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Posted by  BrendaTx on 5/22/06 1:59pm
Re: BACK-DATERS & NEWBIES PLEASE READ THREAD!
Posted by ReneeK_MI of MI on 5/22/06 5:06am
Msg #121402 from logged in user
The law itself notwithstanding, this thread might help you make your decision the next time you consider back-dating!
Everytime you back-date, you:
1. Sell your integrity for the benefit of someone else's greed.
2. Leave behind recorded PROOF of your crime (Mtg/DOT)
3. Assume that nobody will ever know.
4. Participate in breaking FEDERAL law (frauding recsission period, for one - usually back-dating is going to shorten it to less than 3 days)
You will be handed a line of crap - most often, that the Borrower's rate lock will expire and they'll have to have a higher rate (this is designed to snag your humanity AND obtain borrower's cooperation, and it's USUALLY BS!) Back-dating is all about homage to the Almighty Dollar, usually from the Loan Officer, often w/o the Lender's knowledge or the Borrower's awareness of the laws being broken.
THE FACT THAT THE LENDER IS USUALLY NOT A PARTICIPANT IN THIS should be very scary to you!! The vast majority of loans are brokered - a Loan Officer, through his employer, brokers (acts as a middle-man) the loan to the Lender. L/O's are the usual push behind back-dating. In the majority of these cases, the LENDER is on guard looking to catch you, too!
And do you think most Borrowers KNOW that they, you and anyone else involved in the fraud are breaking state and federal laws? That they, you and anyone else involved can be easily caught, which would result in any of the following:
1. Immediate & complete pay-back demand from Lender of the mtg funds
2. Borrower's then filing lawsuit against YOU and everyone else for repair & restitution of those damages (there's no insurance you can obtain that will cover lawsuits against your ILLEGAL ACTIONS).
3. Your finding some other means of making a living, and now with a criminal record
4. Loan Officer joining you on Monster.com
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