MULTI-STATE MORTGAGE BROKER PUBLICLY ADMITS PAYMENTS WERE FOR VOLUME OF LOANS CLOSED

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

submitted by MAD AS HELL

[DISCOVERY HINT] “The Title companies got for the most part their instructions from many different players and the closing files are a treasure trove of information.”

“The borrowers had no idea that I as a broker was getting paid a fee by Indymac for closing as many deal with them as we could, under very specific programs.”

“Most of the changes and requirements were met without the knowledge and approval of the borrowers.”

Dear Mr. Pulatie,

I do appreciate your candor and your interest in this matter. I used to own a Mortgage, Real Estate and Closing firms in VA, MD and DC until 2005, when I sold them, with licenses in DC, VA, MD, FL, PA, MN, NY, NJ, TX, CA, and other 20 states. As a Mortgage Broker we had the Wholesale Bankers account executives siting at each of our loan officers desks telling them what the underwriter wanted to see. They were the ones coming down with the guidelines and the ways and means to push the cases through.

All the loan applications I have since looked in both the mortgage company and the settlement company since 2001, have subtle but very powerful variations and that rendered the capacity of the borrower to fight back at the table.

Most loans were portrayed on the loan application as being fully compliant, most disclosures present themselves as such, the L.O. and the Wholesale Lenders had total control of the transaction. In most cases the aftermarket or secondary market operators, aggregators, securitizers, investment bankers such as Lehman Bros, and outfits like countryfraud and Green pint just to make it simple, made the final requirements for funding at the table. Most of the changes and requirements were met without the knowledge and approval of the borrowers.

The borrowers had no idea that I as a broker was getting paid a fee by Indymac for closing as many deal with them as we could, under very specific programs. Same thing happened with loans from First Magnus Financial, not even the Loan Officers knew about these commissions paid to us the brokers. Most wholesale conduits and investment bankers controlled the secondary market. None of the fees, commissions and under the table payments made it into the TILDS, and the true creditor was never disclosed to the borrowers either.

almost 95% of all the loans that were funded under this scheme are fraudulent, non compliant and illegal from their inception, even from the moment the client called and talked to the LO for the first time, since any and all info given was misleading, incorrect and totally flawed.

I would venture to say that it is no serendipity that over 65,000,000 American got securitized loans, that MERS is on the deeds of trust and mortgages, and that even if they did do their homework and were conservative, paid a 20% to 30% down payment, their loans are a total fraud.

As a Mortgage broker we were also kept in the dark about a great deal of things and we were only privileged to the information that actually mattered to us at the time:

underwriting criteria, conditions for funding and where is the check.

The Title companies got for the most part their instructions from many different players and the closing files are a treasure trove of information.

There is such a variety of entities, bank accounts, individuals involved that will surprise many. Sometimes the closing instructions had to be changed because from the time the loan commitment was given to the borrowers, the initial parties had already sold the loans to some other players. Some documents were required to be sent one direction and some to other players.

The musical chair game started long before you went to the table.

Remember, Wall Street is big at making money using other peoples’ money. They went to the investors with a prospectus, meaning a prospective investment, they got the money from the investors and they told the investors that the loans had already been made and that the notes had already been transferred,, while MERS in their rules and recommendations told the bankers to send the notes to the servicers no to the trusts. You see these banksters were from day one acting as criminals at both ends of the transaction.

While auditing my own loan file I was able to find so many discrepancies that I am suing the people who were involved as well. The problem is that as long as we still try to play nice with the banksters, they will continue to play dirty with all of us.

Just think about it, 85% of all mortgage loans are being collected through servicers posing as banks ( Yes, the largest are BANKS, but acting in the capacity of a collection company). So if we know that, we must also asume that 85% of all loans are or have been securitized. Our original obligation, promise, has been modified without our authorization. They did tell us at the table if they sold all the loans or not, and that they did sell the servicing rights. They never disclosed to me, that they were going to parse out my monthly payments and that my promise to pay was going to be used in a criminal enterprise.

How can your in all fairness deal with your mortgage troubles if your obligation is tied up in so many side contracts and agreement of which you were fully unaware that now that you want help, the parties in the middle first measure how they can make money of your tragedy and then lie to you until they reap their profits.

Our congress is sold out, our president is just completely incompetent and our courts have become whores to the highest bidder. And you expect for each one of us to sit down and take it without a fight and that we are getting a free house, non sense, they committed fraud and crime must not pay!

Posted in bubble, Corruption, Eviction, securities fraud |