Bill Moran, DRE Assistant Commissioner of Enforcement
Part 4 of 4
Moran echoed the theme that lender fraud is older than the audience.
However, when it comes to the point that one could “get a pass on stated
income and a FICO score, the horse was out of the barn.” He shook his
head as he spoke the obvious, “lenders need to do more due diligence.”
He acknowledge that his Department of Real Estate and the Department of
Corporation, (which regulates mortgage lenders and banker), need to
“share information in a constant flow, so the bad actors don’t fall through
the cracks.”
I asked the panel about the growing number of licensees acting as both the
buyer’s sales and loan agent, (the other dual-agency), and what percentage
of their transactions wind up a “lender control listing.” (That stat is not
available yet). Moran responded, with a telling fact that although mortgage
loan brokers represented only 30,000 of California’s 515,000 licensees,
they account for “one-third of the complaints.”
Pat Kapowich,
“Negotiating Smooth Transactions Throughout The South Bay”
SiliconValleyBroker.com
