{"id":8998,"date":"2009-06-26T09:09:45","date_gmt":"2009-06-26T16:09:45","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=8998"},"modified":"2009-06-26T09:09:45","modified_gmt":"2009-06-26T16:09:45","slug":"vultures-to-the-rescue-hooray","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8998\/vultures-to-the-rescue-hooray\/","title":{"rendered":"Vultures to the Rescue – HOORAY!!!"},"content":{"rendered":"

\"Here's<\/p>\n

What the hell is a Forensic Loan Audit you ask?<\/p>\n

According to the SPAM email (above – I drew the boxes for\u00a0emphasis) that landed in my inbox last night, a company called National Loan Auditors provides a service that:<\/p>\n

1)\u00a0 Markets to loan originators with the purpose of providing loan file audits that<\/p>\n

“expose federal, state, county and statute violations, along with any unethical predatory lending practices.”<\/p><\/blockquote>\n

2)\u00a0 So mortgage professionals can<\/p>\n

“leverage [their] company or firms ability to assist [their] past and present customers, helping them negotiate better mortgage rates and terms with their existing lender…”<\/p><\/blockquote>\n

3)\u00a0 Oh, and by the way the mortgage professional can also<\/p>\n

“earn up to $1,700 on each case file”<\/p><\/blockquote>\n

Um,\u00a0so what you’re saying is that I can market to my past clients, identify errors, omissions and fraudulent activity that occurred when I originated their loan<\/em><\/span><\/strong> AND pocket $1,700 in the process?\u00a0 Seriously.\u00a0 Am I reading this incorrectly?<\/p>\n

Our company<\/a>\u00a0used to provide loan file audits to our clients too.\u00a0 [If we could have made money doing it, we still would be.]\u00a0 The purpose of our audits was to help identify these same types of errors and omissions.\u00a0 The difference was in our motivation<\/span><\/strong>: \u00a0our clients used our feedback to improve their compliance scores on future originations.\u00a0 From experience, I can tell you that even the cleanest and most ethical shops had compliance errors in their files – most of which were innocent,\u00a0victimless mistakes.\u00a0 For example, in the State of Georgia, an originator is considered to have taken a Loan Application when collecting any financial information from the borrower – and of course a Good Faith Estimate is required to be sent within 72 hours of the loan application.\u00a0 This is a common mistake originators make (both banker and broker by the way) – one of many easy to make errors.\u00a0 There are 20 other similar examples I could point out here but let me get back to the point…<\/p>\n

Now you have these vultures performing similar audits with the malicious intent of leveraging even the most benign of errors into strong-arming banks into loan modifications.<\/p>\n

Does this type of value proposition help illuminate why the large Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

What the hell is a Forensic Loan Audit you ask? According to the SPAM email (above – I drew the boxes for\u00a0emphasis) that landed in my inbox last night, a company called National Loan Auditors provides a service that: 1)\u00a0 Markets to loan originators with the purpose of providing loan file audits that “expose federal, […]<\/p>\n","protected":false},"author":51,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62,29],"tags":[],"class_list":{"0":"post-8998","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-dirty-laundry","7":"category-group-therapy","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1258,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1258\/making-a-case-for-national-mortgage-lending-standards\/","url_meta":{"origin":8998,"position":0},"title":"Making A Case For National Mortgage Lending Standards","author":"Dan Green","date":"April 3, 2007","format":false,"excerpt":"I live in Illinois and hang my mortgage license in Illinois. The licensing process was not simple. I have family in Ohio and want to be actively licensed to lend in Ohio. The licensing process is even harder. I have spent more than 100 hours (yes, I've clocked it) trying\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6458,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6458\/mortgages-under-management\/","url_meta":{"origin":8998,"position":1},"title":"Mortgages Under Management","author":"Brian Brady","date":"January 5, 2009","format":false,"excerpt":"\"Managing loans\" is the tail that wags the dog today.\u00a0 When I was a rookie stockbroker, the good folks at Mother Merrill taught us to \"gather assets\".\u00a0 Essentially, the firm encouraged us to pitch clients to have their assets transferred to a Merrill Lynch account.\u00a0 The strategy was that assets\u2026","rel":"","context":"In "Interview"","block_context":{"text":"Interview","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/interview\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1528,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1528\/ask-the-mortgage-broker-on-title-but-not-on-the-loan\/","url_meta":{"origin":8998,"position":2},"title":"Ask the Mortgage Broker: On Title But Not On the Loan?","author":"Brian Brady","date":"June 12, 2007","format":false,"excerpt":"This came in today: My Mortgage Broker told us; because of my low credit score (Low 600) and my husband's higher score (High 600) -- he wants to not include me on the mortgage, but put me on the title as a owner. This would mean the mortgage will not\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2884,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2884\/zillowcoms-long-awaited-mortgage-lending-service-to-offer-anonymous-customized-loan-quotes-to-consumers-affording-loan-originators-the-opportunity-to-compete-transparently-for-free-mortgage-leads\/","url_meta":{"origin":8998,"position":3},"title":"Zillow.com’s long-awaited mortgage lending service offers anonymous customized loan quotes to consumers, affording loan originators the opportunity to compete transparently for free mortgage leads","author":"Greg Swann","date":"April 2, 2008","format":false,"excerpt":"Seattle-based real estate start-up Zillow.com tonight releases its long-anticipated mortgage lending product. We've known for nearly a month that Zillow's offering would include working loan originators in some fashion. What becomes clear tonight is that Zillow will basically be acting as a hands-off intermediary between mortgage-seeking clients and loan originators.\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11629,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11629\/originator-compensation-overhaul-to-cost-consumers\/","url_meta":{"origin":8998,"position":4},"title":"Originator Compensation Overhaul to Cost Consumers","author":"Brian Brady","date":"March 23, 2010","format":false,"excerpt":"I said\u00a0new legislation would\u00a0benefit mortgage brokers to the detriment of direct lenders.\u00a0 In the comments, I feared something insidious might happen (responding to Wayne Long): WAYNE: \u201cIt is interesting that the new rules benefit the broker vs. the direct lender\u201d BRIAN: It wasn\u2019t by design (which is why I expect\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1204,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1204\/ask-the-broker-how-does-a-lender-ae-get-business-from-a-mortgage-broker\/","url_meta":{"origin":8998,"position":5},"title":"ASK THE BROKER: How does a Lender AE get business from a Mortgage Broker?","author":"Brian Brady","date":"March 24, 2007","format":false,"excerpt":"We received an inquiry today : I am a Wholesale Lending Account Executive and work for a bank. After the subprime market plummeted, it has been hard for me to get loans from mortgage brokers. What do you think is the best route to re-pump loans back in the pipeline,\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=8998"}],"version-history":[{"count":16,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8998\/revisions"}],"predecessor-version":[{"id":9017,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8998\/revisions\/9017"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=8998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=8998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=8998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}