Morgage broker - Posted by John

Posted by Stephen on February 01, 2001 at 08:32:53:

My best friend who owns a title company tells me that it’s the one that hold the license is the one in the eyes of the State, who should know better. They go after banks and brokers for mortgage fraud, not the consumer, because they know from experience who initiated the fraud and who can stop it. As in the case of the original post, it was the broker who was initiating it. Going after consumers is inefficient and political suicide. You’re propogating a myth. Show me one article where a consumer was prosecuted.

Morgage broker - Posted by John

Posted by John on August 11, 2000 at 17:51:29:

We are trying to get 100% financing for a rehab flip through a morgage broker . He says we can if we tell him that we are going to rent out our house we live in .He needs a signed lease agreement with whoever . is this safe to do or can i have serious consequense 's by doing this ???

Re: Morgage broker - Posted by JohnBoy

Posted by JohnBoy on August 12, 2000 at 24:55:58:

It sounds like he wants you to LIE to the lender saying that you will be occupying the property. On top of this he wants you to submit a lease agreement showing that you have a tenant paying you rent on your current property. THIS IS FRAUD!

You need to find another broker to work with! This one obviously could care less about what happens to you if you were to get caught on this! He has one interest only, TO GET HIS COMMISSION OFF YOUR LOAN!

If you were to get caught, the broker isn’t the one that’s going to get in trouble. YOU ARE! YOU are the one signing all the documentation and mortgage! DUMP this clown and find another one before he gets you into some serious trouble!

Re: Morgage broker - Posted by Stephen

Posted by Stephen on January 30, 2001 at 12:34:10:

What makes you think a mortgage broke isn’t liable. He has his license on the line and he may have to buy back the loan. In practice, no bank goes after the buyer for fraud. Get real.

Re: Morgage broker - Posted by JohnBoy

Posted by JohnBoy on February 01, 2001 at 07:08:39:

When the buyer signs his name to any documents, it’s the buyer that is responsible, period!

The broker sits back and claims they knew nothing about it! The buyer told them what the loan was for. The buyer said they were going to occupy the property. The buyer submitted that lease they claimed they had a tenant. I knew nothing about this other than what the buyer told me! You get real!

In practice, when it’s the BUYER that commits the fraud, it’s the buyer they only have to be able to go after!