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.
You Would NOT Cook Eggs On The New i-Pad Air
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?
U.S. Cities That Are Combat Zones
These cities are “Combat Zones”. I flew in the Navy into combat zones. I received both Flight Pay and Combat Pay. How are you doing with $3 mortgage inspections in the combat zones listed above? You are risking your life … you just don’t want to acknowledge that. Are you getting paid much higher fees for combat duty? I am sure that you are underpaid.
The SLOWDOWN Continues In The Mortgage Segment … The Heartbeat Is Very Low
Foreclosure prevention is paying off for the GSEs. The GSEs prevented more than 49,000 foreclosures in the first quarter, an increase of nearly 5,000 preventions compared to Q4,. The total number of delinquent loans fell 15 percent in the first quarter of 2017. In Ohio, the number of seriously delinquent loans decreased 9 percent during the quarter. Florida’s serious delinquency rates dropped 8 percent; Texas, New Jersey, and Georgia by 7 percent. Total delinquent loans in Ohio dropped by 18 percent. Texas and Pennsylvania saw total delinquencies drop 16 percent in Q1.
Mortgage inspectors and property preservation mechanics are chasing fewer tasks. Mortgage inspection fees average about $4.
Foreclosurepedia.Org … National Field Network (NFN) Data Breach
National Field Network is NOT a SOFI member.
Market Ready Loses HUD Contract Over Misrepresentation
First-time Foreclosure Starts Hit All-time Low
YEAR LOW
Both mortgage originations and foreclosures are in freefall, according to the recent Mortgage Monitor report released by Black Knight Financial Services on Monday. Overall originations dropped 34 percent over the first quarter of the year, while foreclosure starts hit a 12-year low of just 52,800.
Mortgage field service inspectors are leaving the mortgage segment of the industry where the average inspection fee is $3. The mortgage segment is the home of 99.5% of the fraud greed and corruption in the industry.
As for foreclosures, April marked the lowest month on record for first-time foreclosure starts, with just 24,200 for the month. Repeat foreclosures also dropped, hitting their lowest point since April 2008. The total delinquency rate for the month was 4.08 percent, with foreclosure pre-sale inventory dropping 3.47 percent.
The states with the highest share of delinquent loans were Mississippi, Louisiana, Alabama, West Virginia, and Maine.
Foreclosurepedia.Org Says Safeguard Servers Accessible Without Username Or Password
Internet Security Is So Bad In The Mortgage Segment … The Risks Are Very High
Foreclosurepedia.Org has been reporting that security is so lax in the Mortgage Segment. On most days, Paul Williams lists one or more Mortgage Order Mills (MOMs) who are not offering proper security protection. Logging onto some the MOM websites reminded me of the 1977 movie “The Gauntlet” with Clint Eastwood and Sondra Locke. Eastwood plays a down-and-out cop who falls in love with a prostitute (Locke) whom he is assigned to escort from Las Vegas to Phoenix in order for her to testify against the mob. They armor plated the bus. The whole movie is available on YouTube.
When you visit some of the MOMs you will need more than an armored bus to protect yourself. Security is so poor in the Mortgage Segment of the industry. Be sure to follow Paul Williams and learn the location of the security minefields.
