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diesel350
572 Posts |
 Posted - 05/12/2008 : 2:46:26 PM
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A loan officer closed a primary home with a borrower last month. Loan looked good with good amt of fees. He just closed another one recently with the same borrower and I just noticed it is another primary home same borrower. Loan already funded and title company already sent out closing package with checks. Both loans are Jumbo's.
Is this going to be a compliance issue having 2 primary homes? |
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usevacationvouch
240 Posts |
Posted - 05/12/2008 : 2:55:19 PM
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| Looks like fraud to me! |
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cspatmon
2149 Posts |
Posted - 05/12/2008 : 2:57:53 PM
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| Fraud!!!! or investment or 2nd or vacation home.... |
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diesel350
572 Posts |
Posted - 05/12/2008 : 2:58:42 PM
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quote:
Originally posted by usevacationvouchers
Looks like fraud to me!
Well what would you do? Loan already closed and funded. Now we have loans for the same borrower that are a Primary home. |
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usevacationvouch
240 Posts |
Posted - 05/12/2008 : 2:59:51 PM
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quote:
Originally posted by diesel350
quote:
Originally posted by usevacationvouchers
Looks like fraud to me!
Well what would you do? Loan already closed and funded. Now we have loans for the same borrower that are a Primary home.
What do you mean you have? Was it one of your lo's? |
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ZoolanderMSM
213 Posts |
Posted - 05/12/2008 : 3:05:07 PM
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| It is possible the hoomeowner moved to a diffeent house and refinanced it as O/O. However, 99% of the time that doesn't happen. Also, the homeowner is supposed to indicate their intention to stay/move to the lender on the first loan. Any LO should know that this is against the rules. You are the one at risk of a buyback, so you have to decide what the risk is worth to you. I would start with a 5 hour CE class plus a fine for $500. |
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diesel350
572 Posts |
Posted - 05/12/2008 : 3:07:09 PM
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quote:
Originally posted by usevacationvouchers
quote:
Originally posted by diesel350
quote:
Originally posted by usevacationvouchers
Looks like fraud to me!
Well what would you do? Loan already closed and funded. Now we have loans for the same borrower that are a Primary home.
What do you mean you have? Was it one of your lo's?
It was the LO's. What I mean is my company now has 2 loans for the same borrower that are both primary homes. And I just noticed that the new transaction that just closed did not disclose the loan that closed previously last month. |
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cspatmon
2149 Posts |
Posted - 05/12/2008 : 3:17:07 PM
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| What was the Lo's explanation or the applicant's for that matter? Did neither take time to read or go over the 1003? |
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djorge44
1584 Posts |
Posted - 05/12/2008 : 3:24:30 PM
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I am confused. Your LO did 2 primary residences for the same customer and you did them with the same lender, or different lenders?
Regardless your firm most likely just committed fraud. You should call both lenders and report it. You should report your LO, and then fire him.
This sounds like 2006 fraud |
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diesel350
572 Posts |
Posted - 05/12/2008 : 3:29:03 PM
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quote:
Originally posted by cspatmon
What was the Lo's explanation or the applicant's for that matter? Did neither take time to read or go over the 1003?
I haven't gotten a hold of him yet. |
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diesel350
572 Posts |
Posted - 05/12/2008 : 3:29:54 PM
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quote:
Originally posted by djorge44
I am confused. Your LO did 2 primary residences for the same customer and you did them with the same lender, or different lenders?
Regardless your firm most likely just committed fraud. You should call both lenders and report it. You should report your LO, and then fire him.
This sounds like 2006 fraud
2 different lenders |
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MoneyLenderP
1617 Posts |
Posted - 05/12/2008 : 3:31:31 PM
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He sent in 2 primaries...2 different lenders, before it would even hit the credit report.
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usevacationvouch
240 Posts |
Posted - 05/12/2008 : 3:32:54 PM
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quote:
Originally posted by MoneyLenderP
He sent in 2 primaries...2 different lenders, before it would even hit the credit report.
Ouch! Plus the fact that he closed the other loan weeks before and didn't disclose it on the 1003, sounds like occupancy fraud to me. |
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djorge44
1584 Posts |
Posted - 05/12/2008 : 3:32:59 PM
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| Sounds like FRAUD, I see you are in Tampa, is it a Florida loan. there was so much of that around here, fake buyers paying tons of fees and then the houses are in FX a year later. Did you look at the appraisals, were they solid |
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goodguy1
1654 Posts |
Posted - 05/12/2008 : 3:34:35 PM
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bummer.
definitely a problem.
You shoud let the lender know; let the borrower know and see if you can find a home for it as a n/o/o., otherwise you will most likely get to buy it back.
In the mean time you need to fire the LO, educate the rest of them and let them know about how fraud is handled and start a strict compliance department. |
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djorge44
1584 Posts |
Posted - 05/12/2008 : 3:36:01 PM
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| Report the LO, so he can not be hired any other places. You are in Tampa, I would want to know about someone shady to make sure we did not hire him |
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djorge44
1584 Posts |
Posted - 05/12/2008 : 3:41:41 PM
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| Was the same title company used in both transactions, they should have caught it. They could be involved in the fraud too |
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diesel350
572 Posts |
Posted - 05/12/2008 : 3:44:30 PM
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quote:
Originally posted by djorge44
Sounds like FRAUD, I see you are in Tampa, is it a Florida loan. there was so much of that around here, fake buyers paying tons of fees and then the houses are in FX a year later. Did you look at the appraisals, were they solid
Property and LO in Miami
90% LTV
Fulldoc borrower W2's over $100,000/yr
About $80,000 in assets
Appraisal looks good |
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assassin17
4179 Posts |
Posted - 05/12/2008 : 5:53:02 PM
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| If you don't report it as fraud and fire that clown, you are going to be liable for complicity, expescially since you admit to having caught the fraud. You have BIG problems here if someone catches this. |
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davidfr
1172 Posts |
Posted - 05/12/2008 : 5:59:52 PM
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quote:
Originally posted by diesel350
Property and LO in Miami
90% LTV
Fulldoc borrower W2's over $100,000/yr
About $80,000 in assets
Appraisal looks good
What are you trying to say here? It seems like somehow you are trying to justtify it with his income, assets, and a good appraisal. Am I wrong? I assume it is safe to say that the 2nd lender did not know about the first property, and thus there is no way in the world the borrower could have qualified for the 2nd purchase. Please correct me if I am wrong. |
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diesel350
572 Posts |
Posted - 05/12/2008 : 6:10:32 PM
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quote:
Originally posted by davidfr
quote:
Originally posted by diesel350
Property and LO in Miami
90% LTV
Fulldoc borrower W2's over $100,000/yr
About $80,000 in assets
Appraisal looks good
What are you trying to say here? It seems like somehow you are trying to justtify it with his income, assets, and a good appraisal. Am I wrong? I assume it is safe to say that the 2nd lender did not know about the first property, and thus there is no way in the world the borrower could have qualified for the 2nd purchase. Please correct me if I am wrong.
Of course I'm not trying to justify it. He was just asking about the particulars of the loan and I was answering his questions. I am just trying to see what other fraud may be in the file. And the other lender did NOT know about the other property. |
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davidfr
1172 Posts |
Posted - 05/12/2008 : 6:15:23 PM
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quote:
Originally posted by diesel350
Of course I'm not trying to justify it. He was just asking about the particulars of the loan and I was answering his questions. I am just trying to see what other fraud may be in the file. And the other lender did NOT know about the other property.
[/quote]
By bad, sorry. Thank you for the clarification. |
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