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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

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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.

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New York Mayor Wants To Raise A Pack Of Cigarettes To $13

I love math calculations. So a package of 20 cigarettes will increase to $13 in New York if the mayor’s bill passes. A Brooklyn mortgage inspector gets paid $3 for a mortgage inspection. The profit is “maybe” $1.50. The profit from that $3 mortgage inspection will buy about 2.3 cigarettes. For the average smoker, that is about  25 puffs of smoke. So one mortgage inspection pays for 25 puffs of smoke. A business verification will buy about 3 packs of NY cigarettes … that’s about 660 puffs.

So you wear our your car with $3 mortgage inspections and it smells like smoke and the entire inside of the car has a brownish color on the windows, all of the fabric seats and the headliner.

Ocwen Was A Star About Three Years Ago At $60 A Share

Today this pig is still moving … but, very slowly. Stay clear of Ocwen so as not to get roasted like them. The national and the regional mortgage order mills are competing for the table scraps. The little mortgage order mills cannot compete. One of the largest mortgage order mills is rumored to be up for sale while battling two major legal actions … one in federal district court. One mortgage order mill tells unpaid inspectors that their pay is delayed because of their cash flow …  they made some bad investments. The inspectors are paying for their mismanagement. Mortgage inspections paid more 20 years ago. Today, the pigs are dying. Avoid mortgage inspections.

 

SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Ocwen Financial Corporation (OCN)

 

NEW YORK, April 20, 2017 /PRNewswire/ — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Ocwen Financial Corporation (“Ocwen” or the “Company”) (OCN). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/ocn.

I suggest that you AVOID working for any Mortgage Order Mill (MOM) getting any work, directly or indirectly, from Ocwen. The stock lost 180 million in market cap in one day. The past 5 years of earnings are down 33.70%. Ocwen is going the way of Blockbuster, Radio Shack and Sears. The end is near.

Comment on this post with the names of MOMs getting work from Ocwen.