If your are harassed, lied to, pushed around, your Credit is ruined by a Mortgage Broker, you have proof of fraud and have basically been treated VERY badly and had illegal action done to you – is there anyway to get recourse or to STOP this from happening to the next guy or gal?
I am Sorry Folks, but I see No Real Way to make this right – to STOP it – or to make Anyone accountable for your Loss.
I know for sure that No Government Agency has your Back in Mortgage Fraud.
I am Sorry Folks, but I see No Real Way to make this right – to STOP it – or to make Anyone accountable for your Loss.
I know for sure that No Government Agency has your Back in Mortgage Fraud.
Buyers seems to simply want the loan and often times quite badly. Buyers do not seem to care how much the loan fees are, how much it cost, what kind of interest rate is part of the Mortgage Brokers long term income, and buyers do not even seem to really know what kind of costs that mortgage brokers are slipping in for their own income.
Sellers want buyers to get their loan and will do EVERYTHING they can to get this to happen. They are accommodating to appraisers, they Give Cash Back or a Seller’s Contribution, They throw in personal property into the purchase price, they may even give a Selling Office Bonus on top of the 6% (I know I am NOT suppose to say We ALL charge that – would NOT want to tell the truth and violate Anti-Trust Laws). Sellers will pretty much do what ever it takes to make the deal and to what links they are willing to go may surprise you.
So in that they will take it on the chin when the Mortgage Broker calls them (which they should Not) and when the mortgage broker lies to them leads them on
Realtors will Take It, they need the Mortgage Broker to succeed and for the Loan to go through so that they can make their Big Fat Commission
Mortgage Brokers Lie to Realtors as well.
They act like they can make a loan happen, and they drag it on and on, to the point where Sellers and Buyers lose deals and Buyers lose the credit rating that they had when they started working with the Mortgage Broker in the First Place. Mortgage Brokers Lie to the Realtor and the Realtor then ends up lying to the Buyer / Borrower without knowing they are lying. Mortgage Brokers will do anything to stall.. WHY? I think it is to wait for a better loan product to turn up that gives them more commission – incentives and trailing commissions. Either that or they simply get some sort of enjoyment out of ruining other people’s credit, causing extreme stress without remorse and ruining deals for buyers – sellers – and real estate agents.
Mortgage Brokers have even tried to Turn my buyer against me with lies, they want to keep the client and get rid of me – why – well sometimes they see a deal going bad and they see that lies are going to come to a head and they want to make sure that they stay in the loop when the buyer does buy so they blame the lies on me, the Real Estate Agent.
Sellers want buyers to get their loan and will do EVERYTHING they can to get this to happen. They are accommodating to appraisers, they Give Cash Back or a Seller’s Contribution, They throw in personal property into the purchase price, they may even give a Selling Office Bonus on top of the 6% (I know I am NOT suppose to say We ALL charge that – would NOT want to tell the truth and violate Anti-Trust Laws). Sellers will pretty much do what ever it takes to make the deal and to what links they are willing to go may surprise you.
So in that they will take it on the chin when the Mortgage Broker calls them (which they should Not) and when the mortgage broker lies to them leads them on
Realtors will Take It, they need the Mortgage Broker to succeed and for the Loan to go through so that they can make their Big Fat Commission
Mortgage Brokers Lie to Realtors as well.
They act like they can make a loan happen, and they drag it on and on, to the point where Sellers and Buyers lose deals and Buyers lose the credit rating that they had when they started working with the Mortgage Broker in the First Place. Mortgage Brokers Lie to the Realtor and the Realtor then ends up lying to the Buyer / Borrower without knowing they are lying. Mortgage Brokers will do anything to stall.. WHY? I think it is to wait for a better loan product to turn up that gives them more commission – incentives and trailing commissions. Either that or they simply get some sort of enjoyment out of ruining other people’s credit, causing extreme stress without remorse and ruining deals for buyers – sellers – and real estate agents.
Mortgage Brokers have even tried to Turn my buyer against me with lies, they want to keep the client and get rid of me – why – well sometimes they see a deal going bad and they see that lies are going to come to a head and they want to make sure that they stay in the loop when the buyer does buy so they blame the lies on me, the Real Estate Agent.
I have had Mortgage Brokers tell me that my Buyers have not got them all the paperwork – weeks into the deal and that is why it is taking so long – turns out that was a lie to give the agent more Stall Time. When the buyer had already got the Mortgage Broker ALL that was asked of them and right away – remembering of course that a Buyer wants to BUY.
In a sense Mortgage Brokers make the world go round.. STOP using them.. they charge to much, they mislead you.. they are not needed.. why in the world is it even legal to have Mortgage Brokers – THEY are in your Way.. the Buyer NEEDs the Lender if they need a loan and the Mortgage Broker is just a big hurdle that you pay BIG bucks to interfere with your real estate transaction EVERY step of the way.
The Title Company will go to great lengths to accommodate the Mortgage Broker and will seemingly take whatever the Mortgage Broker says as the Truth.
I have even seen a title company take a buy sell unsigned from a Mortgage Broker and Go to closing with a buy sell agreement that was obviously whited out and changed with no seller and buyers initial and NO buyers signature and the Title Company will head to closing without talking with the Seller or proving that the terms and conditions are REAL and were agreed upon by all parties.
The Closing Agent – the Title Company just wants to Sell that Title insurance and they seemingly don’t mind if the Mortgage Broker bends the rules, they don’t mind getting ALL transaction information directly from the Mortgage Broker, and they don’t even mind closing a real estate transaction without an Agreement Signed by ALL parties.
The Title Company, the Closing Agent claims that this Happens all the time. If so, the real estate consumer is really being attacked from all sides of their real estate transaction. The Real Estate Consumer is Trusting these “professionals” and the Real Estate Consumer Loses.
The Title Company Loves the Mortgage Broker NOT only because they bring in lots of Business but because Each Closing is a Double Paycheck – because if the Mortgage Company is involved, not only does the Real Estate Seller pay for Title Insurance but so does the Lender – which of course the Buyer pays for. We all know that the money is really in the Title Insurance so this is what the Title Company Wants over and over and while they are getting this lovely paycheck that they are so desperately are after, they PROVIDE no REAL protection for the Lender or the Real Estate Consumer . Buy Hey, everyone gets paid and that is the point right?
The Mortgage Broker is some sort of God, with whom the Realtor – the Seller – the Buyer and the Closing Agent is resting all their hopes and dreams on. In this, the arrogance of Mortgage Brokers has gotten way out of control. They easily lie and mislead all parties because everyone will take it and take it in hopes of a paycheck for themselves at the end of the game.
I have witnessed predatory lending in my business for years. I have seen Mortgage Brokers dip into the buyers credit so many times that they ruin their credit and there seems to be no system in place to hold a Mortgage Broker accountable for abusing their power to the extent that the Credit Score you took a lifetime to build – they can Destroy in 3 months.
In researching this stuff on the Internet, it would seem to me that Lenders Encourage predatory lending practices, for the Buyer gets into the home, everybody gets paid, the buyer pays their payments for awhile, at least a year or 2 and then the company can foreclose.
I have even seen information that Flat Out Claims that companies love to get people into foreclosure because the late fees – dues and administrative costs are VERY good money and then when the do foreclose the property is pretty much always worth more in resale then the cost of the loan, YOU – the Real Estate Consumer Loses.
And when these companies LIST the foreclosures they have to have their hand in that pot as well with so many Real Estate Franchises owned by the same major company and no one looking and this same company owing interest in Title Insurance Companies, Real Estate Firms, Relocation Companies and Lending Institutes.
Real Estate Consumers are Taking it on the Chin and seem to have NO real resource to go to in attempting to STOP what happened to them from happening to anyone else. And they certainly have NO one to go to in Seeking Justice – fixing their credit messed up by the Mortgage Broker involved – or even anyone to go to with evidence of deliberate proven Fraud.
I have seen cases where I personally, as Broker Owner have told the FBI – the Department of Justice – and many, many more people who should care about a particular company and even with proven evidence of fraud in hand and witnesses to boxes of shredded and changed documents.. Still No One comes in to Defend the Real Estate – the Mortgage Consumer.
The Support is Just NOT there. Now if the FBI does not care about Fraud in the Financial Industry well the Consumer is Really in trouble.
Maybe the FBI is Lazy or maybe they feel, why bother when they can’t make it stick anyway. Whatever the reason, and even with the Crash of Late, Mortgage Brokers are still lying – cheating – misleading – forging – committing fraud and giving kickbacks and No One Cares to Look.
Think about it, if I have Proof as a Real Estate Broker Owner, the Consumer has Proof of Fraud and no one is listening then you can be assured it is widespread, acceptable and rampant in the real estate Industry.
Where does the appraiser fit into all of this… Subscribe to My Blog at www.SavvyBroker.com and find out what you Really Need to Know
Think about it, if I have Proof as a Real Estate Broker Owner, the Consumer has Proof of Fraud and no one is listening then you can be assured it is widespread, acceptable and rampant in the real estate Industry.
Where does the appraiser fit into all of this… Subscribe to My Blog at www.SavvyBroker.com and find out what you Really Need to Know
about the Real Estate Industry.
Knowledge is the Only Real Estate insurance
that You Really Have.
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