The Texas Attorney General arrested four this week who brazenly continued their mortgage fraud operation while out on bail. Authorities re-arrested the mortgage fraud gang adding additional charges to earlier indictments.
The Texas Attorney General released a press release announcing new charges for a previously indicted mortgage fraud gang saying,
Salin Bank customers need to beware of a new phishing attack by email where the attacker is using a toll free number and an automated voice system to steal credit card numbers.
Typical email phishing attacks bounce the target to the crook’s website dressed up to look like the impersonated bank website where the data is entered by the target unwhittingly…or a virus is installed on the target’s computer which then transmits the bank information back to the crooks.
Carrington Mortgage Services LLC is being used by a bogus email to spread a virus when the attachment is downloaded. If you get such and email, know the sender of this spam is not Carrington Mortgage Services LLC and do not download the attachment.
The spammers ruse works like this…
ResMAE, a large stated income lender, announced a year ago the discontinuation of all their stated income loan programs used for self-employed borrowers. Since then virtually all sources of loans for the self-employed are all gone.
Mortgage originators tell you your mortgage lock is in force when it is NOT. Lying about your mortgage lock status is a common practice to increase loan revenue or cover loan officer mistakes.
Loan officers are always trying to make the most yield spread revenue on every mortgage. Telling you the mortgage lock is placed but then not actually locking the rate with the wholesale mortgage company allows them to “play the market” with your money.
A Florida mortgage broker found a way to rip-off people he never even met: the home seller! Mortgage broker greed reaches an all time high with this unconscionable scam.
So I was over checking my blog on ActiveRain and ran upon a Florida real 
estate agent who sparked this post. His comment said a buyer client was told to ask the seller for 6% in closing costs!
Never use a real estate referral from a real estate agent to locate your mortgage company as you may find yourself the victim of a common con game. Real estate referral cons can cost you dearly!
The servicing mortgage company is the company to whom you make your payments. The servicing mortgage banks prey on your erroneous belief you can save time and money refinancing with them.
Refinancing with your current servicing mortgage company gives absolutely no cost or time savings!
But they know, you don’t know that.
The mortgage application deposit scam is a long running scam. The idea is to get your mortgage application and the accompanying deposit at all costs!
Saying or doing virtually anything to get your signature on the mortgage application along with your deposit is the name of the game.
Typical sales “hooks” used in the mortgage application deposit scam:
A Good Faith Estimate is a legally required mortgage document showing costs, rate, and payment. Believing the Good Faith Estimate reflects truthful, accurate, and guaranteed figures is folly.
Nothing could be further from the truth.
The Good Faith Estimate is manipulated by the loan officer low balling the costs and rate morphing it from a mortgage disclosure into a selling tool. It does not reflect real mortgage rates or actual closing costs.
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