Field Inspector Owes Bank of America $12,774,102.00
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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There is a FREE app at the Apple Store for cooking eggs on the new Apple i-Pad Air.
You would not cook eggs on an expensive i-Pad Air … would you?
So why would you perform $3 mortgage inspections and wear our your car?
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Check out the National Field Service Directory at www.sofistore.com. Get connected with the higher quality firms that pay the higher fees.
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Americans Are Feeling Good About The Economy … Inspectors Are Moving Far Away From $3 Mortgage Inspections
Many of the Mortgage Order Mills (MOMs) are having a difficult time finding mortgage field inspectors willing to perform $3 mortgage inspections which “maybe” yield a profit of $1.50. The startup costs for a background check and E&O insurance is about $1,265. You will need an expensive digital camera with a date-time stamp and GPS capability. The wait time for the first pay check is sometimes 60-days.
Some of the MOMs are offering new mortgage inspectors a HUGE jar of Nutella as a signup bonus for $3 mortgage inspections. The strategy is that you will get a SUGAR HIGH and sign their 60-page independent contractor agreement which includes a 5-year obligation to stay on. You will love the Nutella. The sugar highs sometimes last for days. You should not sign any legal documents during that time.
You will wear out your car serving huge service areas which will include high-crime neighborhoods. Your vendor manager will say that is is okay to go into backyards and peep into windows as you will be exempt from complying with all federal and state laws. The vendor manager knows the law from watching re-runs of the TV program Boston Legal. You will be up late at night processing reports and the Nutella will help keep you awake.
The “Chicks” will love your worn-out car.
