MortgagesUndressed

FIrst, my kudos to the 90% that love, and stand for integrity.

What does this topic have to do with you the consumer? I write this to put up some red flags. Much harm can come from the acts I point out. Also, if a loan officer will sell out, he may be willing to sell you out. This site is about undressing those that need a dressing down. It’s just that simple.

10 Stupid, illegal, or fraudulant things I have seen or caught loan officers doing.

1- Signing a customers name to a document, addendum, gift letter, application, etc. This is forgery.

2- Using a photo copy of your signature to do the same. Still forgery.

3- Producing a phoney stock certificate for your file. Fraud - Claiming assets that aren’t real

4- Having you sign two applications and/or loan application packages. Often a tool of fraud

5- Telling borrowers that the 1% Adjustable rate mortgage stays at 1% if they select that option. Fraud

6- Telling a borrower stated income need not be realistic to what you make. Fraud

7- Signing a fraudulant certification in your behalf. Forgery

8- Gamble with your lock. Watch for a future article, “Who is Gambling with your rate lock?” Often Fraudulant

9- File a lawsuit against a client for commissions, because the client backed out before closing. Illegal

10- Persuade the in-house notary to notarize a document that was fraudulant. Fraud, Forgery, Illegal

11- Take a bank verification directly to the bank, alter it with similar penmanship.Forgery

12- Collect a deposit from the client in the loan officers name. Fraud - Theft

Hey, thats 12 I know,there are more. Its sad.

There is much to discuss about these in the future. Let me start with number 4 of this list. This seems harmless. In the situation I came upon, the loan officer claimed he just wanted to have a clean set of application forms so he could later make it look nice and neat when submitted. There were many reasons, none good for his doing this.

What I want you to think about is that this original is submitted to the lender for underwriter review. It represents your claim as to your financial picture: employment information, assets and liabliities, monthly payments and debts, etc. You need to represent what is true. How could you do that on a blank application? You can’t. So don’t sign blank application paperwork. Look with a carefull eye to a loan officer that asks you to. You receive a final version at closing. Check to see if it is truthfull.