WELCOME

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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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How Are Those $3 Mortgage Inspections Working For You In The High-Crime Areas Of Chicago?

Above is a truck in Chicago plowing bullet casings in one of the high-crime neighborhoods.

New numbers from the Chicago Police Department show 44 people were murdered in the city in February 2017. That is down slightly from 46 people murdered last February. So far this year, police said there have been 94 murders, compared with 98 during the same period last year.

Data also suggest that African-Americans are now leaving the region at a significantly faster rate than whites.  That suggests that rising crime rates and the loss of jobs on Chicago’s South and West Sides are continuing to encourage residents to look elsewhere for a better life.

How are those $3 mortgage inspections working for you? Don’t get killed or injured for a $3 mortgage inspection.

So You Got Your Layoff Notice … It’s Not The End Of The World

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You know about the bid fraud happening in the firm over the last 15 years. Now is your chance to talk to an attorney specializing in the False Claims Act. The Government wants to pay you a huge amount of money to turn in your boss. Turn in the rat. He laid you off. He does not care about your well being. Help the taxpayer and you will get a huge check for turning in your boss. Learn about the False Claims Act and “Qui Tam”.

I Hear Nothing … I See Nothing … I Know Nothing

NAMFS and HUD are the Sergeant Schultz of the Mortgage Segment. The Mortgage Segment is the home of $3 mortgage inspections and 99.5% of the fraud, greed and corruption in the industry. The fraud, greed and corruption are ignored.

NAMFS and HUD are not doing a very good job of looking out for LABOR. When you read Foreclosurepedia blog posts you read story after story of fraud in the mortgage segment. The names of the fraudsters are provided. But, there are no criminal investigations. There is no Government regulation. There are no ethics in the Mortgage Segment. I’m sure that NAMFS reads the Foreclosurepedia blog … I am not sure if HUD pays attention. NAMFS has canons and standards for members, but does anyone pay attention to them? Sergeant Schultz would fit in very well in the Mortgage Segment. The Mortgage Segment represents mismanagement at the highest level. You want to avoid the Mortgage Segment.

Are You An Employee Or Independent Contractor?

Filing an IRS Form SS-8 requesting a “worker status” determination means you are asking the Service to establish if the services you provide to the firm are those of an employee or an independent contractor.

Workers who believe they have been improperly classified as independent contractors by an employer can use Form 8919, Uncollected Social Security and Medicare Tax on Wages to figure and report the employee’s share of uncollected Social Security and Medicare taxes due on their compensation.

See the full article Misclassified Workers to File New Social Security Tax Form for more information.