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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Another Bad Day In The Mortgage Segment … No Help Is On The Way … You Are All Alone!

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Go to Foreclosurepedia to fill in the blanks in the above alert. The Mortgage Segment is the home of 99.5% of the fraud, greed and corruption in the industry. Another Mortgage Order Mill (MOM) gets fired and labor suffers the most … another nose dive.

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Are you saying again that every day in the
mortgage segment is a bad day? You also said that
last week.

Indianapolis Recorder News Says NFHA Files Suit Against Safeguard Properties

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National Fair Housing Alliance (NFHA) has filed suit against Fannie Mae. The suit, filed in federal district court in San Francisco, accuses the organization of showing “a stark pattern of discriminatory conduct” in how it maintains its foreclosed properties. The article says “Other complaints involving Indianapolis have been filed against Bank of America, Safeguard Properties and US Bank.”

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Take A Police Ride-Along In A Mortgage Order Mill Suggested High-Crime Service Area

Some of the mortgage order mills are always trying to pressure mortgage field inspectors to perform $3 mortgage inspections in high-crime neighborhoods. Don’t risk injury or death by visiting such neighborhoods. Visiting a high-crime area and asking a lot of questions and taking photos can lead to serious trouble. You will stand out as an outsider. You will not be welcome. The L-Street Gang will have a strong message for you. Don’t be stupid … for $3 mortgage inspections.

Many mortgage inspectors think that they are invincible. Take a police ride-along in the high-crime area so as to “awaken your senses”. You will ride with experienced police that wear body armor, are heavily armed and can call for backup when needed. It’s not worth it to visit high-crime neighborhoods to earn a tiny profit of $1.50. Think smart! Ask the p0lice for their opinion on $3 mortgage inspections in high-crime areas.

HUD’s 1999 Experience With Intown Management Group … Will There Be A 2017 Repeat?

 

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The below was extracted from Foreclosurepedia

…………

As predicted, the US Department of Housing and Urban Development (HUD) rolled out the Atlanta HOC and it will be a free for all just like the Santa Ana HOC.

Cursory observations on Page 154, Section M.2, point to no requirements for past performance. This means that while many might have thought the Wild Wild West was gone, you had better strap in for this one! Here is the precise language,

In accordance with FAR 15.101-2(b)(1), the Contracting Officer has determined that Past Performance will not be considered as a specific evaluation factor under this solicitation.

…………

1999 HUD History