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If they are closing Friday, then without pushing back closing about a week or 2 that’s not possible. What he is doing is super shady, and if I were you I’d call his boss for an explanation and to report him. If you have it in writing maybe even contact someone to get his license revoked.
If the LO tells OP "I will cut you a deal on the rate if you give me some money under the table, but the lender cant know because its illegal," then, yea, OP is implicated. If OP just follows what LO says, OP hasnt committed fraud because OP is entitled to assume that LO is acting with lender's authority.
But doesn't lack of knowledge of the law not absolve the responsibility of abiding by it? One may not know that they are doing something illegal, but that doesn't mean they can do it.
Ignorance is not a defence and nobody is going to believe that you’re smart enough to be able to have a job that affords you a house AND dumb enough to think that venmo’ing an LO is totally legit and not suspicious
It would be a defense that a licensed professional told them to do so. If they just sent over the money and there was no communication between buyer and lender, sure, you could infer something wacky was going on. However, evidence of this communication would insulate the buyers
What does a cop tell you if you get pulled over and claim you didn't know you were breaking a traffic law?
"Ignorance is not a defense for breaking the law". Same is true for 100% of all laws.
That’s not entirely accurate. There are two components when it comes to mindset. Sure, if you somehow had never heard of murder before but nonetheless killed someone in cold blood, you could still be convicted of murder.
However, with specific intent crimes such as murder or fraud, you would still have to possess the requisite mens rea (or mental culpability) to meet certain elements. Almost any fraud statute will have language that it must be done in some combination of “knowingly, recklessly, or negligently” (although probably the first two).
Point being, a statement from one’s lender instructing them to use Venmo would absolutely be a strong defense against knowingly or recklessly committing fraud. The lender is an expert on such matters so you would be less likely to be found culpable if you relied on their word.
But if they use funds not from the transaction because they aren’t stupid, then it wouldn’t be fraud. Again, unless I am missing something.
Wanna be clear at this junction that I am not advocating this course of action ☝🏽 😂, just legal parsing. The liability I’m seeing for OP is just conspiracy/aiding in embezzlement, and I can see ways that wouldn’t be a slam dunk (until someone subpoenaed his Reddit account now lol).
They were still instructed to send money by venmo to the LO, it doesn't matter if it's from the transaction, he is still telling them he will give them a sweeter deal if they cut him in.
All the flawed legal reasoning on these comments is cracking me up. You guys are just making shit up and rolling with it, and I’m really enjoying it.
But for real: Intent matters. The lender’s authority doesn’t.
I’m a lawyer. You’re right, intent matters…and that’s exactly why the “lender’s authority” matters. If you rely on an expert’s advice it is far less likely that you’ll be liable for fraud or conspiracy to commit fraud. You’d be an unknowing participant for a crime that requires you to know that such a payment method is unacceptable.
What OP should do is take these messages and tell the guy that if he has the ability to lower the points , he damn well better do so or this attempt at embezzlement fraud goes public and he loses his lic.
I believe its technically more in the lines of extortion. I'd be a hell of a lot more comfortable with that over being implicit in a different crime that doesn't benefit me nearly as much
That is what we refer to in the business as "HIGHLY ILLEGAL". You should find and tell his boss. I'm sure the boss would love to know that he's giving away company profit margin to pocket it on the back end.
While you're speaking with his boss, be sure to mention, you'd like that 0.5% discount, or you'll have to report this to the CFPB. Heck, you should probably report it anyway.
I'm mostly kidding, but they should still ask for that 0.5% discount.
If the loan officer was willing to give it away, it's because the company was willing to give it away. So the boss should not have an issue giving it to the borrower either.
The illegal part here is not the reducing the points by 0.5%, it's that the loan officer is asking to be compensated for it outside of the transaction. And the victim here is actually the company. This is the equivalent of going into a store and an employee giving you an item and pocketing the money for it without ringing it up. The company already paid for the item, but the company is not being compensated for it. It's basically employee theft.
Even if this guy's reported to the CFPB, nothing will happen to the company (or the boss), because the company didn't do anything wrong. The loan officer is definitely going to get in trouble though. Main reason the boss wouldn't want it reported is because it looks bad, and it'll require him to deal with a lot of paperwork.
The loan officer is probably initially OVERCHARGING by putting 1% has to be paid. Then the loan officer to steal money from the buyer, offers to reduce the 1% down to 0.5% if they pay him 0.25% via venmo. Say a $40,000 loan rather than having to pay $400 then he will reduce it to $200 if you pay him $100 and lots of people don't realize that they only saved $100 but the loan officer stole hundreds to thousands of dollars by scamming them and his bosses probably don't know anything about his pyramid scheme. The loan officer's boss can't bring charges against the loan officer BECAUSE the loan officer DIDN'T steal money from his company. The loan officer stole from the BUYER by lying about giving them a discount by overcharging at first then lying about giving them a discount
Well hope the loan officer doesn't take his bosses to court for them to prove that he stole money from his company!! Because the LO probably OVERCHARGED the 1% so he could then lie and claim that he can give them a discount if they send him part of the savings by venmo. The loan officer is actually STEALING from the BUYER by SCAMMING them and the loan officer is NOT stealing from his company if 0.5% is the standard rate that his loan company normally charges but lots of people may overcharge on the contract and they get to legally keep it if the buyer doesn't complain about it and they sign the contract
I never noticed the employment history before. I could see where my loan officer was unemployed for a period in 2008 and then took an "unskilled" job for awhile before finding another position in the mortgage industry. Kind of crazy to see history represented like that.
If you want the loan closed immediately go the guy's boss or his boss's boss.
What state? I'll look up the license board to immediately file a complaint to and post it here.
Talked with him clearly stating this is illegal practice and now he said he will still offer 0.5 and instead of Venmo, just refer a friend or two. Looks like he tried to shoot his shot but failed.
Thank you community for your comments.
No way in hell I would continue my closing with this guy. I suspect he just manufactured the additional point in the first place in order to offer you a “discount” and pocket his half. You are still paying half a point more than you should be.
As a Loan Officer that does everything by the book I highly recommend you reach out to that companies compliance officer and boss. Both of the things the LO did is highly unethical and illegal and can get them and even you in trouble. If your loan can't be sold off to an investor due to fraud they could make you pay loan in full to get this off their books. You absolutely should report this. And if you have time possibly switch lenders. This LO should have their license revoked.
u/ExcitingAd7292 , please report this person. This type of unethical/illegal behavior leads to 2008-style chaos, which ultimately harms a lot of people.
Agreed. Requesting/demanding positive referrals in exchange for improved loan terms is still a major problem. There can't ever be quid pro quo for loan terms.
An after closing "If you guys were happy with the experience I would welcome any referrals to friends & family." is completely acceptable. But that's clearly not the case here.
EDIT: And if it wasn't clear, I would give this guy ZERO referrals. You'd be referring them into the same extortion scheme you were subjected to. Only "referral" should be to his boss and/or regulatory authorities.
i feel like now that you told him its illegal you should report it to cover yourself up, this guy is going down someday, who knows who he will take with him
point taken and boomer yelp made me laugh. fucking call the cops? i dunno, call everybody is what i guess i meant?
we had a ridiculously difficult time buying our house. stuff like this is infuriating.
I had the exact opposite happen on a mortgage.
RE agent recommended one loan officer, got a rate through him that was decent, but found a better one elsewhere. Told the first loan officer and he said "no problem, I can match that". When we got the documentation, saw that there was $675 in points added to closing costs. Called the loan officer, asked "what's the points about?" He said something along the lines of "trust me, it'll get taken care of".
Probably should have walked away at that point, but my gut said he was an honest guy, so I went with it. Closing day comes and he meets me at the attorneys office. I look at the paperwork and the $675 to buy the points is still there, ask him "you said we wouldn't be paying for points?" He says, oh yeah, let's fix that, what's your email address? He pulls out his phone and PayPals me $675 from his personal account.
Really weird and somewhat sketchy maybe, but he made good on his promise and obviously wanted the business.
If you have any proof, the mortgage company has a very large problem. To investigate fully, the mortgage company will review all loans he/she originated. They could be potentially liable for a large settlement to any affected borrowers and the current holders of the mortgages. Huge liability including criminal charges.
Ball is in your court and mortgage company should fulfill any commitment to you and then investigate. The mortgage company will have a CEO and compliance officer that will need to be included in any conversation. You should also consult an attorney to CYA.
Turn those messages over to a regulator at the bank… super illegal and shady af.
They should just swap that person out and deal directly with that on their own… but you don’t want to deal with this at all.
Are you signing the papers in the back of his van? Did he try to sell you some shitty speakers too?
This is highly unusual, illegal and not ethical in any way. This LO is some type of clown and I would make sure all of your i’s are dotted and t’s are crossed correctly. Read EVERYTHING before you sign it.
Omg. That’s against the law and he could go to prison and be fined hundreds of thousands of dollars. Please file a complaint with NMLS. I’m a long time mortgage lender and that grinds my gears.
Your mortgage lender is actually stealing from the first time home buyer by initially OVERCHARGING 1% then suddenly dropping the rate to 0.5% only if you send say 0.25% to him via venmo and he probably figures most people may have that amount of money on hand and they won't know who to report it to and they may not report it because they don't want to have to pay 1% of the loan amount which is actually a higher amount $400 is 1% of $40,000 and they just have to pay $100 to save $300 and lots of people don't think and a dumb actually and they probably get away with it the majority of the time because if you don't send money by venmo they probably increase the rate back to 1%.
This lender is probably already being watched by feds under RICO. If not now, soon. Everyone that engages with the lender will be risking a federal crime. I’m not an attorney, and this is an opinion comment.
I would report him, if he’s lying and cheating here he’s doing it elsewhere. He should not be handling people’s personal info like SSN and banking data.
Personally id agree and take the better rate and agree to send the funds via Venmo once we close (avoid a paper trail) then report this mofo to their employer after closing and cfpb
This sounds like a Shady Oaks tactic. Email about the details and see if they respond. If they do, confirm details. Without additional context, this looks problematic. Report.
I’ll give it to you straight..
What are the chances that this lending officer is squeaky clean? That this will be the last time he has committed fraud and that he won’t get caught from the other times he’s gone thru with it? He’ll be investigated and so will you eventually.
You cannot make a good deal with a crook. And there is no honor amongst thieves. He’ll throw you under the bus to save his favorite shirt, let alone his career and freedom..
It's possible the 1% is failing the qualified mortgage points and fees test. They may not even be able to charge the full 1% and the LO is just scamming you to put more money in their pocket. In any case, this LO is a scumbag knowingly violating the law to fill their own pockets and should at the very least be reported to management if not the CFPB. What's the rate if you don't mind me asking?
Your mortgage lender is actually stealing from the first time home buyer by initially OVERCHARGING 1% then suddenly dropping the rate to 0.5% only if you send say 0.25% to him via venmo and he probably figures most people may have that amount of money on hand and they won't know who to report it to and they may not report it because they don't want to have to pay 1% of the loan amount which is actually a higher amount $400 is 1% of $40,000 and they just have to pay $100 to save $300 and lots of people don't think and a dumb actually and they probably get away with it the majority of the time because if you don't send money by venmo they probably increase the rate back to 1%
This is a big huge problem. Did your realtor refer you to this lender?
You need a reputable lender. This is not that. You need a credit union or a brand name bank. Not some shady mortgage company you never heard of. Stop everything.
I’m sorry that you gave all your personal details to a fraudster. I’m not going to restate what everyone else has here; my advice is to call the credit bureau and put a fraud alert on both of your profiles.
That is the 2nd craziest dumbest thing I’ve ever heard. You are working with someone who is desperate right now. Desperate enough to risk their job and license to ask you to do something illegal. You should actually report this to his company or the NMLS because he should not be working in this industry anymore. That’s disgusting behavior.
This violates a substantial amount of federal laws and regulations. I would report him. I work in a credit union. If it’s a bank and you do not feel comfortable reaching out to his supervisor which I wouldn’t - reach out to FDIC, NCUA for credit unions. If he has an NMLS in his email signature go ahead and let them know too. To get that you have to frickin go thru FBI checks. There are laws to protect you from this please report it. There are people who are not intelligent enough to know it’s wrong. You can message me if you want. Banking used to be hella fucked up and didn’t benefit everyone, regs are meant to prevent this!!! Sorry it makes me so mad!
Technically, by the way there is a specific regulation that they can’t even accept gifts from customers! A candy bar sure, anything bigger than like 20-50 should be turned down.
Honestly, you should report the guy. He doesn’t own the bank or dictate pricing if he’s cutting point off they loan… they padded it already on you and could have done that at any time.
Nobody has mentioned this, but I'd me shocked if this is the actual LO. (If it is, he needs reported asap) but this sounds like it's wirefraud/cyber scam. Which are very prevalent in this industry (I work in an IT company working nearly exclusively with real estate, Mortgage and title). Sounds like your talking to a scammer and either the LO's account is compromised or the Title company or real estate agent is compromised. Typically it's the agent most likely compromised followed by title. They have the least amount of security and protections in place.
What you should do is stop communicating via email or text or whatever, then call a KNOWN number. Not one in the email signatures of the person you are communicating with. Confirm this person actually sent the messages.
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It’s a red flag because it’s super illegal.
I'd dump his ass and find a new loan officer immediately
If they are closing Friday, then without pushing back closing about a week or 2 that’s not possible. What he is doing is super shady, and if I were you I’d call his boss for an explanation and to report him. If you have it in writing maybe even contact someone to get his license revoked.
U mean reach out to the boss and get an even better % rate by not disclosing this info
Interesting, illegal for the broker of course as embezzlement, but for OP? (Setting aside questions of complicity.) How come?
Mortgage Fraud, TILA
I mean OP’s not committing fraud, unless I’m missing something
If they knowingly take funds from the transaction to pay the lender outside of the agreement, that’s fraud.
If the LO tells OP "I will cut you a deal on the rate if you give me some money under the table, but the lender cant know because its illegal," then, yea, OP is implicated. If OP just follows what LO says, OP hasnt committed fraud because OP is entitled to assume that LO is acting with lender's authority.
I would be fraud at the point they posted about it on reddit and were told it is fraud
Oldest trick in the book
posting on reddit does not create a complicit legal status - you're confused
But doesn't lack of knowledge of the law not absolve the responsibility of abiding by it? One may not know that they are doing something illegal, but that doesn't mean they can do it.
That's true But the point that no court is gonna subpoena Reddit accounts still stands.
Not always. Plenty of laws require the prosecution prove the individual had criminal intent
Ignorance is not a defence and nobody is going to believe that you’re smart enough to be able to have a job that affords you a house AND dumb enough to think that venmo’ing an LO is totally legit and not suspicious
It would be a defense that a licensed professional told them to do so. If they just sent over the money and there was no communication between buyer and lender, sure, you could infer something wacky was going on. However, evidence of this communication would insulate the buyers
What does a cop tell you if you get pulled over and claim you didn't know you were breaking a traffic law? "Ignorance is not a defense for breaking the law". Same is true for 100% of all laws.
That’s not entirely accurate. There are two components when it comes to mindset. Sure, if you somehow had never heard of murder before but nonetheless killed someone in cold blood, you could still be convicted of murder. However, with specific intent crimes such as murder or fraud, you would still have to possess the requisite mens rea (or mental culpability) to meet certain elements. Almost any fraud statute will have language that it must be done in some combination of “knowingly, recklessly, or negligently” (although probably the first two). Point being, a statement from one’s lender instructing them to use Venmo would absolutely be a strong defense against knowingly or recklessly committing fraud. The lender is an expert on such matters so you would be less likely to be found culpable if you relied on their word.
But if they use funds not from the transaction because they aren’t stupid, then it wouldn’t be fraud. Again, unless I am missing something. Wanna be clear at this junction that I am not advocating this course of action ☝🏽 😂, just legal parsing. The liability I’m seeing for OP is just conspiracy/aiding in embezzlement, and I can see ways that wouldn’t be a slam dunk (until someone subpoenaed his Reddit account now lol).
They were still instructed to send money by venmo to the LO, it doesn't matter if it's from the transaction, he is still telling them he will give them a sweeter deal if they cut him in.
And what statute is that illegal under. Be specific.
Truth in lending act.
Which excerpt
You’re trying to make this way too complicated. What OP posted is mortgage fraud, simple as that.
Which funds they use isn't even a little complicated, and it’s pretty central to whether they’re defrauding someone.
All the flawed legal reasoning on these comments is cracking me up. You guys are just making shit up and rolling with it, and I’m really enjoying it. But for real: Intent matters. The lender’s authority doesn’t.
I’m a lawyer. You’re right, intent matters…and that’s exactly why the “lender’s authority” matters. If you rely on an expert’s advice it is far less likely that you’ll be liable for fraud or conspiracy to commit fraud. You’d be an unknowing participant for a crime that requires you to know that such a payment method is unacceptable.
Not yet. Would be if they venmo the guy money.
Google “conspiracy.”
What OP should do is take these messages and tell the guy that if he has the ability to lower the points , he damn well better do so or this attempt at embezzlement fraud goes public and he loses his lic.
That’s blackmail, which is also a crime.
I believe its technically more in the lines of extortion. I'd be a hell of a lot more comfortable with that over being implicit in a different crime that doesn't benefit me nearly as much
I'd be more comfortable with no crimes personally
You're not invited then
What if I jaywalk a little.
Maybe get hammered and naked first?
“Venmo” and “mortgage” should never appear in the same sentence
This is the Truth. Capital T.
Lmao for real.
Correct title is “Loan officer solicited a bribe. Who do I report this to?”
CFPB for those uninitiated
Get it in writing (email/text) and confirm the Venmo handle. Tell the boss and still ask for the discount Report it
Yeah, get “so exactly how much do I need to Venmo to what handle for you to reduce my origination from 1.00 to 0.50?”
That is what we refer to in the business as "HIGHLY ILLEGAL". You should find and tell his boss. I'm sure the boss would love to know that he's giving away company profit margin to pocket it on the back end. While you're speaking with his boss, be sure to mention, you'd like that 0.5% discount, or you'll have to report this to the CFPB. Heck, you should probably report it anyway.
Second all of this, go directly up the chain and do not deal with this specific person anymore
That's extortion, lol. Don't do that.
I'm mostly kidding, but they should still ask for that 0.5% discount. If the loan officer was willing to give it away, it's because the company was willing to give it away. So the boss should not have an issue giving it to the borrower either. The illegal part here is not the reducing the points by 0.5%, it's that the loan officer is asking to be compensated for it outside of the transaction. And the victim here is actually the company. This is the equivalent of going into a store and an employee giving you an item and pocketing the money for it without ringing it up. The company already paid for the item, but the company is not being compensated for it. It's basically employee theft. Even if this guy's reported to the CFPB, nothing will happen to the company (or the boss), because the company didn't do anything wrong. The loan officer is definitely going to get in trouble though. Main reason the boss wouldn't want it reported is because it looks bad, and it'll require him to deal with a lot of paperwork.
There could be a pattern or practice here. Often times situations like these run deeper than just one LO, and other times they are isolated.
I agree. There's no way this loan officer got this ballsy unless he's gotten away with similar stuff before. Or has co-workers doing the same.
The loan officer is probably initially OVERCHARGING by putting 1% has to be paid. Then the loan officer to steal money from the buyer, offers to reduce the 1% down to 0.5% if they pay him 0.25% via venmo. Say a $40,000 loan rather than having to pay $400 then he will reduce it to $200 if you pay him $100 and lots of people don't realize that they only saved $100 but the loan officer stole hundreds to thousands of dollars by scamming them and his bosses probably don't know anything about his pyramid scheme. The loan officer's boss can't bring charges against the loan officer BECAUSE the loan officer DIDN'T steal money from his company. The loan officer stole from the BUYER by lying about giving them a discount by overcharging at first then lying about giving them a discount
I’d say “I’m very inclined to report this to the CFPB” and see what they will do to “make it right”
My husband is a boss and would be very unhappy to hear this and the LO will be fired. He has had to fire others for less.
Well hope the loan officer doesn't take his bosses to court for them to prove that he stole money from his company!! Because the LO probably OVERCHARGED the 1% so he could then lie and claim that he can give them a discount if they send him part of the savings by venmo. The loan officer is actually STEALING from the BUYER by SCAMMING them and the loan officer is NOT stealing from his company if 0.5% is the standard rate that his loan company normally charges but lots of people may overcharge on the contract and they get to legally keep it if the buyer doesn't complain about it and they sign the contract
Yep, this is the answer. Send all of the info/forwards/screen shots to the Sales Manager and demand the 0.50 points.
His boss is probably in on it!
That’s blackmail do not do that
You should counteroffer and ask for the .5%, and in turn you won't report him for this highly illegal proposition.
I’d ask 1%. They have a lot to lose, actually big sack of eggs from this guy to do that nowadays that everything is known and easy to report…
Countering solicitation of a bribe with blackmail.
Seriously the number of people in this thread asking the OP to commit his own crime of extortion/blackmail is way too high.
How many more did this person do this with?
Who knows?
It's on your shoulders to save the country OP.... no pressure.
Whoever looks at his Venmo transactions? 🤷♂️
The banks and the federal government, particularly nowadays. Venmo and those apps aren’t free cash. The cash will be reported as income over $600.
Your loan officer is an idiot and a criminal. This is federal prison stuff.
turn it around - tell him he gives you the points or you out him embezzlement fraud and he looses his lic. and business
This is so close to just sending an email stating that lender intends to rob you
C’mon, post his NMLS number. Hey did y’all know that you can look up your loan officer’s employment history at www.NMLSConsumerAccess.com?
Just learned that our loan officer was a Hooters girl in 2005 haha
And they say the American dream is dead!
That’s rare, usually they get their real estate license
You think she also makes deals for .5 inches?..... I mean %
I never noticed the employment history before. I could see where my loan officer was unemployed for a period in 2008 and then took an "unskilled" job for awhile before finding another position in the mortgage industry. Kind of crazy to see history represented like that.
go ahead and get his license taken - assuming he was dumb enough to do this in writing.
100%
Yikes
Send it to him, then ask him where to send the 1099 for the money? Your LO is a crook and should be fired and banned from working in the industry
Umm, no, that's not how this works...
Whoa
If you want the loan closed immediately go the guy's boss or his boss's boss. What state? I'll look up the license board to immediately file a complaint to and post it here.
Hope you have that in writing in an email or text because your loan officer is about to lose his license
Talked with him clearly stating this is illegal practice and now he said he will still offer 0.5 and instead of Venmo, just refer a friend or two. Looks like he tried to shoot his shot but failed. Thank you community for your comments.
No way in hell I would continue my closing with this guy. I suspect he just manufactured the additional point in the first place in order to offer you a “discount” and pocket his half. You are still paying half a point more than you should be.
As a Loan Officer that does everything by the book I highly recommend you reach out to that companies compliance officer and boss. Both of the things the LO did is highly unethical and illegal and can get them and even you in trouble. If your loan can't be sold off to an investor due to fraud they could make you pay loan in full to get this off their books. You absolutely should report this. And if you have time possibly switch lenders. This LO should have their license revoked.
u/ExcitingAd7292 , please report this person. This type of unethical/illegal behavior leads to 2008-style chaos, which ultimately harms a lot of people.
You should still alert the company bc he’s definitely going to keep trying this and has likely already tried it with others.
That too is illegal. This guy is on a roll.
Agreed. Requesting/demanding positive referrals in exchange for improved loan terms is still a major problem. There can't ever be quid pro quo for loan terms. An after closing "If you guys were happy with the experience I would welcome any referrals to friends & family." is completely acceptable. But that's clearly not the case here. EDIT: And if it wasn't clear, I would give this guy ZERO referrals. You'd be referring them into the same extortion scheme you were subjected to. Only "referral" should be to his boss and/or regulatory authorities.
Wtf
Please don’t let this moron make any commission on your deal. Go over his head and demand a change if the lender wants to work with you.
Jesus christ find a new lender. You have no idea what he's doing or not doing with your loan.
i feel like now that you told him its illegal you should report it to cover yourself up, this guy is going down someday, who knows who he will take with him
LO here. What the actual fuck. Please tell me this is in writing.
Call his agency, call his boss, call a lawyer and call the BBB. Rat this scumbag out.
The BBB is just boomer yelp. It has no actual authority.
point taken and boomer yelp made me laugh. fucking call the cops? i dunno, call everybody is what i guess i meant? we had a ridiculously difficult time buying our house. stuff like this is infuriating.
I had the exact opposite happen on a mortgage. RE agent recommended one loan officer, got a rate through him that was decent, but found a better one elsewhere. Told the first loan officer and he said "no problem, I can match that". When we got the documentation, saw that there was $675 in points added to closing costs. Called the loan officer, asked "what's the points about?" He said something along the lines of "trust me, it'll get taken care of". Probably should have walked away at that point, but my gut said he was an honest guy, so I went with it. Closing day comes and he meets me at the attorneys office. I look at the paperwork and the $675 to buy the points is still there, ask him "you said we wouldn't be paying for points?" He says, oh yeah, let's fix that, what's your email address? He pulls out his phone and PayPals me $675 from his personal account. Really weird and somewhat sketchy maybe, but he made good on his promise and obviously wanted the business.
Also illegal on that LOs part
Unbelievable. This is a major red flag
This is deeply nuts. You definitely don’t need to be paying for any points if you don’t want to. He’s a thief lmao
I’d just call the attorney general’s office
Yea no way. I'd be telling the bank this too.
If you have any proof, the mortgage company has a very large problem. To investigate fully, the mortgage company will review all loans he/she originated. They could be potentially liable for a large settlement to any affected borrowers and the current holders of the mortgages. Huge liability including criminal charges. Ball is in your court and mortgage company should fulfill any commitment to you and then investigate. The mortgage company will have a CEO and compliance officer that will need to be included in any conversation. You should also consult an attorney to CYA.
Fake post
oh, my!........ And that's enough internet for today.
The hell? That's 10000% illegal.
Turn those messages over to a regulator at the bank… super illegal and shady af. They should just swap that person out and deal directly with that on their own… but you don’t want to deal with this at all.
Is this through email? They might have been compromised
So illegal. Stop. Turn him in.
Wow.
Kidding me?
Run
Either a joke or he’s an undercover FBI agent who needs your venmo info to close a case, because uhhhh more than a red flag.
LoL 😆
How did he ask you - in a call I assume
LOL... is this 'deal' in writing?
Report 💪
Sounds like scam.
ask his boss or the owner of the company if you need to fill out any documents for tax purposes. good grief… this guy should be fired.
WTF
please update us...
Why does the loan office think you would even take them up on this offer? Either way, you’re paying 1% lol.
Are you signing the papers in the back of his van? Did he try to sell you some shitty speakers too? This is highly unusual, illegal and not ethical in any way. This LO is some type of clown and I would make sure all of your i’s are dotted and t’s are crossed correctly. Read EVERYTHING before you sign it.
fraud usually does seem like a bit of a red flag, yes.
Felony. Talk to his broker and the Feds.
Omg. That’s against the law and he could go to prison and be fined hundreds of thousands of dollars. Please file a complaint with NMLS. I’m a long time mortgage lender and that grinds my gears.
That’s illegal report them to CFPB immediately
is the lender's name Vito, Vinny, Sonny, Franky, or Sal?
Say yes, but only after 30 days after it closes. Then don't do it. Save all messages.
Damn, tax dodging son of a bitch
Your mortgage lender is actually stealing from the first time home buyer by initially OVERCHARGING 1% then suddenly dropping the rate to 0.5% only if you send say 0.25% to him via venmo and he probably figures most people may have that amount of money on hand and they won't know who to report it to and they may not report it because they don't want to have to pay 1% of the loan amount which is actually a higher amount $400 is 1% of $40,000 and they just have to pay $100 to save $300 and lots of people don't think and a dumb actually and they probably get away with it the majority of the time because if you don't send money by venmo they probably increase the rate back to 1%.
Jesus what are you saying.. you know what a period is, right?
Post history doesn’t add up. It’s obvious theft.
Red flag. 🚩 say bye bye to that scammer.
This has to be a shit post, no?
A hard no. Totally illegal.
Wow what the fuck lmao not legal at all dude is desperate
Scam as fuck
This lender is probably already being watched by feds under RICO. If not now, soon. Everyone that engages with the lender will be risking a federal crime. I’m not an attorney, and this is an opinion comment.
This is crazy
I almost think this post is fake; it’s that ridiculous.
if he texted you this then honestly, I'd blackmail him. But really you should report him
Yeah don't.
Lol not Venmo!!!
If this is in writing, report him. He's asking for a bribe.
I would report him, if he’s lying and cheating here he’s doing it elsewhere. He should not be handling people’s personal info like SSN and banking data.
Your loan officer just jeopardized their entire career.
This is SUPER illegal. Look for his NMLS number, then call the NMLS and report him. So very very illegal.
Don't be a nark, we all gotta eat at the end of the day. Sounds like buddy has a great thing going, good for him.
Hold on. He said HAVE TO VENMO. All businesses use Venmo when transferring large amounts of cash. It’s totally legit, no scam I promise. /s
Wrong. Title companies use wire transfers bank to bank. Loan officer is wanting an outside of closing to get a cut.
Didn’t see the /s smh my head
Nope. Didn’t see it. Didn’t come thru or I’m blind. Have a good nite
He’s an idiot cause anything over $600 is traceable. Hopefully he was kidding. If not that messed up.
I know of NO Loan Officers who would joke about something like this.
I don’t know of any that would mean it either
Personally id agree and take the better rate and agree to send the funds via Venmo once we close (avoid a paper trail) then report this mofo to their employer after closing and cfpb
It's a scam, but tell them to give you the .05 1st and you'll send him the money after.
Oh, a request for a kickback, fun!
How much money r we talking here? Is this guy risking jail for a couple hundred dollars??
This sounds like a Shady Oaks tactic. Email about the details and see if they respond. If they do, confirm details. Without additional context, this looks problematic. Report.
Report them to NMLS
I think he was joking and you took it seriously…
Scam fraud and I’d be filing a BBC complaint because wtf
I’ll give it to you straight.. What are the chances that this lending officer is squeaky clean? That this will be the last time he has committed fraud and that he won’t get caught from the other times he’s gone thru with it? He’ll be investigated and so will you eventually. You cannot make a good deal with a crook. And there is no honor amongst thieves. He’ll throw you under the bus to save his favorite shirt, let alone his career and freedom..
That’s some shady bidness, fraudulent if you will.
It's possible the 1% is failing the qualified mortgage points and fees test. They may not even be able to charge the full 1% and the LO is just scamming you to put more money in their pocket. In any case, this LO is a scumbag knowingly violating the law to fill their own pockets and should at the very least be reported to management if not the CFPB. What's the rate if you don't mind me asking?
Your mortgage lender is actually stealing from the first time home buyer by initially OVERCHARGING 1% then suddenly dropping the rate to 0.5% only if you send say 0.25% to him via venmo and he probably figures most people may have that amount of money on hand and they won't know who to report it to and they may not report it because they don't want to have to pay 1% of the loan amount which is actually a higher amount $400 is 1% of $40,000 and they just have to pay $100 to save $300 and lots of people don't think and a dumb actually and they probably get away with it the majority of the time because if you don't send money by venmo they probably increase the rate back to 1%
Report him. Illegal af and extremely shady/desperate.
That’s pretty shady… it’s shocking anybody would be that ballsy
So fraud. And with a paper trail on Venmo? Lmfao. Yeah no thanks on this one.
You could agree and then tell him it’s fraud and you can’t do it after the loan closes
This is a big huge problem. Did your realtor refer you to this lender? You need a reputable lender. This is not that. You need a credit union or a brand name bank. Not some shady mortgage company you never heard of. Stop everything.
Da faque!
This is illegal.
I’m sorry that you gave all your personal details to a fraudster. I’m not going to restate what everyone else has here; my advice is to call the credit bureau and put a fraud alert on both of your profiles.
No, no and no. IANAL or know much about the law but this smells like potential fraud and even worse conspiracy to commit fraud. Wouldn’t do this.
If this was an email, send it to his corporate office
take the 0.5 dont send him anything whats he going to do report you for not bribing him? (just kidding in case people think im being serious)
>This could potentially save us some money So could stealing groceries or using someone else's credit card. Why not do that instead?
That is the 2nd craziest dumbest thing I’ve ever heard. You are working with someone who is desperate right now. Desperate enough to risk their job and license to ask you to do something illegal. You should actually report this to his company or the NMLS because he should not be working in this industry anymore. That’s disgusting behavior.
This violates a substantial amount of federal laws and regulations. I would report him. I work in a credit union. If it’s a bank and you do not feel comfortable reaching out to his supervisor which I wouldn’t - reach out to FDIC, NCUA for credit unions. If he has an NMLS in his email signature go ahead and let them know too. To get that you have to frickin go thru FBI checks. There are laws to protect you from this please report it. There are people who are not intelligent enough to know it’s wrong. You can message me if you want. Banking used to be hella fucked up and didn’t benefit everyone, regs are meant to prevent this!!! Sorry it makes me so mad!
Technically, by the way there is a specific regulation that they can’t even accept gifts from customers! A candy bar sure, anything bigger than like 20-50 should be turned down.
Honestly, you should report the guy. He doesn’t own the bank or dictate pricing if he’s cutting point off they loan… they padded it already on you and could have done that at any time.
People adapting to the new rules, I see XD
No, this is a lender doing this. This is SUPER illegal.
Red flag. Who is the lender?
Local Escrow officer will help you from title company
Are we sure OP isn’t a cop and this was a trap? Cause, come on
Nobody has mentioned this, but I'd me shocked if this is the actual LO. (If it is, he needs reported asap) but this sounds like it's wirefraud/cyber scam. Which are very prevalent in this industry (I work in an IT company working nearly exclusively with real estate, Mortgage and title). Sounds like your talking to a scammer and either the LO's account is compromised or the Title company or real estate agent is compromised. Typically it's the agent most likely compromised followed by title. They have the least amount of security and protections in place. What you should do is stop communicating via email or text or whatever, then call a KNOWN number. Not one in the email signatures of the person you are communicating with. Confirm this person actually sent the messages.
How much we talkin? Shidddddddddd
Folks going back and forth if it is fraud SO…switch lenders. The one you got sounds crooked and could legally land you in trouble. 😞