One of the newer agents I trained in another office I used to work for called and asked me that exact question. “Did that title officer just commit mortgage fraud to get this deal to close?” It may seem crazy, but I have to say I think they did.
The story was that everything went smooth on this transaction until the day of close. Then there was an error on the HUD that caused the bank to not allow funding to happen until the buyer brought an additional $3.64 cents in. Yep, you read that correctly $3.64.
This was at 9:34 that title got this call and if they didn’t get the money by 10:30, the recording was going to be delayed by one additional day, costing the buyer and additional $47 and some odd cents, a new HUD would have to be written that both the buyer and seller would have to sign.
This isn’t something the title officer thought made sense, so she reached in her pocket, pulled out the $3.64 and said it came from the buyer. Now was this right? No, of course not, but did it make sense in the real world yes. But, was it mortgage fraud? In my opinion, YES! Simply put any funds that are required by the lender to be paid by the buyer can’t come from any other source without the lenders knowledge and approval.
What would you have done if you were this young agent?
Todd Clark - Broker / Sales Coach
All Brokers Real Estate
Phone: (503)524-9494
Fax: (503)622-8739
Tigard Oregon Homes for Sale, Tigard OR homes for sale, homes for sale in zip code, 97223,97224, Tigard Oregon Realtor, Tigard OR Realtor, Tigard Oregon MLS Search, Tigard OR MLS Search, 1st time home buying expert, short sale expert, avoiding foreclosure in Tigard, helping families home, LivingBeaverton, Townhomes for sale, home for sale, house for sale, Bull Mountain North, Bull Mountain South, King City, Mountainview, Greenburg, Summer Lake Neighborhood, Summerfield neighborhood, Tigard neighborhood, Walnut Grove Neighborhood. Tigard Oregon Real Estate, Tigard OR real estate, Todd Clark, (503)524-9494, WWW.LivingTigard.com, www.IFoundYourNewHome.com, www.SavingyouFromForeclosure.com
©2010 Todd Clark - Originally posted at Did that title officer just commit mortgage fraud to get this to close?
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
What if there was a way you could search the MLS for FREE just like Realtors
Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!
