You Gotta Pay Attention
A few years ago, I met ‘Bob F.’ a former huckster from one business or another. He like so many others, popped into our industry to do a little rape & pillage then move on. We all know the type, all greed with not much else upstairs. As I recall he was a recuriter for one of the more unlawful net branch operations out of Arizona (I’ve forgotten their name). He touches base with me via e-mail from time to time; in fact early last month he called and told me he (and his band of thieves) were planning on jumping into the latest hot topic - the Loan Modification niche - what did I think about that, he asked? As it so happens, inspired by him, I wrote on this topic in The Mortgage Land Journal’s January 2009 issue.
He obviously ignored my advice, as yesterday I received a bulk e-mail solicitation from him! In part it said: "You have thousands of dollars sitting in your file cabinet. Let us help you access it. We are a Loan Modification — Mitigation firm doing business in all 50 states. We are past Mortgage people and most of our current business is coming from our past clients. Join us … you can become a branch of us, or simply refer your clients to us and you get paid either way…."
My reply to him: Let me help you some more Bob: (I’ll finish this sentence for you with my language) “…or simply refer your clients to us and you get paid either way. If you just refer your clients to us - you will make an average of over $500 per client – because as a group of people who only popped into the mortgage business for 20 minutes anyway, we don’t give a shit about violating RESPA and committing a Felony – so you shouldn’t be bothered by that either! And like us, doing a bit of research to see if what we offer is unlawful, we’re only focused on the $$$$$$."
How’s that Bob? You might want to add the rest of that text to your e-mail solicitation piece for full disclosure since what you suggest is definately a RESPA Section 8 Felony violation!
And, my point for you today? People like Bob, usully are fairly clueless on what’s acceptable vs. what’s unlawful, etc. Had Bob actually been a "mortgage professional" and seen this occupation as a career, then he would stay-up on what’s happening, as just over the horizion the all new (coming shortly) Bankruptcy Judge CRAM-DOWN authority will be law … then bye-by loan modification niche … BK judge’s will be doing that! Todays’ Lesson? PAY ATTENTION
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