Mortgage Loan Servicers Profit  From Foreclosures 

“Servicers” Post Losses: Why? Because most of their revenue and profit comes from foreclosures not servicing

by Neil Garfield

If servicers were actually collecting money and dispersing money they would not be reporting heavy losses. The truth is that they don’t collect any money and they don’t make any disbursements to “investors.” That is why they can’t answer questions about collection or disbursements.

They are not servicers as we think of servicers. The only real purpose for these companies is to serve as placeholders for the prosecution of wrongful foreclosures. That is where they make their money. The moratoriums have reduced that flow of money to the “servicers”. So now they have reported losses. None of them were intended to be anything other than vehicles to throw under the bus in the event that the securitization scheme was blown wide open.

The relevance of this fact is simply that the “payment histories” they send or proffer in court are really reports of reports from data owned, operated, and maintained by third-party vendors who are accountable not to the “servicer” but rather to an intermediary for the investment bank that leads the securitizations scheme. And that means that the payment history is hearsay and not qualified as an exception to the hearsay rule. It is inadmissible. But without raising a proper foundation and objection, it will be admitted into evidence and used against the homeowner.

     
 

Mortgage Fraud Daily News Update ⋅ May 11, 2021

 
     
 

A man got $5 million in coronavirus aid for ‘sham businesses,’ feds say. He spent it on exotic cars.

Washington Post

The man, who was charged with bank fraud, also used the money to pay for shopping-sprees … Lending and All American Capitol Holdings, both mortgage businesses; and RadMediaLab and Ad Blot, both advertising companies.

California Man Arrested After Using $5 Million in COVID Relief Loans To Buy Luxury Cars and … – MRCTV

Full Coverage

 

 

 

 
 

Financial Firms Can Learn From New York Cybersecurity Settlement

Bloomberg Law

… a security alert about Microsoft Exchange, sent out another alert about fraud, and entered into a consent order with Residential Mortgage Services, …

 

 

 

 
 

OMS partners with Nivo to offer facial recognition

Mortgage Introducer

One Mortgage System (OMS) has partnered with mobile messaging platform … human error associated with hard-copy documents and mitigates fraud.

 

 

 

 
 

Twenty7Tec completes APPLY integration with Accord

Mortgage Introducer

Jeremy Duncombe, managing director of Accord Mortgages, added: “We’re really … One Mortgage System (OMS) has partnered with mobile messaging … human error associated with hard-copy documents and mitigates fraud.

 

 

 

 
 

Mortgage market losing heat

Yahoo Canada Finance

Mortgage market losing heat. Mon., May 10, 2021, 11:11 a.m. … How a Nigerian scheme forged in war creates billionaires. A Nigerian professor thinks …

 

 

 

 
 

Pensioner paid over her life savings to cowboy builders

Swindon Advertiser

Swindon Crown Court heard the culprits who scammed the Old Town … her life savings by that stage and she would need to get a second mortgage,” …

 

 

 

 
 

WEB

 
 

Police Reports: Alleged sidewalk attack, gift card and mortgage scams, and more | The Record

The Record North Shore

Police Reports: Alleged sidewalk attack, gift card and mortgage scams, and more. By Staff | 11:38 p.m. May 10, 2021. These reports were pulled from …

 

 

 

 
 

fraud investigator resume – Verat

Verat

… best wire fraud investigator resumes resumehelp, fraud investigation manager sample resume magnificent 44 free field, mortgage fraud investigator …

 

 

 

 
 

Refinancing current mortgage and buying new house : personalfinance

Reddit

its not dishonest, its occupancy fraud, which is a kind of mortgage fraud. Are the consequences if we don’t say anything and either lender finds out? https …

 

 

 

 

 

 

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