Posted by Lori, NY on 10/12/04 11:12am
Msg #9680

NovaStar Home Mortgage

Has anyone every heard of this Mortgage company? Some one I know received this email today. Do you guys have any feed back on it? I personally thought it was way Un-Ethical and absurd. Where do these people come from?

My name is and I am the Business Development Director for
several branches of NovaStar Home Mortgage. Todd Taylor, our founding
partner, forwarded me your contact info. and I thought that we could
set up
a referral relationship. Basically, we work with a number of notaries
across the country ( we have nationwide licensing) on a very good
referral
relationship, and we have been asked for several reputable notary
signing
agents in the NYC/downstate area.

Basically, this is how we set up a referral relationship with a notary:
many
times, a deal will "blow up at the table" and the customer is left
unhappy,
yet still needing a loan. You can simply refer the client to us, and
we can
get the deal done asap, and use you for the notary service. Its pretty
nice, you get paid twice on one customer. If you refer us a customer
in a
given area, I will forward your contact info. to Epic Equity and
Closing
experts, our exclusive Title and closing company. This makes Epic's
job
easier b/c they are looking for a "go to" person when they have their
next
closing in the NYC area. If you have any questions, feel free to write
me
back, or contact me at the below numbers. I look forward to setting up
a
long-lasting referral relationship with you.

Best regards,

Reply by Glena/NV on 10/12/04 12:13pm
Msg #9688

I think that is highly unethical. I think that there is also a law (RESPA maybe? Not sure!) that they would be breaking if they continue to pursue this. As notaries/signing agents, we could not bribe anyone to get us some contract with a title company or lender and vice-versa...there is even a limit on what we can give as gifts. I think that anyone who responds to their emails and participates would be breaking that law. I am not sure but I think the mortgage companies are also bound by the same law. You should refer them to RESPA.

Reply by carlosnyc on 10/12/04 12:14pm
Msg #9689

Yea I received that e-maill too. All kinds of red flags went up when I read that. I don't trust it.

Reply by Lori, NY on 10/12/04 12:40pm
Msg #9692

We should be able to report these people to someone.

Reply by JYHoward on 10/12/04 1:23pm
Msg #9696

I received a call from these people out of Maryland a few months ago. I was asked to take a mortgage application package to a client, collect all the pertinent information (ie: copy mortgage statement, bank statements, social security card, driver's license, etc.) all the stuff necessary to get a home mortgage, return to them and I got paid $100. At no time did anyone from NovaStar suggest that I solicit business from other mortgage lender clients.

Reply by carlosnyc on 10/13/04 12:15am
Msg #9740

Lori, where in NY are you located??????????

Reply by Maryanne/NY on 10/13/04 9:05am
Msg #9748

I got the same one too - are they just targeting us NYers? In fact, I posted mine on GMN and got "unethical" responses up the wazoo!! I will not waste my time resonding to them...I think they'll get the message from that.

Reply by Lori, NY on 10/13/04 1:10pm
Msg #9766

Hi I am located in Albany NY.

Reply by Joan-OH on 10/13/04 11:58am
Msg #9761

How would they feel if when one of their deals "blew up at the table" we took the opportunity to refer the signors to another Mortgage company? You could bet they would haul us to court. Personally, I would find out who the head honcho is and forward this email to him/her and ask: Does your company really operate this unethically? Personally, I can't believe the Head office is behind this or even aware of it. How distasteful!

How many times have we been at the table where the borrowers ask "Is this a good deal?" and as ethical signing agents with no financial interest, we answer in the most non-committal way we can.

Reminds me of an agent in my area who is also a loan officer. He/She would keep a copy of the HUD and first page of the note so he/she could approach the buyer later to refinance. Disgusting!

Joan-OH

Reply by Sondra D/FL on 10/13/04 8:10pm
Msg #9798

Joan...that is horrible! I would have reported that loan officer! I am blown away by that story.