May
15
do you think most creditors and mortgage companies commit fraud to get more $$ for their bottom line?
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Im sure most of you will say yes, but has anyone actually worked for one of these outfits and do you think they commit fraud on customers to make more $$$???
I have seen where when I get one of those letters where a credit card company is sued, I sually get another letter stating their change to my credit card agreement. For example, Chase might get sued, but Citicard will send me a new credit card agreement. Is there a correlation to this you think?
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2 Comments
December 16th, 2009 at 11:28 am
So everyone is a crook except you. Sure glad to know that so I can avoid you.
Mortgage companies do not have to be dishonest at all. You home buyers seldom read the contracts and under stand what you are doing.
Over the years I have helped people understand just what the contracts say. Some are very straight forward and easy to understand and some are not.
Mortgage companies must by now believe that all you home buyers are constantly looking sor something for nothing in that if there is a problem you just do not pay.
So many want and get without ever thinking ahead. Now it is time to pay.
December 16th, 2009 at 5:07 pm
I can’t speak for other creditors, but I’ve been a mortgage loan officer for ten years. No, most mortgage companies do not commit fraud. It is a highly regulated industry, and although fraud does exist (as it does everywhere else), it is not common. Most loan officers that I know are actually quite ethical; others are too scared of the repercussions to do anything as illegal as fraud.
Now, having said that, I have witnessed some fraud. However, it was always done for the benefit of the customer, not as a crime against the customer. Perhaps fudging some income information so the customer would qualify for the loan they want, for example…