  Guess what, the $1400 disappeared.

That lender is on my STAY AWAY FROM LIST!

You offering any courses for us agents who want to play by the books?

 

July 15, 2007 02:21 PM
Anonymous #50
Anonymous
Anonymous
this process is rampant in the industry...and i think it's about to change. I have friends who work for various investment firms who actually BUY the mortgages. they are going through them with a fine comb LOOKING for reasons to NOT pay full price. Interesting thing is that they are finding PLENTY of loans that are "fraud" or potential fraud. I fully expect to see more and more brokers have to buy back these loans! FINALLY! Life is too short for fraud loans. I won't do them and have lost a Realtor along the way
July 15, 2007 03:38 PM
Rainer
122,017
Christy Powers
Pooler, Savannah Real Estate Agent
Keller Williams Coastal Area Partners
That's horrible. I can't believe they are willing to risk not only their license, but their clients well being as well!
July 15, 2007 03:42 PM
Rainer
11,420
Marie Wright
Florida Energy and Air Services
Brian,  I just had something similar happen to me.  Client was a referral from a Realtor and I could never get a straight answer out of him in regards to his previous job.  He always had a story on why they coudn't be contacted.  He just wouldn't budge when I told him the lenders had to verify the last two years.  He became indignant and demanded to know why they had to talk with them to verify.  Long story short, the previous job was an all cash business where he had only reported $20,000 in income to the IRS and had actually made over $100,000.  He wanted no documentation.  I told him I couldn't help him...
July 15, 2007 04:49 PM
Ambassador
550,989
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc.

Ricky...

Your post and the offer we received prompted me to do a little research ... This is what I found and I sure hope it will us and our market.

<Christ Signs Bill To Curtail Mortgage Fraud>  Now if they can get some man power behind this we will be better equipped to deal with this crap.

TLW...ROAR!

July 15, 2007 07:14 PM
Rainer
18,363
Arnold Williams
Arnold Fitger Williams
You offered two very good responses to the realtors.
They trashed because they wanted a pattern they understood, even if they accessed it fraudulently.
Marianne Jennings used to have examples of this kind of reasoning, and ethics courses to encourage ways out of it.  Sadly, she's in Arizona, not San Diego.
Not that I don't see my share of people attempting to game me here.  My response has been to say, "You do realize I write down things for the mortgage lender.  Do you really want to open a file with me?"
July 16, 2007 09:18 AM
Rainer
21,528
San Diego Homes.org
San Diego Real Estate
That is a sad story. I'm real sorry to hear that you have stopped watching baseball.
July 18, 2007 12:28 AM
Rainer
25,880
Rhonda Porter
MLO-121324, Seattle Mortgage Lender
Mortgage Master Service Corp.
Excellent post, Brian.  Makes me glad that I stopped by AR this morning to read this.  The more we can get the word out that Mortgage Professionals won't accept fraud, the higher we'll elevate our profession.  I can just imagine the look on the agents face when you pointed out the Teacher loan would be fraud.
July 18, 2007 10:49 AM
Rainer
71,677
Rita Taylor
Sanford NC Real Estate - Homes for Sale in Sanford North Carolina
None

"gamble his paycheck on some underwriter from a big bank"

??????

What happened to looking out for the best interests of your client?

Both of these agents sound like they need to find another profession to be in.

July 20, 2007 08:27 PM
Show All Comments
Rainmaker
299,082

Brian Brady

VA Home Loans/San Diego
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