Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Joe B

There has been much talked about on the site concerning BPO's etc.

For those of you who are not aware; in general a BPO is nothing more than a drive-by review of your property allegedly to determine condition/value of a property that may or may not be in default...

Some of the more insidious servicers have turned them into profit centers, and the FTC settlement with Fairbanks/SPS has shed some light on the practice and specifically constrained Fairbanks/SPS in their use of this tactic.

My question is does anyone have any information concerning Residential Real Estate Review, Inc. (http://www.rrreview.com)?

Does anyone have any information in general about this practice, and how or why a property gets chosen for inspection? Any idea why it would be inspected over and over, or in general how the whole operation works?

I would love to hear from someone who actually performs the inspections, or someone who has had the information used for or against them in the past.

I would be grateful for the boards insights!!

JB


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Anonymous

RRR was founded by Fairbanks Capital and is still owned by SPS.

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If I remember correctly, Greg Harmer was the registered agent for RRR. PA Sec'y of State should have their business info handy. Possibly even accessible on line....

If you're looking for real time info on BPOs try wading through the BPO/REO/Foreclosure section at http://www.agentsonline.net . Just make sure you've got flame proof undies on and a bucket next to your desk. They don't really appreciate it when someone points out that they may be participating in illegal foreclosures, albeit possibly unwittingly, and you may just need someplace to hurl after realizing some of the thought process there. After all, it's not their problem (they need the $40 +/- that they get per BPO). They're just doing their job....<gulp>
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anon2

Tomorrow is take your squatter to lunch day

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anon2
That BPO site is hilarious if it weren't so bad.

Apparently Countrywide hasn't even paid their BPO's or their driveby gangbangers despite the fact that July was a record month.

Heres a thought. Do you think they get their business model from South Central LA. Gangbangers R Us.
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Go to the MGIC site also, they have lists of each state and locations for BPO's.  These lists maybe compared with others, I know a couple years ago we looked hard at this information and found many of the now defunct lenders had used MGIC's resources for doing BPO's.
 
I think the site still exits, if not, I have some placed in data files copies of the information.
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Joe B
Thanks everyone!

As expected, RRReview is Fairbanks/SPS.

What I cannot figure out is why anyone would ask for a BPO at all, much less one every 90 days or so...

If the property is in f/c, I understand doing a drive-by to make sure the place isn't a cesspool. But, if there is no f/c, what the heck is the point?

If there is no f/c, why do a BPO at all, other than to see if the property is worth way more than the note amount and then manufacture a f/c to seize the equity...

That couldn't happen could it?




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A BPO is a billable event to the borrower to pay for.

That is the only reason they need.

I believe Best Practices limited the number of BPO's they could do without
becoming abusive in the Fairbanks case.

If they go above that number?

Time for a RESPA letter, demanding that the fee be removed from your account.

Dee
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Joe B
Thanks everyone.

It's still weird why there would be so many ordered.

What reason could they have (other than fee generation) to order a bunch of these inspections? What business reason could there be? It just seems to me that there is probably another reason that I am overlooking.

I truly can't understand it... I get the $$$ piece of it, but am I missing something else?

Thanks!

JB
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Moose
Some automatically order BPO's when they claim they can't reach the borrower by phone. If you consistently deal with a servicer in writing, it is very difficult for them to justify a BPO on the basis that they couldn't reach you.

Moose

  
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First of all, I thought all posts were prescreened????  I'm seeing some junk posts lol.

Secondly,  I lost my home back in 2005 and I had these BS drive by's added to my "fees" and all it was is that if I was late with my payment (they increased my payment by > $400), even in the short term as in less than 30 days, they had the right under HUD (if I recall correctly) to do a drive by and charge me for it.

But seriously?  They didn't do a drive by.  Well maybe the first time, but after that they just kept charging me EVERY month for one, because I couldn't make my payments by the 1st of the month anymore.

Yeah, I lost the house...............

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Hey Guys,

I'm afraid to click on the above posted links...What about you??

What do you think it's about? Has anyone clicked on them.
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William A. Roper, Jr.
cmc:

I looked at some of the material.  It does NOT appear to be mortgage related.  While I initially shared your concerns about possible malicious code, I think that something else is afoot.

I think that there is some company in the far east with the name or initials BPO.  I believe that someone with a bit of programming ingenuity who has some grievance with this company, altogether unrelated to mortgages or foreclosures, has written some sort of automated script to scan the Internet using search engines, locating discussion pages which mentions "BPO".  Then the script adds some automated comments and links to sites which rail against this BPO concern.

It would probably be useful for the site administrators to search the site using the search facility for BPO and to REMOVE these posts and links.  I am really all in favor of free speech and believe that the board should remain open to opposing and dissenting viewpoints.  Moreover, I believe that it is reasonable to stray a little now and then from the topics of focus.

But these posts seem to be not only unrelated to any of the ongoing discussions, but also are likely to be automated and actually devoid of any thoughtful human input relating to the topics under discussion.  Moreover, with each new post this thread probably increases in its search engine relevancy as to the off topic BPO attack spam and might have the tendency to draw other unwelcome posts and responses.

Someone with a little time might want to identify the particular offending posts by thread and post number and nominate these for removal by the site administrators!

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Mr. Roper,  Your the best..... I just didn't know what to think. It was awful weird..

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Joe B wrote:

nothing more than a drive-by review of your property allegedly to determine condition/value of a property that may or may not be in default...

...I would love to hear from someone who actually performs the inspections, or someone who has had the information used for or against them in the past.



“Drive by inspections” are one of the more insidious mortgage servicing abuses and illicit activities since they are a real monster to establish that you are on to them.

.

Drive by inspections abuse (at least in my case) declined sharply from circa 2005 when they were at their peak to circa fall of 2008 when they amazingly ceased to exist! (At least in my own personal case)  What I did was constantly badger them on this and many other subjects and move up the ladder from customer service to personal contact with one of dozens of VPs. Eventually the drive by inspections which was not even my focal point went from rampant abuse to non-existent. I know my individual isolated account may seem out of the mainstream and it is,,, In fact I have seen similar fairy tales (in here) on a vast variety of subjects whereby the author was simply encouraging others to make life miserable for hard core servicing criminals like Wells Fargo, AMC, etc.  However in my own particular case the tactic of relentless documented perseverance appeared to have worked in this area alone,,, ..Perhaps a series of admonishments from the courts to cease abuse of drive-by-inspections in a probationary fashion after judgments may have incredibly caused a sharp curtailment of bogus and nonexistent “inspections” involving those who complained the most about them. 

.

~ ~ Anyway that’s my theory and my own personal experience and as a bonus it’s a true story.

.

Ed Cage     |     ecagetx@gmail.com     

 
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Ed Cage wrote:

“Drive by inspections” are one of the more insidious mortgage servicing abuses and illicit activities since they are a real monster to establish that you are on to them.

.

Drive by inspections abuse (at least in my case) declined sharply from circa 2005 when they were at their peak to circa fall of 2008 when they amazingly ceased to exist! (At least in my own personal case)  What I did was constantly badger them on this and many other subjects and move up the ladder from customer service to personal contact with one of dozens of VPs. Eventually the drive by inspections which was not even my focal point went from rampant abuse to non-existent. I know my individual isolated account may seem out of the mainstream and it is,,, In fact I have seen similar fairy tales (in here) on a vast variety of subjects whereby the author was simply encouraging others to make life miserable for hard core servicing criminals like Wells Fargo, AMC, etc.  However in my own particular case the tactic of relentless documented perseverance appeared to have worked in this area alone,,, ..Perhaps a series of admonishments from the courts to cease abuse of drive-by-inspections in a probationary fashion after judgments may have incredibly caused a sharp curtailment of bogus and nonexistent “inspections” involving those who complained the most about them. 

.

~ ~ Anyway that’s my theory and my own personal experience and as a bonus it’s a true story.



To the spamster: You are in the wrong venue on the wrong subject. This is an extremely important subject for the millions and millions that have been abused and illegally cheated by drive by inspections. (Very difficult to establish but I did it successfully) ~ I think William Roper's analysis of these bizarre posts likely being triggered by a certain acronym beginning with a "B" and ending with an "O" is as usual correct -

But the subject here is drive by inspections abuse. ...And this one is a colossal cornerstone on mortgage servicing fraud. These bogus "inspections" that often never even happened yet were billed to the customer affected and are distressing tens of millions of victimized borrowers. .. Often without their knowledge!  

.

Ed Cage     |     ecagetx@gmail.com    

 
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