Viewing a single comment thread. View all comments

Itsmissile t1_iscbi9p wrote

It’ll shock you what Loan Officers do. How many forged signatures and documents they use.

193

5DollarHitJob t1_iscctsg wrote

I had one add a completely made up job with a salary about 6x my real salary to the loan app. When I was e-signing online it caught my eye. I was lucky to notice it. My wife signed the whole thing without reading anything.

Loan officer kept saying he was "working magic," which apparently means committing fraud. When we confronted him about it he said he was doing us a favor. He's being investigated now.

129

Itsmissile t1_iscdnf4 wrote

Yup sounds about right. I worked for a LO last year my 2nd day on the job I see this dude print out a document and sign it as the borrower. I was in shock. After that I started looking around for another LO to work for. But yet the same shit happened. I seen assistants and loan coordinators do the same exact thing. They tried telling me “we’re helping the borrowers get a home” I got the fuck out of there as soon as I could. One of the ones I worked for too was one of the highest producers in my state.

61

Rooster_CPA t1_isd40jg wrote

Lol this is like the big short movie in real life, again.

32

Itsmissile t1_isditoh wrote

Lol no drugs done at work tho. BUT a lot of drinking was done. I will say that.

7

tayroarsmash t1_isegne9 wrote

I don’t remember much drug use in The Big Short? Are you thinking of The Wolf of Wall Street?

7

Itsmissile t1_isfdne2 wrote

Shit, yea your right. That’s on me sorry guys.

2

Itsmissile t1_iscdzaz wrote

I actually tried to see if I could report them anonymously but the FCC website only allowed to do it if you were the borrower.

15

5DollarHitJob t1_iscejau wrote

We told our realtor what happened and she reported him for us. I don't think she minded putting her name down.

13

Itsmissile t1_iscjdgg wrote

Well that’s good of the realtor. I’m 100% sure the realtor and my old boss are both doing it together.

9

5DollarHitJob t1_iscjvqe wrote

Like fucking?

6

Itsmissile t1_iscki8v wrote

The way he’d talk about the realtor I wouldn’t be surprised lol

But nah with committing the fraud.

6

17times2 t1_ise044d wrote

> "working magic,"

> doing us a favor

It just screams "everything I'm doing is illegal as fuck".

9

ohlookahipster t1_isci2bo wrote

Compared to my LO who was the extreme opposite lol. She was like the DEA trying to build a case.

Things that required a letter, screenshots, or an explanation via email, often at random hours of the night:

  • buying coffee every Friday morning except for one Friday was a “suspicious buying habit”
  • taking money out at an ATM to go to a casino followed by a deposit at another ATM was suspicious
  • a gift letter from my mother explaining a deposit didn’t count because my mother has a different last name (LO did not understand that married couples don’t always share last names) so my dad had to write the letter
  • the gift letter was further disputed because the gift came from my mother’s checking account that my dad is not a user on
  • screenshots of my statements had to be redone multiple times if screens didn’t come from the exact same device (work laptop used OSX, personal used Windows)
  • making a deposit via Venmo for $100 was sus

Lol

93

Chadzilla- t1_isdrkhu wrote

Loan officer here: most of the time these ridiculous conditions come from over zealous underwriters, not the loan officer. Most of us are compensated with commissions, so we don’t make money unless loans close (unless you work for a big bank and are a salaried employee). On the other hand, you’ll get some underwriters that are truly impossible to please.

The best defense in these situations is a good offense. Work with a loan officer that truly understands the guidelines of the loan product(s) you’re working with; be forthcoming so they can help structure your file in an open and honest way that they can paint the picture on your behalf for the underwriter. Most of my conversations about conditions happen between me and my operations/underwriting team and the borrower never knows because typically they can be resolved with some common sense.

On the flip side, I could write a novel about the things I’ve seen borrowers do and why certain things will undoubtedly cause issues for them during the process.

36

EARSLAY t1_isextma wrote

In the real estate system, loan based offenses are considered especially heinous. In New York City, the dedicated detectives who investigate these vicious felonies are members of an elite squad known as Loan Officers. These are their stories.

28

tomu- t1_isecu2y wrote

Works at car dealerships too.

3

quintk t1_ishj1cm wrote

Ours was like this too, though he did warn us that we basically shouldn’t buy anything, sell anything, or transfer any money from the time we first talked to him to the time we signed the loan. He especially warned us not to buy furniture before we bought the house, apparently he had seen this ruin deals.

2

Optimal_Article5075 t1_iscoj0v wrote

Yup.

I was coached very well on how to deal with the underwriter by my broker.

We also hid a lot of debt in my wife’s name as a non-borrowing spouse to lower my DTI and improve my ability to “afford” the mortgage.

This was in 2018.

9

Itsmissile t1_iscon8f wrote

You guys had a “deal?” As well? That’s what my LO would say.

2

Optimal_Article5075 t1_iscp6f2 wrote

Don’t know what you want to call it.

Was more of an understanding that if I wanted to close on this house, I needed to do X, Y, and Z very quickly and very discretely.

4

ERhyne t1_isd3dej wrote

Wait! I've seen this one before!

3

Wolfram_And_Hart t1_iseukun wrote

Loan officers are money salesmen. Stop romanticizing these jobs. They will do whatever it takes to make that cash.

2