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.
With real wages stagnant below 1.5%, rising energy costs, soaring medical costs due to Obamacare, record high home prices and rent expense due to the Fed, the average new car price at a record $34,000, and food prices rising steadily, the standard of living of mortgage inspectors earning “maybe” $1.50 in profit on a $3 mortgage inspection continues to plunge.
To make it worst, consider all of the fraud, greed and corruption reported in the mortgage segment.
HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, recently released its August 2016 loan modification data which shows that close to 119,000 homeowners avoided foreclosure and received a mortgage solution.
Total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) increased 6 percent from July 2016. With approximately 36,000 completed in August, an increase of approximately 11 percent was also seen year-over-year. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).
Too many mortgage field service representatives are chasing fewer mortgage inspections and property preservation tasks. An oversupply of mortgage field reps continue to drive down prices. Some Mortgage Order Mills (MOMs) are offering $3 mortgage inspections and $7.50 grass cuts with a 60-day wait period to get paid. It’s best to avoid the mortgage segment.
Every once in awhile I will get a call from someone with a blocked caller ID. My first thought is TELEMARKETER … and I do not accept the call.
The Federal Communication Commission (FCC) is as successful in halting telemarketing calls as North Korean is successful in launching long range test missiles. For me, a blocked caller ID says the caller is hiding something and I really don’t care to be tricked by a telemarketer. Blocked caller IDs can be a real time waster. What do you say?
Los Angeles County continues to have the lowest homeownership rate of any large metro area in the country and rental Armageddon continues. This is across all data. Los Angeles County has 10 million people while the larger LA-OC MSA includes 13 million since it brings in Orange County. Any way you slice the data, Los Angeles is simply not a friendly place to buy a home and the vast majority of people rent and spend a bank breaking amount per month on rents.
How can Los Angeles mortgage inspectors live on the $1.50 profit from a $3 mortgage inspection? The mortgage inspector must perform 843 mortgage inspections just to pay the required $1,265 upfront insurance and background check costs. One Mortgage Order Mill (MOM) requires a mortgage inspector to wait 60 days to get paid. Will a landlord wait 60 days for the rent?
The “chicks” will love your worn out car.
The Greek Government tells the tax-burdened self-employed: “Go To Bulgaria”. Many, especially from northern Greece, have moved their business basis to neighboring Bulgaria for obvious reasons: 10% tax instead of 29%, low social security contributions, incentives. There is talk that 60,000 businesses have moved in the last seven years of austerity.
This is happening in the mortgage segment of the industry. The average mortgage inspection fee is $3 and the profit is “maybe” $1.50. The start-up cost is about $1,265 before the first inspection is performed. One Mortgage Order Mill (MOM) has inspectors wait 60 days to get paid. Most of the MOMs play lots of games and impose huge penalties called “chargebacks”.
Greek businesses are moving to Bulgaria because of the higher overhead costs. Mortgage inspectors are moving to commercial inspections because of the higher quality firms, higher fees and lower overhead costs.
Don’t play Mortgage Segment games!
A SOFI member says that Red Oak Field Services is not answering their phone or responding to emails asking about pay. The reason for this communications failure is unknown.
I checked their website this morning and called 208.664.3700. The phone number is not a working number. Do you have anything to say? More later!
October 20, 2016: Richard, we have heard from Red Oak accounting (Matt Walters) about outstanding invoices. They say they will be paid. Company info. is confusing. Main company is ICM. I emailed ICM president Don Walters. New phone #208-666-1296. Thanks for your help!