Posted by Tess on 9/27/10 9:39am
Msg #354279

Another article on backdating

From: Source of Title.


"Title Agent Sued by Lender Over Rescinded Mortgage Loan
(subscription)

Borrowers were able to rescind a mortgage loan one year after it closed because the documents had been backdated, which eliminated their 3-day right of rescission. Furthermore, the borrowers were only provided one copy of the notice of right to cancel, rather than two copies as required by federal law. The lender then sued the title agent for breach of fiduciary duty and negligence."

Reply by MistarellaFL on 9/27/10 9:41am
Msg #354280

More and more of these are coming to light

And it makes me glad I stuck to my guns, and forefeited the $400-$500 per closing I've been offered for backdating........(03-06)

Reply by Tess on 9/27/10 9:50am
Msg #354282

Re: Same here! n/m

Reply by MistarellaFL on 9/27/10 10:32am
Msg #354298

Oh, but it sounded so good! $400-$500 a refi

And I kept hearing this from the broker/LO's: "Nobody's ever going to know you did this".
Except them, the brws, and now the brws' attorney.
Geez, some days I would be so upset at "loosing" that moolah.
But, I can certainly say I won't be at the end of one of these lawsuits.