The Illegal and Unsavory Practice of Referrals and Kickbacks in the Real Estate and Mortgage Industry

The Illegal and Unsavory Practice of Referrals and Kickbacks in the Real Estate and Mortgage Industry

The one that bothers me a lot is the practice of paying referral fees to unlicensed people (friends, co-workers, family members, etc).  In most cases, this practice is illegal and for good reason. As you know, buying a home and obtaining a mortgage is complicated and many consumers rely on real estate agents and mortgage…

The Promise To Secure Loan Modifications For an Upfront Fee Lands 5 Orange County Men In Jail.

A 2009 California law protects homeowners forbidding any person or business to charge an upfront fee for loan modification services was breached. The five are charged with at least seven counts of felony grand theft and other charges are: Jacob J. Cunningham, 24, of Irvine Justin D. Koelle, 23, of Costa Mesa Andrew M. Phalen,…

Mortgage Scams How to Spot and Avoid Home Loan Fraud

It might not always be easy to spot mortgage scams. However, it can help to know some of the warning signs to look out for. Below are six red flags that might indicate you could be dealing with home loan fraud or mortgage scam: A company tries to pressure you to sign over the deed to…

When Will the Mortgage Industy Start Revoking Licences – Second NAMB President Signs Consent Agreement with PA Department of Banking Bureau Compliance Investigation & Licencing for Violating and doing Unethical Loans

Current National Association of Mortgage Brokers (namb.org) President Michael D’Alonzo and his company, Creative Mortgage signed a consent agreement with the Commonwealth of Pennsylvania for violations of the Real Estate Settlement Procedures Act and the Pennsylvania Mortgage Licensing Act. The state alleged that on 18 occasions Creative Mortgage, Michael D’Alonzo owned company, a non FHA-approved mortgage broker, submitted FHA insured mortgage…