01.04.08
Posted in Money and Finance, Mortgage and title Fraud, Real Estate fun, Value of a title searcher at 2:42 pm by Jeanne
Ten years ago, who would have believed the sleepy little Title Insurance business could be the subject of an amazing true crime book. Yes, we’re all reminded daily of the problems in our industry: greed, fraud, forgery, gluttony, sub-prime lending, phoney appraisals and more, but now here’s a real life tell-all.
A Family Cursed: The Kissel Dynasty, a Gilded Fortune and Two Brutal Murders uncovers classic Title Mafioso. The author, Kevin McMurray covers the life of two wheeling-dealing brothers. Andrew Kissel was convicted of forging mortgage deed releases and other fake documents to subvert millions in order to live an excessive lifestyle.
But Fidelity National Title recognized Kissel’s mortgage scam. By searching title to property, Fidelity found several active mortgages on property being used as collateral to secure a $6 million mortgage loan. Kissel gave Fidelity falsified mortgage releases to show the loans were paid off. Creating the bogus documents was as easy as the click of a mouse, McMurray accurately writes. Had it not been for a thorough Title Underwriter (You’ll have to read the book to find out how they figured it out) Kissel would probably still be perpetrating his real estate fraud. He was charged with federal bank fraud obtaining tens of millions in fraudulent loans from banks and other institutions.
I am an avid reader of mysteries, etc. but this one really hits home not because it’s just plausible, but because it happened and continues to happen every day.
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08.03.07
Posted in Education, Mortgage and title Fraud at 3:44 pm by Jeanne
“Mortgage Industries Wild Ride ends with new laws” as stated in Twin Cities Pioneer Press Paper see article
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03.01.07
Posted in Money and Finance, Mortgage and title Fraud at 6:01 am by Jeanne
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I would like some feed back on Signing Agents. The people who have contacted me to be a signing agent make it seem too good to be true. “Lots of Money,” “Do it on your own time-frame,” “You don’t need to know a thing,” “You don’t explain anything to the consumer, just tell them they need to sign all the papers to get the money.”
My conscience scares me. What if I look at the mortgage papers, and the terms are horrendous? What if I believe the person signing the documents has no clue what is happening to them? What if it is a foreclosure waiting to happen? I’m not sure I could live with myself. Will somebody please explain this to me!
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02.27.07
Posted in Industry News, Money and Finance, Mortgage and title Fraud at 9:21 pm by Jeanne
“As most people know I have agreed to shut down Eagle First Mortgage. The Department of Financial Institutions was gracious in allowing loans not yet closed to continue closing so as to not hurt the borrowers. We will be officially closed on March 14, 2007. I want to thank the thousands of clients that have done business with Eagle First Mortgage over the years.
Sincerely, David Sanchez, CEO Eagle First Mortgage”
Sanchez started Eagle First in 2003, quickly growing the company to 75 offices.
The company franchised itself out to the point that “there was no control over the branches,” said Felecia Rotellini, superintendent of the state financial institutions department. “That’s a recipe for loan officers being tempted to engage in mortgage fraud,” she said. Regulators described more than 100 illegal money transactions, loan activities and hiring practices. See full article at Eagle First.
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02.24.07
Posted in Industry News, Money and Finance, Mortgage and title Fraud at 6:17 pm by Jeanne
Shares of NovaStar Financial, which makes loans to people with weak credit, fell almost 43 percent yesterday after the company announced a surprise loss of $14.4 million for the fourth quarter and told investors that it might not make enough money to pay dividends for the next four years. Subprime lenders are not obligated to follow the tougher regulations that apply to commercial banks and as a result loans are available to virtually anyone – creditworthy or not. Is this a sample of what is to come?
See the NY times full article here.
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02.02.07
Posted in Mortgage and title Fraud, Regulation of Insurers and Banks, Value of a title searcher at 10:36 am by Jeanne
Are you better off today than you were ten years ago?
Whose fault is it. Let’s blame all errors, poor judgment, misconduct, wrongdoing, transgressions, egregious behavior and crimes on someone else. It’s easier to point the finger than to take responsibility. Sub-prime Mortgages, Predatory Lending, or One in Three closings with Title Problems? Our actions damage the Public and their perception of the mortgage and title industries.
Cases in point:
President of Mortgage Banking Company
The NY Times sites a mortgage banker who “acknowledges that standards were lowered, but he placed the blame at the feet of investors and Wall Street, saying they encouraged Ownit and other subprime lenders to make riskier loans to keep the pipeline of mortgage securities well supplied. “The market is paying me to do a no-income-verification loan more than it is paying me to do the full documentation loans,” he said. “What would you do?”
See NY Times article
Mayor of New Orleans
Mayor Nagin blames race, class, and President Bush for the devastation caused by Katrina.
Baltimore Sun article
Global Warming
Beijing shifts the blame for Global Warming on developed countries.
Sydney Morning Herald
When will we, as individuals in the mortgage and title industries, begin to take personal responsibility for the outcome of our actions? We need to enlighten the public and the media that subprime lending and fast-and-cheap titlework is NOT okay. Just because someone suggests you do something unethical (give the borrower a mortgage that doesn’t fit but makes you money, or do a last-deed-of-record only title search) doesn’t mean it’s the right thing to do. We will all pay the price.
Take individual responsibility for your actions, and quit pointing at everyone else. Take a good look at your situation. Are you better off today than you were ten years ago?
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