WELCOME

screaming-classic-horror-movie-blonde-590x595

Welcome to the Mortgage Horror Blog.  The Mortgage Segment of the industry is the home of 99% of all of the problems in the field services industry. The field services industry offers some great opportunities in the commercial and insurance segments. The purpose of this blog is to identify the problems in the Mortgage Segment and to separate the problem-plagued Mortgage Segment from the better segments of the industry

Field Inspector Owes Bank of America $12,774,102.00

wire-fraud

Dean Counce plead guilty to wire fraud after doctoring a few inspection reports that were submitted to Bank of America Field Services.

According to court documents, Dean lost two homes in Brooksville, Florida, a silver watch, a gold watch and a gold bracelet. The court also ordered restitution to Bank of America in the amount of $12,774,102.00.

He is 42 years old. He will be 50 after eight years in a federal prison in Virginia. The court has ordered Dean to pay $200 a month in restitution upon release from prison. It will take 5,322 years for Dean to pay the $12,774,102.00 restitution to Bank Of America.

Counce’s company was required to visit a property, complete a report, take photographs and send the information to the lender. Initially, Counce performed inspections himself. As his company grew, employees were hired to carry out the inspections. As the number of foreclosures skyrocketed, the employees were not able to keep up with the volume of inspection requests. Counce’s staff began fabricating reports.

According to investigators, Counce directed inspectors to visit the property and take more photographs than necessary. The photos were then used for subsequent reports. In other cases, Counce allegedly told workers to use information from public websites to fabricate reports for properties that were never inspected.

Employees estimated about 30 percent of the reports completed in 2007 and 2008 were fabricated. That percentage increased to 50 to 60 percent in 2009 when Counce won a new contract with Bank of America. Bank of America paid the company about $23.5 million over the course of five years.

READ MORE >>>

Foreclosurepedia Says NAMFS Hegemony In Decline

“Hegemony is another word for leadership or dominance. George, when I said to you that NAMFS hegemony is in decline, I am saying that the National Association of Mortgage Field Services (NAMFS) has finally lost its control over the Mortgage Field Services Industry. In fact, the tell tale signs are everywhere. Foreclosurepedia recently reported upon the initial $2.2 Million jury verdicts against Assurant Field Asset Services (Assurant) for misclassifying employees as independent contractors. With dozens more jury verdicts pending, that number is expected to eclipse $4 Million. Mortgage Contracting Services (MCS), in a nearly identical lawsuit headed to jury trial later this year, is expected to shell out well over $55 Million. Neither Assurant nor MCS are expected to be able to recover. And while many NAMFS Members are taking a wait and see approach to correcting the error of their ways, the reality is that most are simply dumping yet more legalese into their unconstitutional contracts pertaining to W9 provisions. Ironic, as the 50 Page Bowerman Ruling, which cost Assurant their first $2 Million, stated it was the Work Order and not the Contract that mattered.”

Foreclosurepedia: NAMFS Members Can Face 3rd Degree Felonies In Florida For Insurance Claims

Florida House Bill 911, which is set to take effect on 01 January 2018, makes it a third degree felony to participate in insurance claim matters without a public adjuster’s license. That covers ALL FHA INSURED FORECLOSURES. It also covers all hazard claims as well as all damage and storm claims.

Florida has five degrees for felony offenses: Felony in the third degree, felony in the second degree, felony in the first degree, life felony and capital felony. A felony is classified based on the maximum penalty allowed by law should one be found guilty of the associated crime.

Felony in the Third Degree
A felony in the third degree is punishable by no more than five years imprisonment in a state prison and a fine of up to five thousand dollars. In addition, the defendant may also be ordered to pay the victim restitution as ordered by the court.