heard on the street
continued from page 26
executive officer of Clayton Holdings Inc. “Over the past 18 months there have been huge fluctuations in demand for mortgage financing, making it extremely difficult for mortgage bankers to profitably staff for varying levels of volume. By providing flexible onsite and remote solutions, we are able to help Lender One members keep up with spikes in demand, without adding to permanent staff and increasing their infrastructure expenses.” For more information, visit www.lendersone.com or www.clayton.com.
Mortgage Professionals to Watch NetMore America has announced the hiring of David Shirk as the company’s chief information officer/compliance officer.
David Shirk
NOVEMBER 2009
OREGON MORTGAGE PROFESSIONAL MAGAZINE
www.NationalMortgageProfessional.com
Residential Finance Corporation (RFC) has named former U.S. Bank executive Douglas Harris as chief operating officer.
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Doug Harris
Nigel D. Brazier has been named president of Acqura Loan Services.
Nigel D. Brazier
Shane Barbanel has joined the commercial broker sales team at GFI Realty Services.
Shane Barbanel
Jeff Ellison has been named president of the warehouse lending division for BB&T Corporation. Flagstar Bancorp has elected Joseph P. Campanelli as president and chief executive officer. Fannie Mae chief executive officer Mike Williams has appointed Terry Edwards as the company’s new executive vice president, credit portfolio management. Genworth Financial’s mortgage insurance division has created three new senior management positions: Jacqui Pearce has been named senior vice president and chief operations officer, Rohit Gupta has been named senior vice president and chief commercial officer, and Jim Bennison has been named senior vice president of strategy and capital markets. Ross J. Kari has been appointed chief financial officer of Freddie Mac. Ellie Mae has named Robert Levin, former executive vice president and chief business officer with Fannie Mae, to its board of directors. Stephen D. Conlin has been named risk manager of mortgage technology company FNC. John A. Courson, chief executive officer of the Mortgage Bankers Association (MBA), has announced the addition of Tom Koonce as the association’s vice president of legislative affairs, Brad Cheney as director of legislative affairs and Pace Bradshaw as director of government affairs. Generation Mortgage has added Alison Calamia as customer support manager in the company’s wholesale division; Keith McNulty as senior vice president, strategy and process; and Amy Lynn Davies as human resources director. Premier Reverse Closings, a division continued on page 44
Buzzwords: What They Say to Get the Fraud Done By Michael S. Richardson
As you know, real estate is a people pro- “We have never had a fession. From the real estate agents in problem with it before.” the field, to the loan officers or loan Fraud is an insidious crime. It starts slowprocessors working with borrowers, to ly and works its way into the most honest the title agents sitting down with fami- companies, as I have witnessed firsthand lies closing on their first home, we are when fraud was committed right under people serving people. Those who my nose by a long-time trusted employee. would commit fraud know this, per- I, too, never had a “problem with it haps even better than we do. before,” i.e. employees committing fraud, In addition, like those of us who are until I realized it was too late and the U.S. legitimately doing good business in the Department of Housing & Urban real estate finance industry, they need Development (HUD) shut me down! I once people to pull off their scams. What heard someone say that the biggest probkind of people? Willing people, that’s lems aren’t immediately revealed, they who. People willing to help them lie, are eventually discovered. Just because people willing to buy shell properties or something hasn’t been a problem before willing to work for shell corporations or does not mean it won’t be in the future those who are willing to falsify the and, most likely, it’s a warning sign that facts, figures and docuthis will, in fact, become a mentation. They cannot problem before too long. do it alone, and more Again, early detection and often than not, they come immediate reportage are to us for help. the two biggest counterThe sad part is that effects for such fraudulent some of us don’t even statements. realize when we’re being included in a fraudulent “Can you throw scheme. I believe some of that one away this is partly due to ignoand I will get rance, other times it is out you a new one?” of laziness. More times Documentation is the than not in the hustle and “I once heard someone means by which fraud is bustle of our daily lives, produced. After all, it’s say that the biggest it’s out of sheer busyness, the documents that get problems aren’t but sometimes, it is simply immediately revealed, doctored and the docudue to a “don’t ask, don’t ments that pass without they are eventually tell” policy that is quietly scrutiny by busy or hurdiscovered. Just eating away at the very ried handlers that allows because something integrity of the home fraud to exist. The forms hasn’t been a problem we use in our industry are financing industry. Whether we are superbefore does not mean nothing short of holy; vising folks who are helping they are the means and it won’t be in the out these fraudsters or future and, most like- tools by which we borrow being duped into helping and lend. “Throwing one ly, it’s a warning sign them ourselves, knowing away” is a sure sign that that this will, in fact, the buzzwords the bad guys something is amiss, and become a problem use is often our first line of to combat this all too before too long.” defense in actually ignoring common practice, we what they have to say. should all implement a Here are the most common terms, means of collecting discarded docuphrases and come-ons I’ve discovered: ments, to be reviewed at the end of the day, week, month or quarter. Much like “This is done all the time.” scientific laboratories have special bins Part of a fraudster’s ploy is to lure you and procedures for destroying biohazinto believing that what you are doing ard items, we too should treat such is not wrong when, in fact, nothing requests as “hands off” and, as we could be further from the truth. While should all such statements, report them fraud may be committed every day, immediately. that doesn’t mean you have to be a part of it or, for that matter, tolerate “This loan needs to close it. Phrases like this one—designed to quickly … it is a super rush.” entice you via the element of conspir- Time is the ultimate motivator. Why? acy or convenience—should be a def- Because time, after all, is money. inite red flag as to not only who is Especially in our business, when an committing fraud but, in fact, how increase in the interest rate or public perthey’re doing it. Take the first step ception that a market is no longer “hot” toward vanquishing fraud in your own can mean the difference of thousands, if private kingdom: Report such behavcontinued on page 44 ior immediately.