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| Guest |
 Posted: Fri May 27, 2005 3:58 am |
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If you see a Mortgage Broker that is married to or best friends with your Realestate agent then you need to run...
Many Real Estate Agents will pressure you into doing business with their friend or spouse..
It is Illegal for a Mortgage Broker to give financial kick backs to a real estate agent..
If the two are married then how can you say they are not doing this..
This is very hard to prove and 99.9999% they will never get caught..
But, watch out for the "in-house" mortgage broker at your local real estate agent..
Shop your rate with at least 4 companys..
Check the Local BBB regarding your Mortgage company or Broker..
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| Guest |
| Posted: Sat Jun 18, 2005 8:32 am |
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Hi there! I am a Mortgage Broker....A different type than you people are describing. I deal mostly with BC paper because I like to HELP people buy or refinance when they thought they couldn't....ie: low fico's or whatever. I do it legally, and treat people with respect. I like the challenge of getting it done when so many couldn't before me. There are still a few good ones out there, but many many bad ones like you said too!
It will suprise you to know that in the state of Missouri (where I live) it is legal to not only be a Mtg Broker, but you can also be a Licensed Real Estate Agent as well..... One person doing both jobs in one transaction! I simply can't see how that is allowed without some sort of liability issue of some sort?? Thought that would spark a fire! Blew my mind when I heard it just the other day. YIKES! what is this world coming to????
Have a great night!
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| Posted: Tue Jun 28, 2005 4:35 am |
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Quote: Originally Posted by troywitte Real estate agents can be compensated for loan origination services if they are in fact providing services for the compensation (securing the loan app, pulling credit, shopping the loan, etc.). I believe each state as their interpretation of RESPA and how much of these loan origination services you have to perform to be compensated.
I personally don't have a problem with a real estate agent offering loan services if they fully disclosing to the borrower that they are not required to use their financing services in order to purchase the home. And if the realtor is just sending them off to their spouse for the loan and receiving compensation, this is a violation of RESPA as I understand it.
It's a matter of disclosure. If the borrower is informed and up to speed on the scams out there, then they should know what to look for. This is the type of consulting I do through MyMortgageMediator.com (helping borrowers avoid brokers/lenders that will will scam them). If anyone has any specific questions, they are welcome to contact me: troy@mymortgagemediator.com
Troy Witte
From my experience the Real Estate agent does not care much about shopping the loan.. They just want to get the deal done as fast as possible..
This has been my experience.. In Texas it is my understanding that ANY Kickbacks to a Real Estate agent is illigal no matter what service they try and provide..
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| Posted: Tue Jun 28, 2005 10:57 am |
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Real estate agents can be compensated for loan origination services if they are in fact providing services for the compensation (securing the loan app, pulling credit, shopping the loan, etc.). I believe each state as their interpretation of RESPA and how much of these loan origination services you have to perform to be compensated.
I personally don't have a problem with a real estate agent offering loan services if they fully disclosing to the borrower that they are not required to use their financing services in order to purchase the home. And if the realtor is just sending them off to their spouse for the loan and receiving compensation, this is a violation of RESPA as I understand it.
It's a matter of disclosure. If the borrower is informed and up to speed on the scams out there, then they should know what to look for. This is the type of consulting I do through MyMortgageMediator.com (helping borrowers avoid brokers/lenders that will will scam them). If anyone has any specific questions, they are welcome to contact me: troy@mymortgagemediator.com
Troy Witte
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| Posted: Wed Jun 29, 2005 2:27 am |
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More kickback news:
Quote: State probes real estate loan insurer for possible kickbacks
N.Y. Insurance Dept. eyes Genworth Financial
Monday, August 01, 2005
By Janis Mara
Inman News
Mortgage loan insurer Genworth Financial has received requests for information from the New York Insurance Department regarding any payments the insurer made to mortgage lenders, according to a regulatory filing made on Friday.
In its quarterly report with the Securities and Exchange Commission filed July 29, Genworth Financial said it received the information requests in May 2005. The requests were directed to each of the company's U.S. mortgage subsidiaries, according to the SEC filing.
The New York Insurance Department was asking about captive reinsurance transactions "with lender-affiliated reinsurers and other types of arrangements in which lending institutions receive from our subsidiary any form of payment, compensation or other consideration in connection with issuance of a policy covering a mortgagor of the lending institution," the filing said.
"We are also cooperating with respect to these industrywide regulatory inquiries," Genworth said in the SEC filing.
The New York Insurance Department has broadly requested information from insurers that sell title insurance in the state, a spokesman for the New York Insurance Department told Reuters Friday.
At issue are allegations that banks are receiving illegal payments for steering business to particular title insurers.
Alleged kickbacks in the real estate title insurance arena have taken center stage this year, sparked by a Colorado inquiry into title insurance practices.
John Garamendi, California's insurance regulator, announced in July that three major title insurers had agreed to pay more than $37 million in refunds and penalties to settle charges they had paid kickbacks to lenders, builders and Realtors.
The companies were accused of paying $25.4 million in illegal kickbacks to various lenders, builders and Realtors in exchange for the referral of title insurance business. The title insurers settled without admitting wrongdoing.
Garamendi, who is also co-chair of the Title Insurance Working Group within the National Association of Insurance Commissioners, has worked with Colorado and Washington state insurance regulators to probe a series of alleged phony reinsurance contracts between title companies and subsidiaries of real estate agents, developers and lenders.
The department in late July said it found that these "captive" firms were essentially shell corporations that had no offices, no employees, and no purpose other than to funnel the illegal rebates to their parent companies.
To accomplish this scheme, the title insurers would allegedly cede premiums from title policies to these captive reinsurance firms, which were controlled by builders, lenders and developers, according to the department.
The companies attempted to disguise these kickbacks as "reinsurance premiums," according to California's insurance department. Losses from insurance claims in the title industry are extremely low – well under 10 percent of premium – and reinsurance is unheard-of for this kind of title insurance, according to the department.
Calls to Genworth regarding the New York Department of Insurance information requests were not returned by press time.
Genworth Financial is a U.S. insurance company that was spun off by General Electric Co. in May 2004.
Genworth provides life and lifestyle protection, retirement income, investment and mortgage insurance to more than 15 million customers. The company's three operating divisions include protection, retirement income and investments and mortgage insurance.
The Honorable Judge Roy Bean
http://www.loansharks.blogspot.com
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| Posted: Sun Aug 28, 2005 9:19 am |
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Kickbacks , great savings, cleaner air, longer engine life, increased miles per gallon, retail sales profits, commissions, leadership bonuses, ...
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