The “F” word “Fraud”, more specifically “Mortgage Fraud" - I've been there and done that, not a as a “fraudster” but as a victim. And if you do not want to be victimized you should want to learn from my mistakes, my naiveté, and my inexperience in dealing with criminals who know exactly how to work the system, and make others pay for their crimes.
Believe me you don't want to be a victim of mortgage fraud. Try walking down my path the last 20 months dragging the baggage of a ruined reputation, encountering dozens of confused colleagues, and dealing with borrowers wondering about the status of their perhaps fraudulent mortgages.
I say all this not to sound bitter but to describe for you the feeling I had on March 21, 2005, the day the doors seemed to shut on my company and myself. The day I learned that I had been not only the victim of mortgage fraud but according to my accusers, a key player in committing said fraud.
The day, in effect, all the doors of my life slammed shut at once…my company Primero Home Loans originated and processed loans. We completed loan applications and then processed the loan based on the wholesale investor's guidelines to underwrite a loan, sound familiar, easy right.
It is not easy being in the mortgage business, as you probably know. Every day, or so it seems, there are a dozen brush fires to put out and the minute one is extinguished another pops up right beside it. Still, I’d managed to build a solid company in a competitive industry, and up to that point my reputation was unsullied, our customers were satisfied and the wholesale investors wanted our loans.
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